What is a Parlay Bet?
A parlay bet (also called an accumulator or multi-bet) combines multiple individual wagers into one bet. All selections must win for the parlay to pay out, but the potential payout is much higher than betting each selection individually.
For example, instead of betting $100 on three separate games at -110 odds (potential profit: ~$273), you could parlay all three for a potential payout of $596 on the same $100 stake.
Key Point: While parlays offer higher payouts, they're also harder to win. Use our parlay calculator to see the exact odds you're facing.
How to Calculate Parlay Odds
Parlay odds are calculated by converting each leg to decimal odds and multiplying them together:
Parlay Decimal Odds = Leg1 × Leg2 × Leg3 × ...
Total Payout = Stake × Parlay Decimal Odds
Example: 4-Team Parlay at -110 Each
- Convert -110 to decimal: 100/110 + 1 = 1.909
- Multiply all legs: 1.909 × 1.909 × 1.909 × 1.909 = 13.29
- Calculate payout: $100 × 13.29 = $1,329
- Profit: $1,329 - $100 = $1,229
Types of Parlay Bets
Standard Parlay
A traditional parlay where all legs must win. Offers the highest payout but also the highest risk.
Round Robin
Creates multiple smaller parlays from your selections, providing insurance if one or more legs lose. For example, a 4-team round robin "by 2s" creates six 2-team parlays.
Use the Round Robin Calculator →Teaser
A special parlay for NFL/NBA that lets you adjust point spreads and totals in your favor (usually 6, 6.5, or 7 points) in exchange for reduced odds.
Use the Teaser Calculator →Same Game Parlay (SGP)
Combines multiple bets from the same game. Sportsbooks adjust odds to account for correlation between outcomes. Popular for primetime NFL and NBA games.
Use the SGP Analyzer →Parlay Betting Strategy
Frequently Asked Questions
How do you calculate a 4-team parlay payout?
Convert all odds to decimal format, multiply them together, then multiply by your stake. For four -110 legs: (1.909 × 1.909 × 1.909 × 1.909) × $100 = $1,329. Use our parlay calculator for instant calculations.
What is a round robin parlay?
A round robin creates multiple smaller parlays from your selections. A 3-team round robin "by 2s" makes three 2-team parlays. This provides protection if one leg loses.
Are same game parlays a good bet?
SGPs often have worse odds because sportsbooks add juice for correlation. However, they can offer value when you spot positive correlations the book hasn't fully priced.