Parlay Calculator
Betting on Parlays are a fan favorite as small buy-ins create opportunities for big payouts!
Checkout the parlay calculator to see what the overall payout will be with each leg added. Don't forget though that each leg adds risk to winning!
Enter Stake:
Total Payout:
Parlay Odds:
Bet 1
Bet 2
Bet 3
Bet 4
Bet 5​
Total Profit:
Probability:
Bet 6​
About Parlays in the Parlay Calculator
A parlay gives sports bettors an exciting way to earn a large payout despite betting a relatively small amount of money. For each leg, the bet rolls over, or parlays, the winnings into the next game meaning that you have to win EACH leg of the parlay to be paid out. Parlays are a great strategy to have in a sports bettor’s arsenal, but should be used thoughtfully to ensure you’re exploiting an edge and not getting carried away with too many legs. Often times, professional sports bettors limit parlays to 2-3 legs if they even leverage them at all.
What is a Parlay?
A parlay bet is a bet that includes multiple individual bets that compound the payout. They are often used by sports bettors to get a higher payout with a relatively small initial stake or investment in the sports bet. Parlays higher payouts are met with higher risk as the bettor has to get each leg correct for a payout.
​​​
​Parlays have become more and more common with the introduction of the Same Game Parlay where users can add multiple outcomes of the game including team and player props to their parlay.
What is a Parlay Calculator?
The Parlay Calculator is here to showcase the exact payout, profit and odds you'll receive based on the original stake and odds associated with each leg of the parlay.
Ultimately, you can leverage the parlay calculator to determine how many legs you want in your parlay and what's the end impact that parlay leg will have on your winnings.
How to Use the Parlay Calculator
In order to use the parlay calculator, you'll need to input Stake or Bet Amount, as well as, the odds of each leg of your parlay.
For this parlay calculator, you can go up to 6 legs, but check out our 10-leg parlay calculator or 12-leg parlay calculator for calculating more legs.
After entry, the calculator will then tell you the Full Parlay Odds, Full Parlay Probability, Total Parlay Payout, and Total Profit of the Parlay.
When you're ready to try a new scenario, just hit reset and you have a fresh parlay calculator!
How are Parlay Odds Calculated?
While you can easily leverage the parlay calculator above, we recognize some people like to do the math themselves and work it out manually. If you're looking to get the combined odds of the parlay, the first things we'd suggest is to convert the American odds to probability %. Feel free to leverage our Bet Odds Converter to convert it automatically or even get the desired formulas for American Odds to Probability.
Lets say you have the following odds for some Super Bowl Betting:
​
Bet Amount: $10
Leg 1: Chiefs to cover -1.5 Spread at +100 (or 50.00% implied probability)
Leg 2: Patrick Mahomes Over 1.5 Passing Touchdowns at +102 (or 49.50% implied probability)
Leg 3: Saquon Barkley Anytime Touchdown - No at +172 (or 36.76% implied probability)
​
By taking 50% * 49.5% * 36.76% you'll find the probability to hit all three legs in your parlay is 8.97%
You can then convert this back with the Bet Odds Converter or formulas to get American Odds of +1015 and a profit of $101.50 on a $10 parlay bet. Now let's take a look at an example with the parlay calcualtor.
An Example with the Parlay Calculator
For an example with the parlay calculator, let's assume that you want to bet $20 on a parlay bet and will do 4 legs on parlay. Use the parlay calculator to quickly figure out your parlay odds, parlay probability, total payout and total profit could be if you win!
​
Enter Bet Amount of $20. Enter odds each of the following legs:
-
Leg 1 of New York at -110
-
Leg 2 of Miami at -110
-
Leg 3 of Charlotte at +105
-
Leg 4 of Houston at -110
​
With that, you'll see:
-
Parlay Odds: +1326
-
Probability: 7.01%
-
Total Payout: $285.27
-
Total Profit: $265.27
Now that you have a great example of how to use the Parlay Calculator, let's learn a bit more about the true odds associated of the parlay. ​​​​
What are the true odds of winning a parlay?
When making a bet, there's what's called the true probability of the bet winning and odds you can get from the betting community or SportsBook. The net difference between the two is essentially the vig, check out more here.
​
Let's assume that each leg of the parlay has a 50% probability of winning where the SportsBook is offering -110 odds on a traditional bet. With each leg that we add to our parlay, you can see the overall likelihood of winning the parlay goes down by 50%. See how that plays our below with the full probabilities to win from 1 bet to a 16-leg parlay. It’s also worth noting that SportBooks will frequently have a vig (4.54% at -110) on each leg making your odds or payout significantly less than true odds.
Parlay Legs | Probability to Win | American Odds at -110 | Vig in Parlay |
|---|---|---|---|
1 Bet | 50.0% | -110 | 4.54% |
2-Leg Parlay | 25.0% | +264 | 8.88% |
3-Leg Parlay | 12.5% | +596 | 13.02% |
4-Leg Parlay | 6.3% | +1228 | 16.97% |
5-Leg Parlay | 3.1% | +2436 | 20.75% |
6-Leg Parlay | 1.6% | +4742 | 24.35% |
7-Leg Parlay | 0.8% | +9144 | 27.78% |
8-Leg Parlay | 0.39% | +17547 | 31.07% |
9-Leg Parlay | 0.195% | +33591 | 34.20% |
10-Leg Parlay | 0.098% | +64220 | 37.19% |
11-Leg Parlay | 0.049% | +122695 | 40.04% |
12-Leg Parlay | 0.024% | +234330 | 42.77% |
13-Leg Parlay | 0.012% | +447457 | 45.37% |
14-Leg Parlay | 0.006% | +854343 | 47.85% |
15-Leg Parlay | 0.003% | +1631139 | 50.22% |
16-Leg Parlay | 0.0015% | +3114140 | 52.48% |
Now that you know more about the true odds of a parlay winning, let's learn more about why parlays are so popular.
Why Are Parlays So Popular?
While winning a big return is an exciting thing to chase, the parlay plays directly into the human nature to risk a small amount for a big return. The growth of parlays have been well documented for some time with articles like diving into parlays and Same-Game Parlays from Dave Purdum at ESPN. One recent article from the PGA Tour notes that 72.5% of SportsBooks gross revenue in September 2024 was attributed to parlays. The facts become even more astounding as holds for parlays came in at a 24.2% hold, whereas all other bet types had a hold of 4.4%!
With numbers like that driving bottom lines, it's easy to see why SportsBooks are promoting parlays so heavily to bettors. They celebrate the wins to a high scale to give the sense of "it can happen to anyone", but the probabilities above show the direct likelihood you're going to hit that parlay.
Does BettorEdge Offer Parlays?
While the math for parlays shows a huge opportunity to remove the vig and give back to a broad community of bettors that want to win more money, BettorEdge currently doesn't have a parlay option. However, it's heavily asked as users would love to remove the high 20-25% vig that comes with parlays.
Many community users have added feedback that Competitions we're an awesome alternative to parlays as one in specific found herself enjoying the multiple picks of a competition acted like a parlay, yet she was able to win more frequently by not having to hit all of her bets.
