Parlay bets explained
A parlay joins two or more bets into one: every leg has to win, and the payouts multiply.
Key points
- Two -110 legs pay +264: 1.909 x 1.909 = 3.64 in decimal odds.
- Every leg must win. Two coin-flip legs win together 25% of the time; three, 12.5%.
- The margin compounds: the parlay's price is further from fair than any single leg.
On this page
How a parlay pays
Convert each leg to decimal odds and multiply them. The result is the parlay's decimal odds; subtract 1 and multiply by your stake for the profit.
$10 on a two-leg parlay at -110 per leg
- Leg 1
- -110 (1.909)
- Leg 2
- -110 (1.909)
- Parlay
- +264 (3.64)
- Win
- $26.45
1.909 x 1.909 = 3.645. $10 x 2.645 = $26.45. Two separate $10 bets at -110 would win $18.18 if both won.
Why the margin compounds
Each leg carries the book's margin. Multiplying the legs multiplies the margins too. On coin-flip legs priced at -110, the gap between the parlay's price and the fair price grows with every leg:
| Legs | Parlay | Fair | All win |
|---|---|---|---|
| 2 | +264 | +300 | 25.0% |
| 3 | +596 | +700 | 12.5% |
| 4 | +1228 | +1500 | 6.3% |
| 6 | +4741 | +6300 | 1.6% |
The fair price comes from the chance: two 50% legs both win 25% of the time, which is +300. The vig guide shows how to find each leg's fair chance.
This week's favorites as a parlay
Here are this week's three biggest NFL favorites, joined as a two-leg and a three-leg parlay. The first row takes the best price on each leg, wherever it is; the others put every leg at one book.
The legs: Cincinnati Bengals (best -714), Jacksonville Jaguars (best -476), New England Patriots (best -312). The two-leg parlay uses the first two.
| Where | 2 legs | 3 legs |
|---|---|---|
| Best price on each leg | $3.79 | $8.21 |
| All legs at MyBookie | $3.56 | $7.90 |
| All legs at Bovada | $3.55 | $7.35 |
| All legs at BetOnline | $3.79 | $7.93 |
| All legs at BetUS | $3.79 | $7.93 |
This week's NFL moneylines at MyBookie, Bovada, BetOnline and BetUS, updated Oct 31, 1:45 AM ET. Payouts use the books' exact decimal prices.
Most sportsbooks only let you build a parlay from their own prices, so the best-price row is a comparison, not one ticket. It shows how much picking the right book matters when small differences multiply.
Pushes, ties and same-game parlays
- If a leg pushes, books usually drop it and pay the parlay on the remaining legs. A three-leg parlay becomes a two-leg one.
- A cancelled game is usually treated the same way. Each book's house rules have the details.
- A same-game parlay joins bets from one game. Because the legs are related, books price them with their own model, not by multiplying.
Favorites make tempting legs because they win often. But a -300 leg only multiplies the payout by 1.33, and by its own price it still loses a quarter of the time.
Frequently asked questions
How is a parlay payout calculated?
Multiply each leg's decimal odds, subtract 1, and multiply by the stake. Two -110 legs: 1.909 x 1.909 = 3.645, so $10 wins $26.45.
What happens if one leg of a parlay pushes?
Books usually remove the leg and pay the parlay on the others, at the lower combined price. Check each book's rules.
Are parlays a good bet?
They pay more but carry more margin than single bets, because the margin compounds with each leg. Shop each leg's price to keep the cost down.
How many legs can a parlay have?
It depends on the book's rules. Our calculator takes up to six.
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