Parlay Calculator

See exactly how much that 5-leg lotto ticket pays. Enter your odds to calculate the total multiplier, implied probability, and potential payout of your parlay.

Wes Frank
Wes FrankFounder, EdgeSlip Analytics
Updated Dec 25, 2025
Fact Checked

Parlay Calculator

Build Your Slip

#1
#2

Payout Breakdown

Total Payout$364.46
Profit: $264.46
Sportsbook Odds
+264
3.64 Decimal
Implied Probability
27.44%

Pro Tip: Most parlays lose because legs aren't correlated. Our engine finds parlays with +20% Expected Value automatically.

Generate Optimal Parlays

What is this tool?

A Parlay Calculator is a tool that determines the total payout of a single wager that links together two or more individual bets. For the parlay to win, every single 'leg' (individual bet) must win. If even one leg loses, the entire wager is lost. This calculator does the math for you, converting American odds to Decimal, multiplying them to find the true odds, and showing you the potential return.

How to use it

Start by entering your 'Bet Amount'. Then, add the odds for each leg of your parlay (e.g. -110, +150, -200). You can enter odds in American format (default) or toggle to Decimal. The calculator will instantly update your 'Total Odds' and 'Total Payout'. Use the 'Add Leg' button to build parlays of any size, from a simple 2-team double to a massive 10-leg moonshot.

The Math: How Parlays Work

Calculating a parlay is simpler than it looks. Sportsbooks convert all odds to Decimal Format and multiply them together.

Step 1: Convert to Decimal
  • -110 → 1.91
  • +200 → 3.00
  • -150 → 1.67
Step 2: Multiply
1.91 × 3.00 × 1.67 = 9.57
(Total Decimal Odds)

$100 Bet × 9.57 = $957 Payout ($857 Profit)

The "Compounding Vig" Trap

Sportsbooks love parlays for a reason: the house edge (vig) compounds with every leg you add. On a standard straight bet at -110, the house edge is roughly 4.5%.

4.5%House Edge (1 Leg)
13.5%House Edge (3 Legs)
30%+House Edge (8 Legs)

This is why most long-term professional bettors avoid parlays unless they have a specific edge. However, there is one major exception to this rule: Correlation.

The Secret Weapon: Correlation

A parlay becomes mathematically profitable (+EV) when the legs are correlated—meaning if one wins, the other is more likely to win.

  • Positive Correlation: Betting on Patrick Mahomes OVER Passing Yards and Travis Kelce OVER Receiving Yards. If Mahomes has a big game, Kelce likely does too. The "True Probability" of hitting both is much higher than the standard parlay calculation suggests.
  • Negative Correlation (Avoid): Betting on a Game TOTAL UNDER and a Player Prop OVER. These outcomes fight against each other.

EdgeSlip's Correlation Matrix automatically scans for these opportunities where the sportsbooks' standard parlay math underestimates the true connection between events.

Frequently Asked Questions

What happens if one leg of my parlay pushes?▼
If a leg pushes (ties) or is voided (e.g. player injured before game), it is simply removed from the parlay. A 4-team parlay becomes a 3-team parlay, and the payout adjusts downwards accordingly. You do not lose the bet unless a leg actually loses.
What is a Same Game Parlay (SGP)?▼
An SGP is a parlay where all the legs come from the same event (e.g. Lakers to Win + LeBron Over 25 Points). Sportsbooks use different, complex algorithms for these because the outcomes are correlated. Our standard calculator gives you the 'raw' math, but specific SGP payouts will vary by book.
Is it better to bet Round Robins or Parlays?▼
Round Robins are safer. They break your large parlay into smaller combinations (e.g. 3 different 2-leg parlays), allowing you to still make a profit even if one leg loses. Standard parlays are 'all-or-nothing'—high risk, high reward.
What is the maximum number of legs in a parlay?▼
This depends on the sportsbook. Most major US books like FanDuel and DraftKings allow up to 12-15 legs in a standard parlay, and often up to 20 legs in a Same Game Parlay.
How do I calculate implied probability for a parlay?▼
First, convert all your American odds to Decimal. Multiply them together to get the Total Decimal Odds. Then divide 1 by that total. Example: Total Decimal Odds of 5.00 implies a 20% probability (1 / 5.00 = 0.20).
Get Started Today

Ready to find your Edge?

Join thousands of smart bettors who have stopped guessing and started calculating. Access institutional-grade tools for the price of a standard wager.

Start Free Trial Explore Features
No credit card requiredCancel Anytime