Parlays explained - how combined odds work
A parlay joins two or more bets, called legs, into one. Every leg has to win for the parlay to win. The payout comes from multiplying the legs' decimal odds together, and the bookmaker's margin multiplies with them.
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Worked example
To start, the box below is filled in with -110. This starting line is one parlay leg on its own, a price of -110. The translator reads one line at a time, so the combined odds are worked through in the tables below. The box is editable: type any line, or tap one under the card, and the explanation updates.
−110: you risk 110 to win 100.
What it means
On a moneyline, the bet wins if your pick wins. The same kind of price is also used on spreads and totals. The other side has its own price. Enter both sides with a slash between them (for example −200 / +170) to see the bookmaker's margin.
Scenarios
| If… | −110 |
|---|---|
| Your pick wins | Win |
| Your pick loses | Loss |
The numbers
−110 −110
- Implied probability
- 52.38%
- Decimal
- 1.91
- American
- −110
- Per 100 staked
- returns 190.91 (profit 90.91)
Watch out for
A minus price doesn't mean you lose money. −110 means you stake 110 to win 100, and the 110 comes back too if the bet wins.
Learn more: Moneyline guide
Common lines to try
How a parlay works
- A parlay has two or more legs. Each leg is an ordinary bet: a spread, a moneyline, a total.
- Every leg has to win. One losing leg loses the whole parlay.
- In return, the payout is bigger than any single leg’s, because the odds multiply.
How to combine the odds
- Turn each leg into decimal odds. −110 is 1 + 100/110 = 1.9091. +150 is 1 + 150/100 = 2.50. The odds converter does this for any price.
- Multiply them. 1.9091 × 1.9091 = 3.6446.
- The profit per 100 staked is (combined − 1) × 100 = 264.46. The total return is 364.46.
Worked example: combining odds
| Legs | Combined decimal | As American | Profit per 100 | Total return per 100 |
|---|---|---|---|---|
| −110 and −110 | 3.64 | +264 | 264.46 | 364.46 |
| −110, −110 and −110 | 6.96 | +596 | 595.79 | 695.79 |
| −110 and +150 | 4.77 | +377 | 377.27 | 477.27 |
The decimal and American columns are rounded for display. The profit uses the full, unrounded odds, which is why 3.64 shows a profit of 264.46 and not 264.
The margin multiplies too
Each leg has the bookmaker’s margin built in. A −110 / −110 market is 50% / 50% once the margin is removed, but each −110 price implies 52.38%. Multiplying the legs multiplies that gap as well.
| Legs at −110 | Implied probability | Fair probability (margin removed) |
|---|---|---|
| 2 | 27.44% | 25.00% |
| 3 | 14.37% | 12.50% |
| 4 | 7.53% | 6.25% |
This is just what the prices work out to. It isn’t a prediction about any game.
When a leg pushes or is void
If one leg pushes or is void, many sportsbooks drop that leg and pay the parlay on the legs that are left. A 2-leg parlay at −110 and −110 with one push would then pay as a single −110 bet: 190.91 back per 100 staked. House rules differ, so check them for the market you’re reading.
Same-game parlays
Some sportsbooks offer parlays where every leg comes from one game. Results within one game can be linked to each other, so these prices are set differently and aren’t always the simple multiplication shown above.
A void leg in a same-game parlay is handled differently from book to book. Some void the whole ticket and return the stake. Others reprice the parlay without that leg. Check the house rules.
Common misreadings
- You add the odds of the legs together.
- You multiply them, as decimal odds. Two legs at 1.91 make about 3.64, not 3.82.
- If most legs win, the parlay pays something.
- A parlay is one bet. If any leg loses, the whole parlay loses.
- A pushed leg loses the parlay.
- Often the pushed leg is dropped and the rest is paid at the remaining odds. House rules decide, so check them.