Parlay

A parlay combines multiple bets into one, multiplying the odds for potentially huge payouts. All legs must win—one loss and the entire bet loses. It's the high-risk, high-reward bet type that turns $10 into$1,000 on a good day. Parlays are the most popular bet type among recreational bettors and the most profitable for sportsbooks.

Table of Contents

• How Parlays Work
• Calculating Parlay Odds
• Parlay Math
• Types of Parlays
• Parlay Strategy
• When Parlays Make Sense
• Common Mistakes

How Parlays Work {#how-parlays-work}

A parlay links multiple selections together. Every selection must win for the parlay to pay out.

Simple Example

Individual bets:

• Game 1: Lakers -3.5 at 1.91
• Game 2: Celtics ML at 1.75
• Game 3: Over 215.5 at 1.87

As a parlay: Combined odds: 1.91 × 1.75 × 1.87 = 6.25

$10 stake returns **$62.50** if all three win.

Win Conditions

One loss = entire bet lost. This is why parlays are risky.

Calculating Parlay Odds {#calculation}

Decimal Odds Method

Simply multiply all decimal odds:

Example: 4-leg parlay

• Selection 1: 1.80
• Selection 2: 2.10
• Selection 3: 1.65
• Selection 4: 1.90

$10 bet wins$118.50 total ($108.50 profit).

American Odds Conversion

First convert to decimal:

Formula:

• Positive American: (American / 100) + 1
• Negative American: (100 / |American|) + 1

Parlay Payout Table

Standard -110 odds legs:

*Assuming 50% win rate per leg

Parlay Math {#parlay-math}

Expected Value Formula

Example: 3-leg parlay at 6.97 odds

• Win probability (50% each leg): 0.5³ = 12.5%
• Fair odds at 12.5%: 8.00
• Actual odds: 6.97
• EV: (0.125 × $69.70) -$10 = -$1.29 per$10 bet

The Margin Problem

Every leg includes bookmaker margin, and margins multiply:

A 10-leg parlay with 5% margin pays only 37% of fair value.

Break-Even Win Rates

How often you need to win to break even:

You need to outperform break-even consistently to profit.

Types of Parlays {#types}

Standard Parlay

All legs independent, all must win. Most common type.

Teaser

Parlay with adjusted point spreads in your favor:

NFL 6-point teaser example:

• Original: Chiefs -7.5 becomes Chiefs -1.5
• Original: Ravens +3 becomes Ravens +9

Trade-off: Lower odds for easier wins.

Pleaser (Reverse Teaser)

Point spreads move against you for higher odds.

Example:

• Chiefs -7.5 becomes Chiefs -13.5
• Much higher odds, much lower probability

Same-Game Parlay (SGP)

Multiple bets from the same event:

• Team to win
• Player over 25 points
• Total over 220

Warning: Same-game parlays are often correlated—if the team wins in a high-scoring game, the player over is more likely. Bookmakers price this correlation in, often unfavorably.

Round Robin

Multiple parlays from a selection of games:

• Select 4 games
• Generates all possible 2-leg parlays (6 bets)
• Or all 3-leg combinations (4 bets)

Provides coverage against one loss.

Parlay Strategy {#strategy}

Strategy 1: Limit Leg Count

Strategy 2: Use Positive EV Legs Only

If each leg is +EV, the parlay can be +EV:

Example: Three +3% edge bets

• Individual EV: +3% each
• Combined probability boost compounds

Only parlay bets you'd make individually.

Strategy 3: Correlated Parlays

Find legs that are positively correlated:

Warning: Most same-game parlays are priced to eliminate correlation value.

Strategy 4: Shop Lines

Different books offer different parlay odds:

8% difference on identical selections.

Strategy 5: Use Parlay Insurance

Some books offer "one-leg insurance" on 4+ leg parlays:

• If exactly one leg loses, refund as free bet
• Changes the math significantly

When Parlays Make Sense {#when-to-parlay}

Good Reasons to Parlay

Bad Reasons to Parlay

Expected Outcomes

Over 1000 parlay bets at various leg counts:

Losing is expected. Size stakes accordingly.

Common Mistakes {#mistakes}

Mistake 1: Too Many Legs

Every additional leg multiplies risk. 5-leg parlays have ~4% win rate.

Solution: Stick to 2-3 legs maximum for regular betting.

Mistake 2: Including Heavy Favorites

-300 favorite adds only 1.33x to odds but still requires a win.

Example:

• 3 favorites at 1.25, 1.30, 1.33
• Combined odds: 2.16
• If one loses, you lose entire bet

Solution: Heavy favorites add risk without proportional reward.

Mistake 3: Chasing Yesterday's Losses

Parlays seem like a way to recover losses quickly. They're not.

Solution: Flat betting, proper bankroll management.

Mistake 4: Ignoring Same-Game Correlation Pricing

SGPs look like value because legs seem correlated. Books price this in.

Reality check: Compare SGP odds to same legs as separate bets. Often 20-40% worse.

Mistake 5: Betting Large Stakes

Parlays should be small-stake entertainment, not core strategy.

Parlay vs Straight Bets {#comparison}

Mathematical Comparison

$100 total budget, three games:

Option A: Three straight bets ($33.33 each at 1.91)

• 3 wins: +$100.30
• 2 wins: +$30.00
• 1 win: -$36.66
• 0 wins: -$100.00

Option B: One 3-leg parlay ($100 at 6.97)

• 3 wins: +$597.00
• 2 wins: -$100.00
• 1 win: -$100.00
• 0 wins: -$100.00

Straight bets provide more winning scenarios and lower variance.

When Each Is Better

Related Calculators

• Parlay Calculator - Calculate parlay odds and payouts
• Round Robin Calculator - Generate all parlay combinations
• Acca Insurance Calculator - Evaluate insurance offers