Calculate multi-leg parlay payouts instantly
Parlay betting combines multiple individual wagers into a single bet where all legs must win for the parlay to pay out. While this increases risk, it dramatically amplifies potential returns—making parlays one of the most popular bet types among sports bettors across NFL, NBA, NHL, MLB, NCAAF, and soccer markets. Our parlay calculator instantly computes your exact payout based on American odds, eliminating manual calculation errors that could cost you money.
Understanding true parlay odds is essential for smart betting strategy. Sportsbooks calculate parlay payouts by multiplying the decimal odds of each leg together, but this process becomes complex with American odds formatting. Our tool handles 2-leg, 3-leg, 4-leg, and higher parlays up to 12 selections, showing you both your potential profit and total payout including your original stake. This transparency helps you assess whether the risk-reward ratio justifies combining multiple picks into a single wager.
Professional bettors use parlay calculators to experiment with different leg combinations and identify optimal bet structures. By adjusting individual odds and bet amounts, you can model various scenarios before placing real wagers. Whether you're building same-game parlays, round robins, or traditional multi-sport combinations, accurate payout calculation is fundamental to bankroll management and long-term profitability. Use this tool alongside BetLegend's expert picks to construct high-value parlay opportunities with data-backed selections.
Most recreational bettors love parlays for the massive payouts, but professional bettors approach them with caution. Here's why: sportsbooks profit heavily from parlays because the compound vig (juice) across multiple legs typically makes them -EV even when individual legs might be +EV. For example, betting three -110 legs separately at $100 each requires winning approximately 52.4% of bets to break even. But combining them into a 3-leg parlay at +595 means you need to win all three legs—dropping your win probability from 52.4% per bet to roughly 14% for the parlay, while the payout doesn't fully compensate for this decreased probability.
The one scenario where parlays can offer value is with correlated outcomes that sportsbooks don't adjust for properly. Example: You bet Chiefs -7.5 AND the game total under 47.5. If Kansas City dominates, they're likely running the ball in the 4th quarter to kill clock, which correlates with a lower-scoring game. Or parlay an underdog moneyline with the under—if the underdog wins, it's often in a defensive slugfest. Sportsbooks price these as independent events, but they're actually positively correlated, creating an edge. A 2-leg correlated parlay of Chiefs -7.5 (-110) and under 47.5 (-110) pays +264 instead of the standard +2.64 decimal odds for independent events, but the correlation means this might actually be +EV if your analysis is sharp.
Same-game parlays in NBA can be profitable when you identify player prop correlations. If Luka Dončić goes over his assists total, it often means the Mavericks are running their offense through him, which correlates with lower scoring from secondary options. Smart same-game parlay: Luka over 9.5 assists (-115), Kyrie under 25.5 points (-110), and Mavericks team total under 112.5 (-110). These aren't independent—they're all driven by the same game script. While the parlay pays +520, the true combined probability might be 22% instead of the 18% implied by independent events. That 4% edge can represent significant +EV that makes the parlay worthwhile despite the compound vig.
If you want exposure to multiple games but don't want all-or-nothing risk, round robin betting is superior to traditional parlays for most bettors. Instead of one 5-leg parlay that busts if any leg loses, a round robin creates multiple smaller parlays. With 5 picks, you can create ten 2-leg parlays or ten 3-leg parlays. You'll win money if you hit 3 out of 5 picks instead of needing all 5. The payouts are lower, but variance is dramatically reduced. Professional bettors almost never bet traditional 5+ leg parlays unless they've identified multiple correlated edges in the same game. For uncorrelated picks across different games, straight bets or round robins offer better long-term expected value despite less exciting maximum payouts.