Parlay betting explained
Instead of wagering a set bet amount on a single game, event or prop, parlay betting offers you the option to tie together two or more of these picks and risk a set bet amount in hopes of a larger payout. The more picks you add to your parlay, the larger the potential payout grows. Learn more about parlay betting with our parlay betting guide.
How parlay odds are calculated
Calculating parlay odds is simple when using decimal odds: Simply multiply the odds from each leg together to get the parlay odds.
For example say you wanted to combine two bets into a parlay. Bet 1 has odds of 1.91 (-110) and Bet 2 has odds of 2.30 (+130). Your parlay calculation would look like this:
- 1.91 x 2.3 = 4.39 (+339).
American odds cannot simply be multiplied together — each leg needs to first be converted to decimal odds. The easiest way to do this is with our odds converter, but if you want to do it by hand, here’s how it works:
Converting American odds to decimal odds
To convert American odds to decimal odds, you take the total payout of the wager and divide it by the amount wagered.
For American odds with a negative value:
Using odds of -130, you would need to risk $130 to win $100, so the total payout would be $230.
So to get the decimal odds, you would calculate using this formula:
- 230/130 = 1.77
For American odds with a positive value:
Using odds of +150, you would wager $100 to win $150, so the total payout would be $250.
To get the decimals odds, you would calculate using this formula:
- 250/100 = 2.50
Fixed odds parlays
It’s important to note that the calculator above doesn’t reflect parlay odds in all sportsbooks. Some retail sportsbooks, such as those located at Las Vegas casinos, have fixed odds for parlays when betting point spreads or Over/Under totals and assume the standard -110 odds.
Here’s an example of how fixed odds look at Circa Sportsbook in Las Vegas, though the payouts could differ from sportsbook to sportsbook:
| Number of teams | Fixed odds payout |
|---|---|
| 3 team parlay | 5.5 to 1 |
| 4 team parlay | 11 to 1 |
| 5 team parlay | 22 to 1 |
| 6 team parlay | 44 to 1 |
| 7 team parlay | 88 to 1 |
| 8 team parlay | 175 to 1 |
| 9 team parlay | 350 to 1 |
| 10 team parlay | 700 to 1 |
| 11 team parlay | 1300 to 1 |
| 12 team parlay | 2500 to 1 |