If only four teams in a five-team parlay cover, for example, it would be considered a loss, just the same as if only one of the five covered. Parlays can also consist of more than two teams, with the same rules applying. Rather, the bet is considered a loss as soon as one leg of your parlay has been lost. As you can see, the only way to win is for both teams to cover, but you are not penalized any more for losing both bets than for losing just one.
