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 by Daniel Agrici, Founder & Lead Developer
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:\nTeam A: -110 -> 1 + (100/110) = 1.909\nTeam B: +150 -> 1 + (150/100) = 2.500\nTeam C: -130 -> 1 + (100/130) = 1.769\nCombined odds: 1.909 x 2.500 x 1.769 = 8.443\nPayout: $50 x 8.443 = $422.16\nProfit: $422.16 - $50 = $372.16\nImplied 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:\nGame 1: -200 -> 1 + (100/200) = 1.500\nGame 2: -150 -> 1 + (100/150) = 1.667\nCombined odds: 1.500 x 1.667 = 2.500\nPayout: $200 x 2.500 = $500.00\nProfit: $500.00 - $200 = $300.00\nImplied 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 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 by Daniel Agrici, Founder & Lead Developer · Editorial policy