A parlay links several bets, called legs, into one. Every leg has to win for the parlay to pay, but the payout is much bigger than betting each leg separately.
Parlay odds are each leg's decimal odds multiplied together. Three legs at -110 combine to about +596.
The catch is that the sportsbook's vig multiplies too. Variations include the same game parlay, the round robin and the teaser.
How it works
Parlays are tempting because a small stake can return a lot. The trade-off is that every leg has to land, and the sportsbook's vig compounds with each one.
Here's how standard -110 legs grow:
| Legs | Decimal odds | Chance all win (implied) |
|---|---|---|
| 2 | 3.64 | 27.4% |
| 3 | 6.96 | 14.4% |
| 4 | 13.28 | 7.5% |
Rules worth knowing:
- Pushes and voids: most sportsbooks drop that leg and pay the rest at reduced odds. A 3-leg parlay becomes a 2-leg.
- Correlated legs: many books won't let you combine related bets, like a team's spread and the game total, unless it's a same game parlay with its own pricing.
- Hedging: when a parlay is down to its final leg, some bettors hedge to lock in a profit.
If you post parlays as a capper, grade them like any other bet and keep them separate from straights in your record. The parlay calculator shows payouts for any combination.
Examples
- Example 1
Three -110 legs, $10 stake: $69.58 returned if all three win, nothing if one loses.
- Example 2
A 2-leg parlay at +150 and -120: 2.50 × 1.833 = 4.58, about +358. A $20 stake returns $91.67.
- Example 3
Four true 50/50 legs at -110 each: the parlay pays 13.28 but only hits 6.25% of the time. Expected return is about −17% of your stake.
- Example 4
A 3-leg parlay at -110 each has one leg push. It becomes a 2-leg parlay at 3.64 instead of 6.96.
Read more: How parlay odds work
Common questions
How many legs should a parlay have?
There's no right number, but each leg lowers the chance of winning and adds margin. Many bettors keep parlays to two or three legs.
What happens if one leg of my parlay is canceled?
Most sportsbooks remove the voided leg and pay the parlay at the odds of the remaining legs. Check your sportsbook's rules.