Parlay Calculator

Calculate parlay combined odds, total payout, and expected value for 2–10 legs. Supports American, decimal, and fractional odds. Includes round robin, teaser, and sportsbook hold analysis.

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Parlay Odds (American)
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Total Payout —
Profit —
Extended More scenarios, charts & detailed breakdown ▾
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Combined American Odds
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Total Payout —
Implied Win Probability —
Professional Full parameters & maximum detail ▾
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Probability Analysis

Implied Parlay Probability —
True Parlay Probability —

Value Assessment

Sportsbook Hold % —
Expected Value ($) —

How to Use This Calculator

  1. Enter American odds for each leg (e.g. −110, +200).
  2. Enter your wager amount.
  3. See combined parlay odds and total payout instantly.
  4. Use the Round Robin tab to spread risk across multiple smaller parlays.
  5. Use Professional to enter true probabilities and measure the sportsbook hold.

Formula

Decimal Odds: +150 → 2.50 | −110 → 1.909

Parlay = Product of all decimal odds × Wager

Example

3-leg parlay: −110, −110, +200. Decimal: 1.909 × 1.909 × 3.0 = 10.93. $100 wager → payout $1,093. Profit $993.

Frequently Asked Questions

  • Convert each leg to decimal odds (American +150 → 2.50; −110 → 1.909), then multiply all decimal odds together. Convert back: if combined > 2.0, American = (decimal−1)×100; if < 2.0, American = −100/(decimal−1).
  • A round robin creates every possible parlay combination from your selections. With 4 teams and 2-team parlays, you get C(4,2)=6 separate 2-team parlays, each staked independently. It reduces risk vs a single 4-team parlay.
  • Parlays are generally negative EV due to compound vig. A 3-leg parlay at −110 each has true odds of ~7.6:1, but sportsbooks pay ~6:1. The house edge compounds with each added leg.
  • A teaser lets you move the point spread in your favor (6–7 points in football) in exchange for lower odds. A standard 2-team 6-point football teaser pays at −110 or even money, but with improved spreads.
  • The hold is the percentage of money the book keeps long-term. Standard −110 legs have ~4.5% hold individually; parlays compound this edge, often reaching 20-30%+ on large parlays.

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Sources & References (5) ▾
  1. Action Network — Parlay Betting Guide — Action Network
  2. ESPN Sports Betting Math — ESPN
  3. Vegas Insider Parlay Guide — Vegas Insider
  4. BettingPros Parlay Strategy — BettingPros
  5. Sharp Sports Betting — Stanford Wong