Parlay Bet Calculator — Payout & Odds
Calculate parlay payouts for 2-15 leg bets. American, decimal, or fractional odds. See true probability and expected value.
How Parlay Payouts Work
A parlay combines multiple bets into one — all legs must win for the bet to pay out. The odds multiply together, creating much larger payouts than individual bets. A 3-leg parlay at -110 each pays roughly +596 (about 6:1), turning a $100 bet into $696. The catch: if any single leg loses, the entire parlay loses.
This is why sportsbooks love parlays — the house edge compounds with each leg. A single -110 bet has a 4.5% house edge. A 3-leg parlay at -110 each has roughly a 13% house edge. By 5 legs, the house edge exceeds 20%.
Parlay Math: Why the Odds Multiply
Each leg in a parlay is an independent event. The probability of all legs hitting is the product of each individual probability. Three coin flips all landing heads: 0.5 × 0.5 × 0.5 = 12.5%. Three -110 bets all winning: 0.524 × 0.524 × 0.524 = 14.4%. The payout reflects this lower probability — but the sportsbook builds in extra margin on top.
When Parlays Make Strategic Sense
Professional bettors generally avoid parlays because the compounding vig destroys value. However, correlated parlays can offer +EV opportunities — for example, parlaying a team to win with the over, since winning teams tend to score more points. Same-game parlays (SGPs) sometimes have pricing inefficiencies that sharp bettors exploit.
DraftKings and FanDuel data shows that parlays account for roughly 30% of all bets placed but generate over 50% of sportsbook revenue. The compounding vig is the reason — a 5-leg parlay gives the house a 20%+ edge compared to 4.5% on a straight bet.
