How is a parlay payout calculated?

Convert each leg’s American odds to decimal, multiply the decimals together to get the combined odds, then multiply by your stake. A parlay only pays if every leg wins, which is why the potential payout grows so quickly as you add legs.

What are the odds of winning a parlay?

Multiply each leg’s implied probability together. Three legs each at 50% imply a combined 12.5% chance — far lower than any single leg. This calculator shows the combined implied probability so you can see the true long-shot nature of big parlays.

What is a round-robin parlay?

A round robin breaks your selections into every smaller parlay combination. With four legs you can bet all six 2-leg parlays and all four 3-leg parlays instead of one 4-leg parlay, so a single miss doesn’t bust your whole ticket. Turn on the round-robin option to see the stake and payout for each combination size.

Do sportsbooks pay true parlay odds?

Standard parlays multiply the real prices, so the vig compounds with every leg and the book’s edge grows. Same-game parlays are often priced even worse because the legs are correlated. Shopping each leg for the best price first — then parlaying — keeps more of the value on your side.

Free tool

Parlay calculator

Enter the American odds for each leg to see your combined odds, true win probability, and payout. Add up to 15 legs and switch on round-robin to break it into smaller parlays.

Legs 3 legs

Leg 1 —

Leg 2 —

Leg 3 —

Stake ($)

Combined decimal: —
American: —
Win probability: —
Payout: —

Profit if it hits: —

Show round-robin combinations

Turn this on to see payouts for every smaller parlay combination.

How parlays work

A parlay (or accumulator) combines several bets into one. Every leg has to win for the ticket to cash, but in exchange the odds multiply rather than add — so a handful of modest prices can turn into a big payout. The catch is the same multiplication works against your win probability: each leg you add makes the bet less likely to land.

Because the sportsbook’s margin is built into every leg, that edge compounds across the parlay. The single most effective thing you can do is line-shop each leg for the best available number before you combine them — even a few cents per leg adds up fast. Use our odds converter to compare prices and the vig calculator to see exactly how much juice you’re paying.

Frequently asked questions

How is a parlay payout calculated?: Convert each leg’s American odds to decimal, multiply the decimals together to get the combined odds, then multiply by your stake. A parlay only pays if every leg wins, which is why the potential payout grows so quickly as you add legs.
What are the odds of winning a parlay?: Multiply each leg’s implied probability together. Three legs each at 50% imply a combined 12.5% chance — far lower than any single leg. This calculator shows the combined implied probability so you can see the true long-shot nature of big parlays.
What is a round-robin parlay?: A round robin breaks your selections into every smaller parlay combination. With four legs you can bet all six 2-leg parlays and all four 3-leg parlays instead of one 4-leg parlay, so a single miss doesn’t bust your whole ticket. Turn on the round-robin option to see the stake and payout for each combination size.
Do sportsbooks pay true parlay odds?: Standard parlays multiply the real prices, so the vig compounds with every leg and the book’s edge grows. Same-game parlays are often priced even worse because the legs are correlated. Shopping each leg for the best price first — then parlaying — keeps more of the value on your side.

For informational purposes only. Not betting or financial advice. Please gamble responsibly. 21+ where applicable.