How does a parlay work?
Written by Short answer
Every leg has to win.Payouts multiply: 2 legs at -110 pay +264.A push usually drops that leg, it doesn't kill the ticket.The book's cut grows with every leg you add.
A parlay is one ticket with two or more bets on it. Every single bet has to win. In exchange, the payout gets multiplied.
How the payout is figured
Turn each leg's odds into a decimal multiplier, then multiply them together. -110 is a 1.909 multiplier. Two of them is 3.645, which is +264 in American odds.
1.909 × 1.909 = 3.645. A $10 two-leg parlay returns $36.45, so $26.45 profit
| Legs at -110 | Payout odds | $10 bet returns | Fair odds for coin flips |
|---|---|---|---|
| 2 | +264 | $36.45 | +300 |
| 3 | +596 | $69.58 | +700 |
| 4 | +1228 | $132.81 | +1500 |
See the last column? If every leg were a true coin flip, a 3-leg parlay should pay +700. The book pays +596. That gap is the book's cut, and it gets bigger every leg you add.
↔ swipe to see the whole diagram
↔ swipe to see the whole diagram
What happens with a push?
At most books, a leg that pushes just drops off. A 3-leg parlay becomes a 2-leg parlay and pays at the 2-leg price. Check your book's rules, because a few handle it differently.
My take
Parlays are fun. Treat them as a small, fun bet and not your main strategy. If you want a parlay, keep it to two or three legs you'd bet on their own anyway.