How parlay payouts work
Each leg's odds multiply together. Two -110 bets pay about 2.6 to 1; three pay about 6 to 1; four pay about 12 to 1. One missed leg loses the entire ticket. The soaring payout is real, but so is the falling probability, and the book's margin is baked into every leg you add.
A worked example
A $20 three-team parlay of -110 favorites pays roughly $119 profit if all three win. Miss any one and you lose the $20. The fair payout without the vig would be higher than $119, and that hidden gap is the book's edge, multiplied three times over.
Using parlays wisely
Parlays are worth it only when each leg is a bet you would make on its own at a good number. If you want the upside with less risk, a round robin spreads the picks so one miss does not bust everything. For steady results, straight bets at the best price beat parlays over time.
In the Wise Guy tools
Estimated price
The leg prices at one book multiplied together. The book's slip may price the parlay a little differently.
Example: Two legs at +100 multiply to +300.
How our tools use it: The leg prices at one book multiplied together (after any exchange fee), shown as American odds. An estimate for a different-game parlay; the book's slip may price it differently. Never mixed across books.
One book per slip
A parlay is one ticket at one book, so every leg is priced at the book you pick.
How our tools use it: A parlay is one ticket at one book, so every leg is priced at the book you pick. A leg the book does not price, or prices under +0.5% after fees, is marked unavailable there and is never priced somewhere else.
Frequently asked questions
How many legs can a parlay have?
Most books allow up to a dozen or more. The more legs, the bigger the payout and the lower the chance of hitting every one.
Does one loss ruin a parlay?
Yes. Every leg must win. A single loss voids the whole parlay, unless a leg pushes, which usually drops that leg and reprices the ticket.
Your next step
- 1Learn itParlay (this page)
- 2Apply itHow to bet a parlay →
- 3Run itParlay Calculator →
- 4Master itDay 1: The Wise Guy Code →
Related terms
- Are Parlays Worth It
- Parlays are usually not worth it as a steady strategy because the house edge compounds with every leg, so the payout is smaller than the fair, no-vig odds of hitting every leg would pay.
- Round Robin Bet
- A round robin bet takes three or more selections and automatically splits them into every smaller parlay combination, placing each as its own wager.
- Teaser
- A teaser is a type of parlay, used mostly in football, that lets you shift the point spread or total in your favor on every leg by a set number of points.
- Same Game Parlay
- A same game parlay, or SGP, combines two or more bets from the same game on one ticket, and every leg has to win.
- Betting Payouts
- A betting payout is your stake times the decimal price, and that total return includes your stake.
21+. For entertainment and educational purposes, not financial advice. If gambling stops being fun, take a break. 1-800-GAMBLER. Regulated US books only.