What is a Parlay Bet?

A parlay (also called an accumulator or multi-bet) combines multiple individual bets into one wager. All selections must win for the parlay to pay out, but the potential returns multiply with each added bet.

Key Points:

• Higher risk, higher reward than individual bets
• One loss = entire parlay loses
• Odds multiply together for bigger payouts

Quick Parlay Examples

2-Team Parlay

$100 bet on two -110 spreads:

• Individual bets would pay: $181.82 total
• Parlay payout: $264.46 (45% more)
• Must win both or lose everything

3-Team Parlay

$50 bet on three -110 spreads:

• Individual bets would pay: $136.36 total
• Parlay payout: $297.51 (118% more)
• Need all three to win

Common Parlay Payouts ($100 bet at -110 odds)

Teams	Payout	Profit	True Odds
2	$264.46	$164.46	3:1
3	$595.01	$495.01	7:1
4	$1,127.51	$1,027.51	15:1
5	$2,135.01	$2,035.01	31:1
6	$4,040.52	$3,940.52	63:1

How to Use This Parlay Calculator

Step 1: Enter Your Bet Amount

Input how much you want to wager on the entire parlay.

Step 2: Add Your Selections

Click "Add Bet" and enter the odds for each game:

• Spreads: Usually -110 on both sides
• Moneylines: Varies by team (e.g., +150, -200)
• Totals: Typically -110 like spreads
• Props: Often -120 to -140

Step 3: Review Your Parlay

The calculator instantly shows:

• Total Payout: What you'll receive if you win
• Total Profit: Payout minus your bet
• Parlay Odds: Combined odds in American format
• Implied Probability: Implied chance of winning with vig
• True Probability: Implied actual chance without vig (assumes a -110 vig)

Step 4: Compare to Individual Bets

See how much more (or less) you'd make versus betting each game separately.

How Parlay Odds Are Calculated

The Math Behind Parlays

1. Convert to decimal odds

   • -110 = 1.909
   • +150 = 2.500

2. Multiply all decimal odds

   • Two -110 bets: 1.909 × 1.909 = 3.644

3. Multiply by bet amount

   • $100 × 3.644 = $364.40 payout

Why Parlays Have High Hold

The sportsbook's edge compounds with each leg:

• Single -110 bet: 4.76% hold
• 2-team parlay: ~10% hold
• 3-team parlay: ~15% hold
• 4+ team parlay: 20%+ hold

Advanced Parlay Concepts

Same Game Parlays (SGPs)

Combine multiple bets from one game:

• Team to win + Over total
• Player props + spread SGPs historically had opportunities for correlated parlays. For instance, when a team wins teh game, they often cover the spread. Thus, combining a team to win and cover into a parlay would payout like two independent events. Books recognized this dynamic and have since restricted correlated parlays or added significantly more vig to them to offset the risk.

Round Robins

Create multiple smaller parlays from larger selection:

• Pick 4 teams, bet all 2-team combos
• Hedges risk across multiple tickets
• More chances to win something

Parlay Insurance

Some sportsbooks offer:

• Refund if one leg loses
• Reduced payout for safety
• Check terms carefully

Progressive Parlays

Win with fewer than all legs:

• 4/5 correct pays reduced amount
• 5/5 correct pays full odds
• Higher juice but safer

True Odds vs Sportsbook Odds

Our calculator shows both:

Sportsbook Odds - What you're actually paid True Odds - Fair odds without vig

Example 3-team parlay:

• Sportsbook pays: 6/1
• True odds: ~7/1
• House keeps the difference

Common Parlay Questions

What happens if one game pushes?

The parlay reduces to remaining games. A 3-team parlay with one push becomes a 2-team parlay.

Can I parlay different sports?

Yes, many sportsbooks allow cross-sport parlays (NFL + NBA + MLB).

What's the maximum parlay size?

Varies by sportsbook, typically 10-15 teams. Payouts often capped at 100,000:1.

Are teasers better than parlays?

Teasers give you points but pay less. They are not better so much as they represent a different risk/reward profile.

Should I hedge my parlay?

If you're up to the last leg of a big parlay, hedging locks in value, however it comes at a cost. Hedging a parlay requires an additional bet, which has negative expected value due to the vig (assuming you have no specific edge). Recognizing the attractiveness of locking in profits, sportsbooks have also added "cash out" options. While these options due as they say, they tend to underpay significantly for the true value of the in-flight parlay. Hedging locks in profit, but almost always reduces expected value.

Related Calculators

• Hedge Calculator - Calculate optimal hedge amounts
• Sportsbook Hold Calculator - See the house edge
• NFL Odds Calculator - Convert odds formats
• Cover Probability Calculator - Analyze spread value