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Complete Guide to Parlay Betting: Calculator, Strategy & FAQs
Master parlay bets with our comprehensive guide to parlays, odds calculation, betting strategies, and expert tips for successful parlay betting.
What is a Parlay Bet? Understanding Parlay Betting
A parlay bet (also called an accumulator bet, combo bet, or multi bet) is a single wager that combines two or more individual bets into one ticket. All selections in your parlay must win for the entire bet to be successful. If even one leg loses, the entire parlay loses.
Parlay bets are popular among sports bettors because they offer significantly higher payouts than individual straight bets. The trade-off is increased risk - since all legs must win, parlays are harder to hit than single bets. However, the potential for large returns from a small stake makes parlay betting attractive to both recreational and professional bettors.
Leg 1: Kansas City Chiefs -3.5 (-110)
Leg 2: Los Angeles Lakers ML (+150)
Leg 3: Tampa Bay Lightning Over 6.5 (-115)
If you bet $100 on this 3-leg parlay, you need all three teams to cover/win for your parlay to cash. The potential payout would be approximately $1,100 compared to winning just one of these bets individually.
Parlay bets are available across all major sports including NFL betting, NBA betting, MLB betting, NHL betting, soccer betting, UFC betting, and more. Sportsbooks like BetMGM, DraftKings, FanDuel, BetOnline, and Caesars all offer extensive parlay betting options.
How Does Parlay Betting Work? Parlay Mechanics Explained
Understanding how parlay bets work is crucial for successful sports betting. Here's a detailed breakdown of parlay betting mechanics:
Parlay Bet Structure
A parlay combines multiple individual bets (called "legs" or "selections") into a single wager. You can include different bet types in your parlay:
- Moneyline bets - Pick the straight-up winner
- Point spread bets - Bet on the margin of victory
- Totals (Over/Under) - Bet on combined score
- Prop bets - Player or game-specific propositions
- Futures bets - Long-term outcomes
Parlay Payout Structure
Parlay payouts are calculated by multiplying the decimal odds of each leg together, then multiplying by your stake. The more legs you add, the higher the potential payout - but also the lower your probability of winning.
3-Team Parlay: Typical payout ~6:1 (requires all three legs to win)
4-Team Parlay: Typical payout ~12:1 (requires all four legs to win)
5-Team Parlay: Typical payout ~25:1 (requires all five legs to win)
6-Team Parlay: Typical payout ~50:1 (requires all six legs to win)
10-Team Parlay: Typical payout ~600:1 (requires all ten legs to win)
Same Game Parlays
Same game parlays (SGP) allow you to combine multiple bets from the same game into one parlay. For example, you could bet on the Patriots to win, over 45 points, and Tom Brady to throw 2+ touchdowns all in one parlay. Most major sportsbooks now offer same game parlay options with adjusted odds to account for correlation between legs.
How to Use Our Parlay Calculator: Step-by-Step Guide
Our free parlay calculator makes it easy to calculate potential payouts for any parlay bet. Follow these simple steps:
Step 1: Enter Your Bet Amount
Input the total amount you want to wager on your parlay in the "Bet Amount ($)" field. This is your risk amount - the total you'll lose if the parlay doesn't hit.
Step 2: Add Your Parlay Legs
Click the "Add Leg" button to add each selection to your parlay. You can add as many legs as you want - most sportsbooks allow up to 10-15 legs per parlay.
Step 3: Enter Team/Event Names
For each leg, enter the team or event name in the "Team/Event" field. This helps you keep track of your selections.
Step 4: Input American Odds
Enter the American odds for each leg (e.g., -110, +150, -200). You can find these odds on your preferred sportsbook. The calculator automatically converts to decimal odds for you.
Step 5: Calculate Your Parlay Payout
Click the "Calculate" button to instantly see your potential total payout, profit, and combined odds. The calculator shows you exactly how much you'll win if your parlay hits.
Step 6: Use Live Odds (Optional)
Browse our live odds section to quickly add current lines to your parlay. Simply click on any odds button to automatically fill in that leg with live market odds for NFL, NBA, NHL, MLB, and more.
Our parlay bet calculator supports American odds, decimal odds, and automatically handles odds conversion. Whether you're calculating a 2-team parlay or a 10-team parlay, our tool provides instant, accurate payout calculations.
Understanding Parlay Odds: How Parlay Payouts Are Calculated
Learning how to calculate parlay odds is essential for understanding your potential returns and making informed betting decisions.
Converting American Odds to Decimal Odds
First, you need to convert American odds to decimal odds:
Decimal Odds = (American Odds / 100) + 1
Example: (+150 / 100) + 1 = 2.50
For Negative American Odds (-110):
Decimal Odds = (100 / |American Odds|) + 1
Example: (100 / 110) + 1 = 1.91
Calculating Total Parlay Odds
Once you have decimal odds for each leg, multiply them together:
Example 3-Team Parlay:
Leg 1: Chiefs -110 (1.91)
Leg 2: Lakers +150 (2.50)
Leg 3: Lightning -115 (1.87)
Total Odds = 1.91 × 2.50 × 1.87 = 8.93
$100 Bet × 8.93 = $893 Total Payout
Profit = $893 - $100 = $793
Parlay Payout Chart
Here's a typical parlay payout chart assuming all legs are at standard -110 odds:
| Number of Teams | Decimal Odds | Payout Ratio | $100 Bet Pays |
|---|---|---|---|
| 2 Teams | 3.64 | 2.64:1 | $364 |
| 3 Teams | 6.96 | 5.96:1 | $696 |
| 4 Teams | 13.28 | 12.28:1 | $1,328 |
| 5 Teams | 25.36 | 24.36:1 | $2,536 |
| 6 Teams | 48.44 | 47.44:1 | $4,844 |
| 7 Teams | 92.48 | 91.48:1 | $9,248 |
| 8 Teams | 176.64 | 175.64:1 | $17,664 |
| 10 Teams | 642.74 | 641.74:1 | $64,274 |
Remember, actual parlay odds vary based on the specific odds of each leg. Use our parlay odds calculator above to get precise calculations for your specific bets.
Parlay Betting Strategy: Tips for Winning Parlays
While parlays are harder to win than straight bets, strategic approaches can improve your success rate:
1. Stick to 2-3 Leg Parlays
Smaller parlays offer a better balance of risk and reward. A 2-team parlay or 3-team parlay is much more likely to hit than a 10-team parlay, while still providing enhanced payouts. Professional bettors rarely go beyond 3-4 legs.
2. Combine High-Confidence Bets
Only include bets in your parlay that you would confidently bet on individually. Don't add "filler" legs just to increase the payout. Each leg should be a bet you've researched and believe has strong value.
3. Avoid Heavy Favorites
While heavy favorites (-300 or higher) are likely to win, they add minimal value to your parlay payout. Look for favorable underdogs or moderately favored teams that offer better payout potential while maintaining reasonable win probability.
4. Use Correlated Parlays Strategically
Some bet combinations are correlated (one outcome makes another more likely). For example, if a game total is going to be high, a team winning by a large margin is more likely. Most sportsbooks adjust odds for correlated same-game parlays, but understanding correlation can help you find value.
5. Consider Hedging Winning Parlays
If your parlay is down to the last leg, you can hedge your bet by betting the opposite side to guarantee profit. Use our hedge bet calculator to determine optimal hedging amounts.
6. Shop for Best Parlay Odds
Different sportsbooks offer different parlay payout structures. Shopping lines across multiple sportsbooks (line shopping) can significantly increase your long-term profitability. Even small differences in odds compound across multiple legs.
7. Manage Your Bankroll
Parlays should represent a small percentage of your overall betting bankroll (typically 1-5% per parlay). Never bet more than you can afford to lose, and avoid chasing losses with large parlay bets.
3-Team NFL Parlay with research-backed picks:
• Home underdog getting key numbers (3, 7)
• Division rivalry under in bad weather
• Strong rushing team -3 against weak run defense
Each pick has standalone value, combining them increases potential payout while maintaining reasonable probability.
Types of Parlay Bets: Standard, Round Robin, Teaser & More
There are several types of parlay bets available at sportsbooks:
Standard Parlay
The traditional parlay bet where all legs must win for the bet to cash. This is the most common type of parlay and offers the highest payouts.
Round Robin Parlay
A round robin bet creates multiple smaller parlays from a larger set of selections. For example, if you select 4 teams, a round robin creates six different 2-team parlays. This provides insurance - you can still profit even if one leg loses. Use our round robin calculator to explore these bets.
Teaser Parlay
A teaser bet allows you to adjust point spreads or totals in your favor (typically 6, 6.5, or 7 points in football). The trade-off is reduced payout odds. Teasers are popular for moving spreads through key numbers like 3 and 7 in NFL betting.
Same Game Parlay (SGP)
Same game parlays combine multiple bets from a single game. Sportsbooks adjust odds for correlation between legs. Popular in NFL, NBA, and MLB betting.
Progressive Parlay
A progressive parlay (or "parlay insurance") allows you to lose one or more legs and still win a reduced payout. These typically require larger parlays (5+ legs) and pay less than standard parlays but offer more forgiveness.
If-Bet Parlay
An if-bet is a conditional parlay where the second bet only processes if the first bet wins. This manages risk by only continuing the parlay if you're winning.
Parlay Bets vs. Straight Bets: Which Is Better?
Understanding the difference between parlay bets and straight bets is crucial for developing your betting strategy:
Expected Value Comparison
Mathematically, straight bets typically offer better expected value (EV) than parlays because you don't compound the house edge across multiple legs. However, parlays offer higher potential returns from smaller stakes.
Straight Bets:
3 bets of $33.33 each at -110 odds
If all 3 win: Return = $90.27
If 2 win, 1 loses: Return = $27.27
3-Team Parlay:
1 bet of $100 at combined 6:1 odds
If all 3 win: Return = $600
If 2 win, 1 loses: Return = $0
When to Use Parlays
- You want high payout potential from a small stake
- You have strong convictions in multiple outcomes
- You're betting for entertainment with controlled risk
- You've found correlated same-game parlay value
- You're using promotional parlay bonuses or boosts
When to Use Straight Bets
- You're focused on long-term profitability
- You want to maximize expected value
- You prefer consistent, smaller returns
- You're building a professional betting portfolio
- You want to track individual bet performance
Common Parlay Betting Mistakes to Avoid
Avoid these frequent parlay betting errors that cost bettors money:
1. Adding Too Many Legs
Large parlays (5+ legs) are extremely difficult to hit. While the payouts look attractive, your probability of winning decreases exponentially with each added leg. The "10-team parlay for life-changing money" is almost always a bad bet.
2. Including Heavy Favorites
Adding -500 favorites barely increases your payout but adds significant risk. You're essentially risking your entire parlay for minimal return. Focus on picks with better risk/reward balance.
3. Chasing Losses with Parlays
Using large parlays to recover losses is a common pitfall. The low win probability makes this a dangerous strategy that typically leads to larger losses.
4. Not Shopping for Best Odds
Small differences in odds compound significantly in parlays. Always shop multiple sportsbooks for the best lines on each leg.
5. Ignoring Correlation in Same Game Parlays
Some same-game parlay legs are negatively correlated (if one hits, the other is less likely to hit). Sportsbooks adjust for this, but understanding correlation helps you avoid bad bets.
6. Not Using a Parlay Calculator
Always calculate exact payouts before placing your parlay. Our parlay calculator ensures you know exactly what you're risking and what you could win.
Parlay Betting FAQs: Your Questions Answered
When one leg of your parlay results in a push (tie), that leg is typically removed from the parlay, and the bet continues with the remaining legs. For example:
- 4-team parlay with 1 push = becomes a 3-team parlay
- 3-team parlay with 1 push = becomes a 2-team parlay
- 2-team parlay with 1 push = becomes a straight bet
The payout odds are adjusted accordingly. Some sportsbooks may handle pushes differently, so always check your sportsbook's specific rules.
Yes! Most sportsbooks allow cross-sport parlays. You can combine bets from NFL, NBA, MLB, NHL, UFC, soccer, and other sports in a single parlay. This is called a "multi-sport parlay" and follows the same rules as standard parlays - all legs must win.
Parlay insurance is a promotion offered by some sportsbooks where you get a refund (usually as site credit) if your parlay loses by exactly one leg. For example, if you place a 5-team parlay and 4 legs win but 1 loses, you get your stake back as a bonus bet or site credit.
Most sportsbooks allow between 2-15 teams in a parlay, though limits vary by sportsbook and bet type:
- Standard parlays: Typically up to 10-15 legs
- Same game parlays: Usually limited to 8-12 legs
- Teasers: Usually 2-8 teams
Remember, more legs = lower probability of winning, even though payouts increase.
Popular sports for parlay betting include:
- NFL: Most popular for parlays due to weekly schedule and variety of betting options
- NBA: High-scoring games with many prop bet options for same-game parlays
- MLB: Daily games provide constant parlay opportunities
- Soccer: Three-way moneylines and variety of markets
- UFC/MMA: Fight night events lend themselves to parlay betting
Both have their place in a balanced betting strategy:
Choose Straight Bets when you want better expected value, consistent returns, and the ability to win even if not all picks are correct.
Choose Parlays when you have high conviction in multiple outcomes, want entertainment value with controlled risk, or are using promotional parlay boosts.
Many successful bettors use 80% straight bets and 20% small parlays as part of their overall strategy.
A parlay boost (or odds boost) is a promotion where sportsbooks enhance the payout odds on specific parlays. For example, a 3-team parlay that normally pays 6:1 might be boosted to 7:1 or 8:1. These promotions can provide positive expected value if you were already planning to make that parlay.
Many sportsbooks offer early cash out on parlays, allowing you to settle your bet before all legs complete. The cash out amount is calculated based on the current status of your parlay and remaining legs. This can be useful for locking in profit or minimizing losses, though the cash out value is typically less than the full potential payout.
There is no difference - "parlay" and "accumulator" are different terms for the same bet type. "Parlay" is primarily used in American sports betting, while "accumulator" (or "acca") is the British/European term. Both refer to combining multiple bets into one wager where all selections must win.
Decimal odds make parlay calculations straightforward - simply multiply the decimal odds of each leg together:
Leg 2: 1.80 (decimal odds)
Leg 3: 2.20 (decimal odds)
Total Odds = 2.00 × 1.80 × 2.20 = 7.92
$100 bet pays $792 total ($692 profit)
Our calculator automatically converts American odds to decimal odds for easy calculation.
Best Sportsbooks for Parlay Betting in 2025
Not all sportsbooks are created equal when it comes to parlay betting. Here's what to look for:
Key Features to Consider
- Competitive parlay odds: Better base odds lead to better parlay payouts
- Parlay insurance promotions: Get refunds on near-miss parlays
- Same game parlay options: More SGP markets and sports coverage
- Parlay boosts: Regular enhanced odds on selected parlays
- Early cash out: Flexibility to settle bets before completion
- Mobile app quality: Easy parlay building on mobile devices
- Live betting parlays: Ability to parlay in-game bets
Popular Sportsbook Features
BetMGM: Known for frequent parlay insurance promotions and competitive odds
DraftKings: Excellent same game parlay markets across all major sports
FanDuel: User-friendly parlay builder and regular odds boosts
BetOnline: Great for international sports and alternative parlay options
Caesars: Generous new user promos and parlay boost tokens
Always shop lines across multiple sportsbooks to get the best odds on each leg of your parlay - small differences compound significantly in multi-leg parlays.
Advanced Parlay Betting Concepts
True Odds vs. Parlay Payout Odds
Understanding the difference between true probability and parlay payouts helps you identify value. If each leg of a 3-team parlay has a 50% chance of winning, the true odds of hitting the parlay are 0.5 × 0.5 × 0.5 = 12.5% (or 7:1). However, most sportsbooks pay closer to 6:1, giving them an edge.
Correlation and Same Game Parlays
Some bet outcomes are correlated (dependent on each other). For example, if a team is winning by a lot, they're more likely to go over the total. Sportsbooks adjust same game parlay odds for correlation, but understanding these relationships can help you find value or avoid bad bets.
Kelly Criterion for Parlay Sizing
The Kelly Criterion can help determine optimal bet sizing for parlays based on your edge and bankroll. However, because parlays have lower expected value than straight bets, most professionals recommend smaller Kelly fractions (quarter-Kelly or less) for parlay betting.
Arbitrage with Parlays
While rare, arbitrage opportunities can sometimes exist with parlays across different sportsbooks. Our arbitrage calculator can help identify these risk-free profit opportunities.
Middling Parlays
A middle occurs when you bet both sides of a game at different lines, creating a window where both bets can win. Advanced bettors sometimes include middle opportunities in parlays to increase their probability of winning.
Final Parlay Betting Tips for Success
Remember these key points for successful parlay betting:
- Use our free parlay calculator before every bet to understand exact payouts
- Keep parlays small (2-3 legs) for better win probability
- Only parlay bets you would confidently make individually
- Shop for the best odds across multiple sportsbooks
- Take advantage of parlay insurance and odds boost promotions
- Consider hedging winning parlays on the final leg
- Manage your bankroll carefully - parlays should be small % of total bankroll
- Track your parlay performance to identify what works
- Don't chase losses with large parlay bets
- Understand that parlays have lower expected value than straight bets
Parlay betting can be profitable and entertaining when approached strategically. Use our tools, follow best practices, and always bet responsibly.