Parlay Calculator
Calculate the combined odds and potential payout for a multi-leg parlay bet. Enter values for instant results with step-by-step formulas.
Reviewed for accuracy by Daniel Agrici, Founder & Lead Developer
Parlay Calculator
Calculator
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Formula: Combined Odds = Leg1 Decimal x Leg2 Decimal x ... x LegN Decimal
Worked example — Payout: $422.16 | Profit: $372.16 | Combined odds: +744 | Win probability: 11.8%
Formula
Combined Odds = Leg1 Decimal x Leg2 Decimal x ... x LegN Decimal
Each leg's American odds are converted to decimal odds. Positive odds: Decimal = 1 + (odds/100). Negative odds: Decimal = 1 + (100/|odds|). The decimal odds of all legs are multiplied to get combined odds. Payout = Stake x Combined Decimal Odds. Implied probability is the product of each leg's individual probability.
Worked Examples
Example 1: Three-Leg NFL Parlay
Problem:A bettor wagers $50 on a three-leg parlay: Team A at -110, Team B at +150, Team C at -130.
Solution:Convert to decimal odds: Team A: -110 -> 1 + (100/110) = 1.909 Team B: +150 -> 1 + (150/100) = 2.500 Team C: -130 -> 1 + (100/130) = 1.769 Combined odds: 1.909 x 2.500 x 1.769 = 8.443 Payout: $50 x 8.443 = $422.16 Profit: $422.16 - $50 = $372.16 Implied probability: 52.4% x 40.0% x 56.5% = 11.8%
Result:Payout: $422.16 | Profit: $372.16 | Combined odds: +744 | Win probability: 11.8%
Example 2: Two-Leg Favorites Parlay
Problem:A bettor places $200 on a two-leg parlay with two favorites: Game 1 at -200 and Game 2 at -150.
Solution:Convert to decimal odds: Game 1: -200 -> 1 + (100/200) = 1.500 Game 2: -150 -> 1 + (100/150) = 1.667 Combined odds: 1.500 x 1.667 = 2.500 Payout: $200 x 2.500 = $500.00 Profit: $500.00 - $200 = $300.00 Implied probability: 66.7% x 60.0% = 40.0%
Result:Payout: $500.00 | Profit: $300.00 | Combined odds: +150 | Win probability: 40.0%
Frequently Asked Questions
What is a parlay bet and how does it work?
A parlay, also known as an accumulator or combo bet, is a single wager that links together two or more individual bets. All selections must win for the parlay to pay out, which is why parlays offer much higher payouts than individual bets. The odds of each leg are multiplied together to produce the combined odds. For example, if you combine three bets each at even odds (2.0 decimal), the parlay odds would be 2.0 x 2.0 x 2.0 equals 8.0, meaning a $100 bet would pay $800. However, the probability of winning also decreases multiplicatively. Each individual bet at even odds has a 50 percent chance, so a three-leg parlay at even odds has roughly a 12.5 percent chance of winning. The high reward comes with correspondingly high risk.
How do you convert American odds to decimal odds?
American odds use positive and negative numbers to indicate underdogs and favorites respectively. For positive American odds like plus 150, divide by 100 and add 1 to get the decimal odds. So plus 150 becomes 1.50 plus 1 equals 2.50 in decimal. For negative American odds like minus 110, divide 100 by the absolute value and add 1. So minus 110 becomes 100 divided by 110 equals 0.909 plus 1 equals 1.909 in decimal. Decimal odds represent the total return per dollar wagered including your stake. So 2.50 decimal odds mean you get back $2.50 for every $1 bet, which is $1.50 profit plus your $1 stake. Understanding these conversions is essential for comparing odds across different sportsbooks that may use different formats.
What is implied probability and why does it matter for parlays?
Implied probability is the likelihood of an outcome as suggested by the betting odds. It is calculated from American odds as follows: for negative odds, implied probability equals the absolute odds value divided by the absolute odds value plus 100. For positive odds, implied probability equals 100 divided by the odds plus 100. For example, minus 150 implies a 60 percent probability and plus 200 implies a 33.3 percent probability. For parlays, implied probabilities are multiplied together, revealing how unlikely the combined outcome truly is. A three-leg parlay with implied probabilities of 60 percent, 55 percent, and 50 percent has a combined probability of only 16.5 percent. This helps bettors understand whether the payout adequately compensates for the risk taken.
Are parlays a good betting strategy from a mathematical perspective?
From a pure mathematical standpoint, parlays generally offer worse expected value than individual straight bets. This is because the house edge, also called the vig or juice, compounds with each additional leg. If a sportsbook has a 4.5 percent edge on each individual bet, a two-leg parlay has an effective house edge of about 8.8 percent, a three-leg parlay about 12.9 percent, and a four-leg parlay about 17 percent. The more legs you add, the more the odds tilt in the sportsbook's favor. However, some professional bettors use correlated parlays where outcomes are linked, such as betting on a team to win and the game total to go over, which can occasionally offer positive expected value when the sportsbook does not properly correlate the lines.
What is the difference between a parlay, a teaser, and a round robin?
These are all multi-bet formats but with important differences. A standard parlay requires all legs to win for any payout at all. A teaser is a type of parlay specific to point spread and total bets where you receive additional points in your favor on every leg, but the payout is reduced accordingly. For example, a six-point teaser on a football game might move a minus 7 spread to minus 1. A round robin takes three or more selections and creates every possible two-team or three-team parlay combination from those picks. So with four selections, a round robin of two-team parlays creates six separate bets. Round robins cost more because you are placing multiple bets but provide protection since you can still profit even if one or two selections lose.
References
Reviewed for accuracy by Daniel Agrici, Founder & Lead Developer · Editorial policy
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