Parlay Calculator
Add each leg's odds and this calculator multiplies them into the combined parlay price, then shows your total payout and profit on any stake. Start with three legs and add or remove as many as you like.
How parlay odds are calculated
A parlay pays out only if every leg wins, so its price is simply every leg's decimal odds multiplied together. That product is the combined decimal odds; multiply it by your stake for the payout.
Three −110 legs are decimal 1.909 each. Multiplied: 1.909 × 1.909 × 1.909 ≈ 6.96, or +596 in American odds. A $100 stake returns about $695.79 — a $595.79 profit — with an implied combined probability near 14.4%.
The honest catch: parlays multiply the vig
Every leg carries the book's hold, and stacking legs stacks that hold. A single −110 bet costs roughly 4.5% in hold; a three-leg parlay of the same bets compounds to about 13%. The big payout is real, but so is the far bigger built-in edge for the sportsbook.
A standard parlay of independent picks is almost always negative expected value. It only clears the compounded vig if every leg is already +EV on its own — so build parlays from genuinely mispriced legs, or treat them as entertainment, not strategy.
Want to know whether each leg is actually worth betting? Price them one at a time with the EV calculator and learn the reasoning in What Is +EV Betting?
Frequently asked questions
How are parlay odds calculated?
Convert every leg to decimal odds and multiply them together — that product is the combined decimal odds for the parlay. Your payout is your stake times the combined decimal odds, and your profit is the payout minus the stake. For example, three −110 legs (decimal 1.909 each) multiply to about 6.96, or +596 in American odds.
Why are parlays usually a bad bet?
Each leg of a parlay carries the sportsbook's vig, and multiplying the legs multiplies that vig. A single bet might cost you about 4.5% in hold; a three-leg parlay of the same bets compounds to roughly 13%. The bigger advertised payout hides a much larger built-in edge for the book, which is why parlays are almost always negative expected value.
Can a parlay ever be +EV?
Rarely, and only if every individual leg is already a +EV bet on its own, since the parlay's edge is the product of each leg's edge. Correlated parlays and boosted or promotional parlays can occasionally be +EV, but a standard parlay of random picks compounds the vig against you and should be treated as entertainment, not strategy.
Bet edges, not lottery tickets.
Iron Marker finds the individually +EV bets across every major US sportsbook in real time — the only legs worth parlaying — with the Kelly stake already set. $39/mo, 7-day free trial.
Start free trialIron Marker is an analytics tool, not a sportsbook, and this calculator is educational — not betting or financial advice. Must be 21+. Problem gambling? Call 1-800-GAMBLER.