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When in reality even short-priced favourites in uncompetitive maidens and stakes races can offer value when the odds on offer understate the probability of the horse winning the race. Parlay bets must include at least 2 bets and all the “legs” of the parlay bet must win in order to cash. If any leg of the bet loses, you lose your original stake. The reason the parlay bet payout is high is because these bets lower your odds of winning. Read more