Parlay Calculator
Calculate your parlay odds, payouts, and implied probability
Calculate Parlay Odds
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Parlay Legs (2)
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How to Use This Calculator
1. Select your preferred odds format (American or Decimal)
2. Enter your stake amount (how much you want to bet)
3. Enter the odds for each leg of your parlay (minimum 2 legs)
4. Click Calculate to see your combined odds, potential payout, and implied probability
Remember: All legs must win for a parlay to pay out. The more legs you add, the higher the potential payout but the lower your chances of winning.
What is a Parlay Bet?
A parlay (also called an accumulator or multi-bet) combines multiple individual bets into a single wager. All selections must win for the parlay to pay out.
Higher Risk, Higher Reward: Parlays offer bigger payouts than individual bets because you're multiplying the odds together. However, if any single leg loses, the entire parlay loses.
The Math: Parlay odds are calculated by multiplying the decimal odds of each leg. For example, three -110 bets (1.91 decimal each) create parlay odds of 1.91 × 1.91 × 1.91 = 6.97 decimal (+597 American).
How Parlay Odds Are Calculated
Parlay odds are calculated by multiplying the decimal odds of each individual leg together. This is why parlays offer much higher payouts than betting on each selection separately - but also why they're harder to win.
Example Calculation
Let's say you want to parlay three NFL favorites, each at -110 odds:
-110 American = 1.909 Decimal
Combined odds: 1.909 × 1.909 × 1.909 = 6.95 Decimal
In American odds: +595
A $100 bet would pay $695 total ($595 profit)
Compare this to betting each game separately at $100 each ($300 total wagered). If all three win, you'd profit only $273 (about $91 per game). The parlay pays more than double that profit for less money at risk - but only if ALL three selections win.
Parlay Betting FAQs
What happens if one leg of my parlay pushes?
If a leg pushes (ties), most sportsbooks will remove that leg from the parlay and recalculate the payout based on the remaining legs. For example, a 4-leg parlay with one push becomes a 3-leg parlay.
Are parlays a good bet?
Parlays are generally not favorable for long-term profitability. The house edge compounds with each leg added. While occasional parlays can be fun and offer big payouts, professional bettors typically focus on single bets with positive expected value rather than parlays.
How many legs can I include in a parlay?
Most sportsbooks allow parlays with 2 to 10-15 legs, though some may allow more. Our calculator supports up to 15 legs. Keep in mind that while more legs mean higher potential payouts, your chances of winning decrease significantly with each addition.
What's the difference between a parlay and a teaser?
A teaser is a type of parlay where you get more favorable point spreads or totals in exchange for lower payouts. For example, a 6-point teaser lets you adjust each spread by 6 points in your favor. Teasers typically require 2-10 legs and all must win to pay out.
Why are same-game parlay (SGP) odds different from this calculator?
Same-game parlays combine bets from the same event, where outcomes are often correlated. For example, if you bet a team will win AND the game will go over the total, these outcomes influence each other. Sportsbooks use proprietary algorithms to adjust SGP odds for correlation, resulting in different (usually lower) payouts than our calculator shows, which assumes independent events.
Parlay Betting Strategy
When Parlays Make Sense
Entertainment Value: Small-stake parlays can add excitement to watching multiple games without significant financial risk.
Correlated Parlays: When outcomes are positively correlated but the sportsbook doesn't fully adjust the odds, there may be value. (Note: Many books now prohibit obviously correlated parlays.)
Positive EV Combinations: If you've identified multiple +EV bets, combining them in a parlay can maximize your edge on a single wager.
Common Parlay Mistakes
Too Many Legs: Each leg you add dramatically reduces your win probability. A 10-leg parlay of -110 favorites has only a 0.1% implied probability of winning.
Chasing Big Payouts: The allure of huge payouts can lead to irrational bet sizing and poor bankroll management.
Ignoring the Math: The house edge on parlays is often 20-30%, much higher than the ~4.5% on standard -110 bets.
Understanding Parlay Implied Probability
The implied probability shown in our calculator represents the breakeven win rate needed to make the bet profitable. For example:
2-leg parlay of -110 bets: ~27.4% implied probability (you need to win more than 1 in 4 to profit)
3-leg parlay of -110 bets: ~14.4% implied probability (you need to win more than 1 in 7 to profit)
4-leg parlay of -110 bets: ~7.5% implied probability (you need to win more than 1 in 13 to profit)
However, if each leg truly has only a 50% chance of winning (fair -110 odds), your actual probability of hitting a 4-leg parlay is only 6.25% (0.5^4). This gap between implied probability and actual probability is where the sportsbook makes its money on parlays.
Related Resources
Understanding Odds
Learn what betting odds mean and how to read American, decimal, and fractional formats.
Odds ExplainedEV Calculator
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