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If you believe something has an 80% chance of occurring but the odds suggest it has a 50% chance of occurring, you have a positive expectation wager. If you believe something has an 80% chance of occurring but the odds suggest it has an 85% chance of occurring, it’s a bad bet to make because you have no edge. Parlay is the common term for accumulator betting in the USA, and can consist of at least two selections.