How to Calculate Parlay Payouts

Parlay Payouts Aren't Straightforward

Most bettors don't realize that parlay odds are not just multiplied. The real payout is calculated using the true decimal odds for each leg and then multiplying them all together. Understanding this fundamental concept is crucial for making informed betting decisions.

For example:

3-leg parlay
Leg 1: -110 → 1.91
Leg 2: -110 → 1.91
Leg 3: -110 → 1.91

True payout = 1.91 × 1.91 × 1.91 = 6.97x your bet

If you risk $100, you win $597 profit (plus your stake back).

This is why understanding implied odds is essential for evaluating parlay value.

Use This Parlay Calculator (Free & Instant)

Manually calculating all this can be annoying. That's why we built this premium parlay calculator — enter your picks and odds, and it tells you your:

Total payout
Implied probability of winning
Profit based on your stake
Comparison to other bet types using our round robin calculator

Try it here: Parlay Calculator

Example Payouts by Sport

Let's look at some realistic parlay examples based on standard odds in each sport. These examples show how to apply the same calculation method across different betting markets:

NFL Parlay Example

Chiefs -6.5 (-110)
Eagles ML (-130)
49ers +3.5 (-110)

True decimal odds:
1.91 × 1.77 × 1.91 = 6.45
Stake: $50 → Win $272.50 profit

Check out our comprehensive NFL betting strategies guide to learn more about building winning NFL parlays.

NBA Parlay Example

Lakers ML (-160)
Bucks -4.5 (-110)
Celtics Under 215.5 (-105)

1.63 × 1.91 × 1.95 = 6.06
Stake: $50 → Win $253 profit

Our NBA betting strategies section covers advanced techniques for parlays.

Soccer Parlay Example (3-Way Markets)

Real Madrid ML (+120) → 2.20
PSG ML (+105) → 2.05
Bayern ML (-110) → 1.91

2.20 × 2.05 × 1.91 = 8.63
Stake: $50 → Win $381.50 profit

Explore our complete soccer betting guide for international betting insights.

MLB Parlay Example

Yankees ML (-120)
Dodgers -1.5 (+130)
Braves ML (-105)

1.83 × 2.30 × 1.95 = 8.21
Stake: $50 → Win $360.50 profit

Tips for Calculating Parlays Smarter

Use decimal odds to get the true payout (not just moneyline multipliers) — learn more with our betting odds reading guide
Avoid overloading your parlay — 3-4 legs max gives best balance. Check our advanced parlay strategy for optimization
Run all your bets through a calculator before placing them — use our no vig calculator to remove sportsbook juice
Use implied probability to see if your parlay is realistic — try our implied probability resource

Final Word

Parlay bets are fun and exciting — especially with big returns on small bets. But don't just go in blind. Use our parlay calculator to know exactly what you'll win before placing a bet. For long-term success, combine parlay calculations with the strategies outlined in our ultimate sports betting guide.

Want a smart parlay Calculator with live odds?

Check out our Premium Parlay Calculator

Frequently Asked Questions

Everything you need to know about parlay payouts and smart betting

A parlay is a single bet that links multiple individual wagers — all of which must win for the parlay to cash. It's popular because it offers massive payouts for small stakes. See our ultimate parlay betting guide for detailed information.

Parlay payouts are calculated by multiplying the true decimal odds of each individual leg. They are not simply added or based on moneyline multipliers. For example, a 3-leg parlay with each leg at -110 (1.91 decimal odds) would have a true payout of 1.91 × 1.91 × 1.91 = 6.97x your bet.

The payouts are high because the risk is also high. For a parlay to win, every single selection (leg) must be correct. The probability of multiple independent events all occurring is much lower than any single event, hence the larger potential reward. Use our implied odds calculator to understand these probabilities.

True decimal odds are the decimal representation of the odds for each individual bet, including the stake. For example, -110 American odds convert to 1.91 decimal odds. When calculating a parlay, you multiply these decimal odds together to get the total parlay odds, which then determines your total payout. Check our money line calculator for conversions.

Parlays can be profitable if you consistently find legs that offer positive expected value (+EV). While most parlays are designed with a significant house edge, combining multiple individual bets that each have a true edge can lead to long-term profitability. However, they are generally considered higher risk due to the 'all or nothing' nature. Learn more with our best betting strategies guide.

Tips include: always using decimal odds for true payout calculation, avoiding overloading your parlay (3-4 legs often offer the best balance of risk vs. reward), running all your bets through a calculator before placing them, and using implied probability to assess if your parlay is realistic. See our EV parlay builder guide for advanced techniques.

Yes, most sportsbooks allow you to combine selections from different sports into a single parlay bet. This is a common practice and allows for greater flexibility in building your parlay. Our sportsbook comparison tool shows which books offer the best parlay options.

The maximum number of legs in a parlay varies by sportsbook, but it can range from 10 to 15 legs or even more. However, the more legs you add, the exponentially higher the risk and lower the probability of winning. Most professionals recommend keeping parlays to 3-4 legs maximum for optimal risk management.

If even one leg of your parlay loses, the entire parlay bet is lost. All selections must win for the parlay to pay out, which is why parlays offer such high payouts. This is where our hedge bet calculator becomes valuable — you can hedge your losing bets to secure profits.

Many sports betting websites and tools providers offer free parlay calculators. You can also use the one mentioned in this article at LuxuryFootballElite.com to instantly calculate your total payout, implied probability, and profit based on your stake. Check out our complete betting tools hub for all available calculators.

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Photo: Chase Utley April via Wikimedia Commons