Parlay

A parlay is a single sports bet that combines two or more individual wagers (called "legs") into one bet. For the parlay to win, every single leg must be correct. If even one leg loses, the entire parlay loses.

The trade is simple: you accept a much lower chance of winning in exchange for a much bigger payout. A $10 bet can turn into $100 or more, which is why parlays are the most popular bet type with recreational bettors and among the most profitable products for sportsbooks.

How Parlay Odds Are Calculated

Each leg's odds are converted to decimal and multiplied together. The result is the parlay's decimal odds.

1. Convert each leg to decimal odds. Negative American odds: (100 / |odds|) + 1. Positive American odds: (odds / 100) + 1.
2. Multiply all the decimal odds together.
3. Multiply that number by your stake to get your total payout (stake included).

Example: a 3-leg parlay with Bills -110, Lakers +150, and Dodgers -200.

You don't need to do this by hand. Our Parlay Calculator does it for up to 12 legs in any odds format.

Parlay Payout Table

Here is what a parlay of -110 legs pays, and how often it actually wins if each leg is a true 50/50:

The gap between the "implied" and "true" columns is the sportsbook's edge, and it grows with every leg you add.

Why Parlays Favor the Sportsbook

A single bet at -110 on a true coin flip costs you about 4.5 cents per dollar in expected value. In a parlay, that margin compounds:

• 2 legs: about -8.9% expected value
• 3 legs: about -13.0%
• 4 legs: about -17.0%
• 5 legs: about -20.8%

In other words, the more legs you add, the more of every dollar the book expects to keep. That doesn't make parlays a bad choice for fun, small-stakes betting, but it does make them a poor long-term strategy unless you have a real edge on every leg.

Same-Game Parlays

Same-game parlays (SGPs) let you combine bets from one game, such as a quarterback's passing yards, a receiver's catches, and the total. They are hugely popular, but the legs are often correlated: if the quarterback throws for 300 yards, his receivers probably had big games too. Sportsbooks know this, so they price SGPs with an adjustment for correlation and usually a bigger margin than standard parlays.

When a Leg Pushes or Is Voided

If one leg pushes (lands exactly on the number) or is voided (for example, a player is ruled out of a prop), most sportsbooks remove that leg and pay the parlay at the reduced odds. A 3-leg parlay of -110 legs with one push becomes a 2-leg parlay paying +264 instead of +596. Rules differ slightly by book, so check the house rules.

Parlays vs. Teasers vs. Round Robins

• Parlay: every leg at its normal line, biggest payout, hardest to win.
• Teaser: you move the spread or total in your favor on every leg, in exchange for a much lower payout.
• Round robin: several smaller parlays built from your picks, so one losing leg doesn't sink everything.

Common Parlay Mistakes

• Adding extra legs to chase a bigger number. Each leg cuts your chance of winning roughly in half.
• Assuming a parlay of "locks" is safe. Heavy favorites still lose, and a parlay only needs one to lose.
• Ignoring correlation. Some combinations look independent but are not, and books price for that.
• Betting a large share of your bankroll on long-odds parlays. Keep them to small, fun-sized stakes.

For the full beginner walkthrough, see our guide: What is a Parlay? Complete Beginner's Guide.

Examples

• A 2-leg parlay on the Chiefs -6.5 and the over 47.5 in the same game.
• A 3-team NFL parlay: Bills -3, Eagles -7, and Cowboys +4.5.
• A 5-leg same-game parlay combining player props for a single NBA game.

Related Terms

Frequently Asked Questions