Sports Parlay Payout Calculator: Combined Odds Math

Parlays combine multiple bets into one ticket—all selections must win for any payout. Our calculator shows exact payouts, combined probability, and reveals why these high-payout wagers carry significant house edge.

What Is a Parlay Bet?

A parlay (or accumulator) links two or more selections into a single bet. All picks must win for any return. If one loses, the entire bet loses. Odds multiply together, creating larger potential payouts but lower win probability.

Quick Answer: Parlays multiply odds of multiple selections. 2-team parlay at -110 each: true odds +264, typical payout +260. 3-team: true +595, typical +600. House edge compounds: ~3% per leg. 4-team parlay house edge ~10-13%. Probability drops exponentially—5-team parlay at 50% each = 3.1% win rate. High risk, high reward, mathematically unfavorable.

How to Use Our Calculator

Use the Parlay Payout Calculator →

Calculate combined odds and payouts for multi-leg parlays.

Step-by-Step Instructions

1. Enter Number of Legs: How many selections

2. Input Each Leg's Odds: American or decimal

3. Enter Stake Amount: Your wager

4. View Combined Odds: Multiplied result

5. Calculate Probability: Win likelihood

Input Fields Explained

Field	Description	Example
Number of Legs	Selections in parlay	4 legs
Individual Odds	Each selection's line	-110, +150, -105, +120
Stake	Bet amount	$20
Combined Odds	Multiplied result	+1247
Win Probability	Chance of hitting	6.8%
Potential Payout	Total if all win	$269.40

Parlay Math Fundamentals

How Odds Multiply

Converting to decimal:
-110 = 1.909
+150 = 2.500
-105 = 1.952
+120 = 2.200

Multiplied: 1.909 × 2.500 × 1.952 × 2.200 = 20.47

Back to American: +1947
Actual offered: ~+1800 to +1950

The gap is house edge

Probability Calculation

Each leg's implied probability:
-110: 52.38%
+150: 40.00%
-105: 51.22%
+120: 45.45%

Combined probability:
0.5238 × 0.40 × 0.5122 × 0.4545 = 4.88%

True fair odds: 1/0.0488 = 20.5:1
If payout is 18:1, house edge = ~12%

Standard Parlay Payouts

At -110 per leg (standard):

2-team: +264 (true +264.5)
3-team: +600 (true +595.5)
4-team: +1228 (true +1230)
5-team: +2435 (true +2557)
6-team: +4741 (true +5319)

Payouts slightly below true odds
House edge increases with legs

House Edge by Parlay Size

2-Team Parlay

Each leg at -110 (52.38% implied):
Win probability: 27.44%
True odds: +264.5
Typical payout: +260 to +264

House edge: ~2.6-4.5%
Relatively small edge

3-Team Parlay

Each leg at -110:
Win probability: 14.37%
True odds: +596
Typical payout: +600

House edge: ~0-5%
Depends on sportsbook

4-Team Parlay

Each leg at -110:
Win probability: 7.53%
True odds: +1228
Typical payout: +1100 to +1200

House edge: ~5-10%
Edge starts compounding

5+ Team Parlays

5 legs at -110:
Win probability: 3.95%
True odds: +2432
Typical payout: +2000 to +2200

House edge: 10-15%+

Edge grows exponentially
Longshot territory

Real-World Examples

Example 1: Simple 2-Team Parlay

Selections:

• Team A -110
• Team B -110

Calculation:

Decimal odds:
A: 1.909
B: 1.909

Combined: 1.909 × 1.909 = 3.644
American: +264.4

$50 bet × 3.644 = $182.20 total return
Profit: $132.20

Win probability: 52.38% × 52.38% = 27.44%

Example 2: Mixed Odds 3-Team Parlay

Selections:

• Favorite -200 (66.67%)
• Even -110 (52.38%)
• Underdog +150 (40.00%)

Calculation:

Decimal odds:
-200 = 1.500
-110 = 1.909
+150 = 2.500

Combined: 1.500 × 1.909 × 2.500 = 7.159
American: +616

$25 bet:
Payout: $25 × 7.159 = $178.98
Profit: $153.98

Win probability: 0.667 × 0.524 × 0.40 = 13.98%

Example 3: Long Shot 5-Team Parlay

All favorites at -150 each:

Each leg: -150 = 1.667 decimal (60% implied)

Combined odds:
1.667^5 = 12.86
American: +1186

$10 bet payout: $128.60

Win probability: 0.60^5 = 7.78%
True odds: +1185

This particular parlay is fairly priced
Unusual—most parlays have edge

Example 4: Why Parlays Lose Long-Term

1,000 two-team parlays at $10 each:

Win rate: 27.44%
Wins: 274 parlays
Losses: 726 parlays

At +264 payout:
Winnings: 274 × $26.40 = $7,233.60
Losses: 726 × $10 = $7,260.00

Net: -$26.40 (about break-even)

But at +260 (typical):
Winnings: 274 × $26 = $7,124
Losses: $7,260

Net: -$136 (1.36% loss rate)

Parlay vs Straight Bets

Same Selections, Different Structure

4 games, $100 total budget:

Option A: 4-team parlay
$100 on all four
Payout if all win: ~$1,200
Probability: 7.5%
Expected value: $90 (lose $10)

Option B: 4 straight bets
$25 on each game
If all win: $91 profit
If 3 win, 1 lose: ~$45 profit
If 2 win, 2 lose: ~$0
Probability of profit: ~69%

Straight bets: Lower variance, better EV

When Parlays Make Sense

Correlated events (if allowed):
Game goes over → both QBs throw TDs
These should be parlayed

Positive EV spots:
If you find +EV on each leg
Combined EV can exceed straight bets
(Rare to find multiple +EV bets)

Entertainment value:
Small stake, big potential
Acceptable if understood as lottery

Common Parlay Mistakes

1. Adding Legs for "Value"

Mistake: More legs = more payout = better Problem: Each leg adds house edge Fix: Fewer confident picks beats more speculative

2. Parlaying Correlated Negatives

Mistake: Team A and Under in same game Problem: These outcomes oppose each other Fix: Only parlay complementary events

3. Ignoring True Probability

Mistake: Focus only on payout Problem: Low probability negates high payout Fix: Calculate actual win rate

4. Chasing with Larger Parlays

Mistake: Lost parlay? Add more legs! Problem: Compounds house edge Fix: Straight bets to recover

Frequently Asked Questions

What's the optimal number of parlay legs?

2-3 legs minimizes house edge while still multiplying odds. More legs compound the casino's advantage.

Are same-game parlays better or worse?

Often worse—sportsbooks add extra margin to SGPs. The correlation adjustments favor the house.

Do any professionals bet parlays?

Rarely. Sharp bettors prefer straight bets for lower variance and better expected value.

Should I ever bet parlays?

Only with small amounts for entertainment. Never as a serious betting strategy.

What's a round-robin parlay?

Multiple smaller parlays from your selections. Reduces risk of total loss but adds complexity and fees.

Are teasers better than parlays?

Teasers give better lines but lower payouts. House edge is often similar or worse.

Pro Tips

• Minimize legs: 2-3 max for reasonable odds

• Calculate true odds: Compare to offered payout

• Small stakes only: Entertainment budget

• Avoid SGPs: Extra house edge hidden

• Never chase: Parlays are not recovery tools

Related Calculators

• Sports Betting Odds Calculator - Single bet analysis
• Implied Probability Calculator - Convert odds
• Betting Expected Value Calculator - EV analysis
• Kelly Criterion Calculator - Optimal sizing
• Sports ROI Calculator - Track performance

Conclusion

Parlays offer exciting payouts by multiplying odds across selections—but probability drops faster than payouts rise, giving the house increasing edge with each leg. Our calculator shows exact combined odds and reveals the true cost of multi-bet wagering.

Calculate Parlay Payout Now →

That 10-team parlay paying +50000 looks amazing until you calculate the 0.1% win probability. Our calculator does the math, showing why professional bettors stick to straight bets while recreational bettors can enjoy parlays as entertainment with appropriate stakes.