Trade $25 and Get Up to $500 on Kalshi

CODE: LINESTAR

Trade event contracts on sports, economics & more. Sign up with promo code LINESTAR.

Get Up to $500$500

Parlay Hold Analysis

See exactly how much theoretical hold a sportsbook builds into a parlay as you add legs. Vig compounds — a 4.5% single-leg edge becomes double digits fast.

Hold by Number of Legs

Per-leg odds (American)

Single-leg hold: 4.55%

Theoretical parlay hold by number of legs at -110 per leg
Legs	Theoretical hold	True win %	Payout
2 legs	8.9%	25.0%	+264 (2.6x)
3 legs	13.0%	12.5%	+596 (6.0x)
4 legs	17.0%	6.3%	+1,228 (12.3x)
5 legs	20.8%	3.1%	+2,436 (24.4x)
6 legs	24.4%	1.6%	+4,741 (47.4x)
7 legs	27.8%	0.8%	+9,142 (91.4x)
8 legs	31.1%	0.4%	+17,545 (175.4x)
9 legs	34.2%	0.2%	+33,585 (335.9x)
10 legs	37.2%	0.1%	+64,208 (642.1x)
11 legs	40.1%	0.0%	+122,670 (1226.7x)
12 legs	42.8%	0.0%	+234,279 (2342.8x)

How Vig Compounds

At standard -110 pricing, each leg gives the book about a 4.55% edge. In a parlay those edges multiply rather than add. The fair (no-vig) decimal for an N-leg parlay is 2^N, but the book pays out based on 1.9091^N. The ratio, 0.9545^N, is what the bettor keeps — so the theoretical hold is 1 − 0.9545^N.

That is why a 5-leg parlay at -110 holds nearly 20% even though each individual leg is a nearly fair coin flip. Raising the per-leg price above -110 (worse for the bettor) pushes the hold even higher; shopping for -105 legs measurably reduces it.

These figures assume independent legs priced with symmetric two-way vig. Correlated legs (e.g. same-game parlays) are priced differently, and promos, boosts, or insurance can change the effective hold.

This calculator is for informational and educational purposes only. Results should be verified with your sportsbook before placing any wagers. All betting carries risk. Full Disclaimer

How to Use This Calculator

1
Set the Per-Leg Price: Enter the American odds each leg is priced at (standard is -110).
2
Read the Hold Curve: The table shows the theoretical hold for 2 through 12 legs.
3
Compare to Payout: See the true win probability and payout multiple for each leg count.
4
Judge the Bet: Use the hold to understand the long-run cost of stacking more legs.

Frequently Asked Questions

What is parlay hold?

Hold is the sportsbook's theoretical profit margin. On a single -110 bet the hold is about 4.55%. In a parlay, that per-leg vig compounds with every leg you add, so the book's expected edge grows much faster than most bettors realize.

How much hold is in a typical parlay?

At standard -110 pricing, a 2-leg parlay carries roughly 8.9% theoretical hold, a 3-leg about 12.7%, a 4-leg about 16.3%, and a 5-leg about 19.8%. By 10 legs the theoretical hold exceeds 37%.

Why do parlays have more hold than straight bets?

Each leg is priced with its own vig, and parlays multiply the odds of every leg together. Because you must win every leg, the small per-leg margin is applied repeatedly, compounding into a much larger combined hold.

Are parlays always a bad bet?

Parlays have higher variance and higher theoretical hold, so they cost more in the long run. They can still make sense for correlated outcomes or when a book offers boosts or insurance, but at standard pricing the math favors the house more with each added leg.