Sports Parlay Calculator: Payout & Odds Calculator (2026)
Sports Parlay Calculator: Big Payouts, Bigger House Edge
Parlays combine multiple bets into one wager with multiplied payouts. Our calculator shows your potential winnings and reveals the hidden house edge that makes parlays the sportsbook's favorite bet.
What Is a Parlay Bet?
A parlay (or accumulator) links multiple selections together—all must win for the bet to pay. The odds multiply, creating larger payouts than individual bets, but the probability of winning decreases with each leg added.
Quick Answer: Parlay payout = Stake × (Odds₁ × Odds₂ × ... × Oddsₙ). A 3-team parlay at -110 each pays about 6:1 (+600). True odds would be 7:1, meaning ~13% house edge on 3-leg parlays. The more legs, the worse the edge—10-leg parlays can have 30%+ house edge. Parlays are entertainment, not strategy.
How to Use Our Parlay Calculator
Use the Sports Parlay Calculator →
Enter your selections and stake to see total payout and implied probability.
Step-by-Step Instructions
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Enter Number of Legs: Selections in parlay
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Input Each Leg's Odds: American or decimal
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Enter Stake: Your wager amount
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View Combined Odds: Multiplied together
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See Payout: Total potential winnings
Input Fields Explained
| Field | Description | Example |
|---|---|---|
| Legs | Number of selections | 3 |
| Odds (Leg 1) | First selection | -110 |
| Odds (Leg 2) | Second selection | -110 |
| Odds (Leg 3) | Third selection | +150 |
| Stake | Bet amount | $10 |
| Payout | Total winnings | $47.27 |
| Implied Probability | Chance to win | 18.4% |
Parlay Payout Tables
Standard -110 Odds Parlays
| Legs | True Odds | Typical Payout | House Edge |
|---|---|---|---|
| 2 | +264 | +260 | ~2.6% |
| 3 | +595 | +600 | ~4.5% |
| 4 | +1,228 | +1,200 | ~9% |
| 5 | +2,435 | +2,200 | ~13% |
| 6 | +4,741 | +4,500 | ~16% |
| 7 | +9,109 | +8,000 | ~20% |
| 8 | +17,351 | +15,000 | ~23% |
| 10 | +62,414 | +50,000 | ~30% |
Win Probability
| Legs | Each at 50% | Combined Probability |
|---|---|---|
| 2 | 50% × 50% | 25% |
| 3 | 50%³ | 12.5% |
| 4 | 50%⁴ | 6.25% |
| 5 | 50%⁵ | 3.125% |
| 6 | 50%⁶ | 1.56% |
| 8 | 50%⁸ | 0.39% |
| 10 | 50%¹⁰ | 0.098% |
Parlay Math
Calculating Payouts
Step 1: Convert odds to decimal
-110 American = 1.909 decimal
+150 American = 2.50 decimal
Step 2: Multiply all legs
3-leg parlay: 1.909 × 1.909 × 2.50 = 9.11
Step 3: Calculate payout
$10 × 9.11 = $91.10 total return
Profit = $91.10 - $10 = $81.10
True vs Paid Odds
3-leg parlay at -110 each:
True probability: 47.6%³ = 10.8%
True odds: 1/0.108 - 1 = 8.26:1 (+826)
Typical payout: +600
House edge: (826 - 600) / 826 = 27.4%?
Actually calculated differently...
Correct edge = 1 - (Payout / True Fair Payout)
Real-World Examples
Example 1: Simple 2-Team Parlay
Selections:
- Team A -110 (52.4% implied)
- Team B -110 (52.4% implied)
Calculation:
- Combined probability: 52.4% × 52.4% = 27.5%
- Fair odds: +264
- Typical payout: +260
$10 parlay:
- Win: $10 × 2.60 = $26 profit
- Total return: $36
Example 2: 4-Team Parlay
Selections:
- Leg 1: -110 (1.909 decimal)
- Leg 2: -110 (1.909 decimal)
- Leg 3: +120 (2.20 decimal)
- Leg 4: -150 (1.667 decimal)
Combined decimal odds: 1.909 × 1.909 × 2.20 × 1.667 = 13.37
$20 parlay:
- Win: $20 × 13.37 = $267.40 total
- Profit: $247.40
Example 3: Long Shot Parlay
10-leg parlay at -110 each:
- Combined odds: 1.909^10 = 613.1
- True probability: 0.163%
- Win on $5 bet: $3,065.50
Reality check:
- You'll hit ~1 in 613 attempts
- Cost of 613 attempts: $3,065
- Break-even, before house edge
Why Sportsbooks Love Parlays
House Edge Escalation
| Leg Count | Single Bet Edge | Parlay Edge |
|---|---|---|
| 1 | 4.5% | 4.5% |
| 2 | 4.5% | ~7% |
| 3 | 4.5% | ~10% |
| 4 | 4.5% | ~13% |
| 5 | 4.5% | ~16% |
| 10 | 4.5% | ~30% |
Mathematical Reality
Each leg compounds the edge:
Leg 1: 95.5% of fair value
Leg 2: 95.5%² = 91.2%
Leg 3: 95.5%³ = 87.1%
Leg 4: 95.5%⁴ = 83.2%
...
Leg 10: 95.5%¹⁰ = 63.0%
You're getting 63% of fair value on 10-leg parlays
Correlated Parlays
What Are Correlated Parlays?
Correlated parlays combine outcomes that affect each other—like team to win AND over points total (winning teams often score more).
Why Sportsbooks Restrict Them
Standard parlay: Events assumed independent
Correlated events: If A happens, B is more likely
Example:
Chiefs -7 + Over 48.5
If Chiefs win big, over is more likely
True odds better than sportsbook assumes
Common Correlations
| Correlation | Strength |
|---|---|
| Favorite + Over | Moderate |
| Underdog + Under | Moderate |
| Player props + team outcome | Strong |
| Same-game multi-legs | Often correlated |
Parlay Strategies
When Parlays Make Sense
| Situation | Reasoning |
|---|---|
| Correlated selections | If allowed, exploit relationships |
| Entertainment value | Small bet, big potential |
| Sharp line combos | Multiple +EV legs compound |
| Promotions | Insurance/boost offers |
When to Avoid
| Situation | Reasoning |
|---|---|
| Random selections | Compounding house edge |
| Long shots | 10+ legs are lottery tickets |
| Full bankroll | High variance destroys bankrolls |
| Chasing losses | Worst possible strategy |
Optimal Parlay Sizing
Parlay bet size should be:
- Much smaller than straight bets
- Entertainment budget only
- Never more than 1-2% of bankroll
Example:
$5,000 bankroll
Single bet: $100-250
Parlay bet: $10-25
Same Game Parlays (SGP)
How SGPs Work
| Feature | Description |
|---|---|
| Single game | All legs from one game |
| Correlation adjusted | Sportsbooks adjust odds |
| Higher edge | Typically worse than regular parlays |
| Popular | Heavy marketing by sportsbooks |
SGP Reality
SGP example: Chiefs -7, Mahomes 300+ yards, Kelce 75+ yards
Book offers: +450
True correlated probability: ~15%
Fair odds: +567
House edge: ~20%+ (much higher than straight bets)
Common Parlay Mistakes
1. Adding "Locks"
Mistake: Adding -500 favorites to pad parlays Problem: Still reduces win probability significantly Fix: Heavy favorites dilute payout more than value added
2. Maximum Leg Parlays
Mistake: 10+ leg parlays chasing huge payouts Problem: 30%+ house edge, lottery-ticket odds Fix: Limit to 2-4 legs if betting parlays
3. Full Kelly on Parlays
Mistake: Betting significant bankroll percentage Problem: High variance devastates bankroll Fix: Fractional Kelly, entertainment sizing
4. Ignoring Correlation
Mistake: Not seeking correlated legs Problem: Missing the only +EV parlay opportunity Fix: Look for logical correlations sportsbooks allow
Frequently Asked Questions
Are parlays ever +EV?
Rarely. Only if you have multiple +EV single bets AND book doesn't restrict correlation. For recreational bettors, parlays are always -EV.
What's the best parlay size?
2-3 legs minimize edge compounding while still providing multiplied payout. Beyond 4 legs, house edge becomes severe.
Should I parlay my best picks?
Mathematically no—straight bets preserve more expected value. Parlaying +EV bets actually reduces your total edge.
Do sportsbooks limit parlay winners?
Yes. Consistent parlay winners (especially on correlated bets) get limited or restricted like any winning bettor.
Are same game parlays worse than regular parlays?
Usually yes. SGPs have higher vig built into correlation adjustments. They're entertainment products, not sharp betting vehicles.
Can I hedge a parlay?
Yes. If you've hit 3 of 4 legs, you can bet the opposite of your final leg to guarantee profit. Hedging locks in value but reduces maximum payout.
Advanced Concepts
Expected Value Calculation
EV(parlay) = P(win) × Payout - P(lose) × Stake
3-leg parlay at +600, 10.8% win probability:
EV = 0.108 × $60 - 0.892 × $10
EV = $6.48 - $8.92
EV = -$2.44 per $10 bet (-24.4% edge)
Round Robin Parlays
Round robin: All 2-leg combos from 3+ selections
3 picks, 2-leg round robin:
A+B, A+C, B+C = 3 parlays
Provides coverage if one leg loses
Still has parlay edge on each combo
Variance Analysis
| Bet Type | Variance | Bankroll Impact |
|---|---|---|
| Single bet | Low | Manageable |
| 2-leg parlay | Medium | Moderate swings |
| 5-leg parlay | High | Significant swings |
| 10-leg parlay | Extreme | Bankroll destroying |
Pro Tips
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Limit legs: 2-4 maximum for reasonable edge
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Entertainment budget: Parlay with money you'd spend on entertainment
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Seek correlation: Only edge available in parlays
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Small stakes: Variance demands small bets
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Skip SGPs: Higher edge than standard parlays
Related Calculators
- Betting Odds Calculator - Odds conversion
- Sports Betting ROI Calculator - ROI tracking
- Expected Value Calculator - EV analysis
- Kelly Criterion Calculator - Bet sizing
- Arbitrage Calculator - Arb opportunities
Conclusion
Parlays offer exciting payouts but at a steep mathematical cost. Our calculator reveals exact payouts and the hidden house edge that compounds with each leg. For entertainment, small-stake parlays can be fun. For serious betting, stick to straight wagers where your edge isn't eroded by multiplied vig. Understand the math, bet responsibly, and treat parlays as what they are—lottery tickets with slightly better odds.
Calculate Parlay Payouts Now →
The allure of big parlay payouts hides the mathematical reality: you're paying more vig with every leg. Our calculator makes the true cost clear, helping you make informed decisions about when (and whether) to parlay. Small stakes, limited legs, and realistic expectations—that's the smart approach to parlay betting.
