What a parlay pays, and how unlikely it is to hit
Updated October 2026
Convert each leg to decimal odds, multiply them, then multiply by the stake. −110 is 1.909, +150 is 2.50 and −200 is 1.50. 1.909 × 2.50 × 1.50 = 7.159, so $10 returns $71.59, a $61.59 profit, the same as American odds of about +616. The implied chance of the whole ticket is 1 ÷ 7.159 = 13.97%. Enter each leg’s American odds separated by commas and a stake; the results also show what a fair payout would be if every leg were a coin flip.
| Legs at −110 | Decimal odds | Pays on $10 | Implied chance | Chance if each leg is truly 50% | House edge in that case |
|---|---|---|---|---|---|
| 2 | 3.64 | $36.45 | 27.44% | 25.00% | 8.88% |
| 3 | 6.96 | $69.58 | 14.37% | 12.50% | 13.03% |
| 4 | 13.28 | $132.83 | 7.53% | 6.25% | 16.98% |
| 5 | 25.36 | $253.59 | 3.94% | 3.12% | 20.75% |
| 6 | 48.41 | $484.13 | 2.07% | 1.56% | 24.36% |
Each −110 leg needs a 52.38% chance to break even, and the shortfall multiplies. If every leg really is a 50-50 game, a single −110 bet gives up 4.55% of the stake on average; a two-leg parlay gives up 8.88%, and a six-leg parlay 24.36%. The payout grows fast, but the price you pay for each dollar of expected return grows with it. Treat a parlay as entertainment with a small chance of a big return, not as a way to make money.
One loss sinks the ticket. Every leg must win. A pushed or voided leg is usually dropped and the parlay pays at the remaining legs’ odds, but rules differ by sportsbook, so read them before betting.
Correlated legs. Outcomes that tend to happen together, such as a team winning and its quarterback throwing for many yards, may be refused as a parlay or priced as a same-game parlay with its own, usually larger, margin. The simple product of odds does not apply there.
Rounded odds. Sportsbooks round displayed payouts, so the final figure can differ by a few cents from this calculation.
Chasing losses with longer tickets. Adding legs to win back losses raises the house edge on each dollar, as the table shows.
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