Parlay Bet
Parlay Bet combines multiple wagers into a single bet. For a parlay to win, every individual wager (known as a "leg") must be successful. Because of this requirement, the payout is significantly higher than betting on each leg individually.
For example, in a four-team parlay where each leg has odds of -110, the total odds can be around +1228, yielding a much greater return than placing each bet separately. You can use a parlay calculator to determine payouts based on the odds of each leg:
Number of Parlay Legs
Implied Probability
Odds
2
27.44%
+264
3
14.37%
+596
4
7.53%
+1228
5
3.94%
+2436
6
2.07%
+4741
7
1.08%
+9142
8
0.57%
+17545
9
0.30%
+33585
10
0.16%
+64208
Note: The above odds are for reference only; actual odds are subject to the website's settlement results.
People often combine different matches from the same sport into a parlay bet, but it's also possible to create cross-sport parlays. For instance, you can make a five-team parlay that includes the Falcons, Chiefs, Lakers, Yankees, and Flyers.
Additionally, you can parlay futures bets. For example, you might combine bets on the Chiefs, Lakers, and Yankees to win their respective championships.
Calculating Parlay Payments
Calculating the correct payment of a parlay does not work the same as a single bet. Keep in mind that parlays have different legs with different matches and different odds to each leg. Therefore, these will affect the calculation of the payment.
The combined odds can be calculated as the multiplication of all the legs' odds.
The main formula is:
Stake x Odds 1st leg x Odds 2nd leg x ... = payout (including the staked amount)
Profit is:
Payout - Stake = real winnings
You can refer to the following examples:
Example 1. Betting on a winning leg
Leg 1: Liverpool (-0.5/1)
Leg 2: Manchester United (-1)
Leg 3: Arsenal (-1/1.5)
Risk Amount: $100
Liverpool
-0.5/1
1.88
Win 2-0
Won
Manchester United
-1
1.92
Win 2-0
Won
Arsenal
-1/1.5
2
Win 3-0
Won
Parlay Calculation:
Payout: 100 x 1.88 x 1.92 x 2.00 = $721.92
Profit: 721.92 - 100 = $621.92
This means that, in a scenario where Liverpool is played first, that leg is calculated as $100 x 1.88 = $188 (this is the return for that leg alone). This amount is carried to the next match that is played.
So, if Manchester is graded next, this would be calculated as $188 x 1.92 = $360.96, then this amount carries on to the next leg: Arsenal would be calculated as $360.96 x 2.00 = $721.92
To this final amount, you would need to subtract the risked amount in order to get the real winnings.
This would only apply if all legs are winners, all matches played accoridngly and all legs get graded as such.
Example 2. Including ties
Leg 1: Liverpool (-0.5/1)
Leg 2: Manchester United (-1)
Leg 3: Arsenal (-1/1.5)
Risk Amount: $100
Liverpool
-0.5/1
1.88
Win 2-0
Won
Manchester United
-1
1.92
Win 1-0
Push
Arsenal
-1/1.5
2
Win 3-0
Won
Parlay Calculation:
Payout: 100 x 1.88 x 1 x 2.00 = $376
Profit: 376 - 100 = $276
In this case, odds for the second leg would be reduced to 1 since the grading result is a push, same would be for a cancellation.
Example 3. Half Win
Leg 1: Liverpool (-0.5/1)
Leg 2: Manchester United (-1)
Leg 3: Arsenal (-1/1.5)
Risk Amount: $100
Liverpool
-0.5/1
1.88
Win 1-0
Won half / Tie half
Manchester United
-1
1.92
Win 2-0
Won
Arsenal
-1/1.5
2
Win 3-0
Won
When a bet is half-won, the stake is split into two equal parts:
One half is refunded (push).
One half is graded as a full win at the given odds.
Half Won/Half push Leg Calculation:
(Stake / 2) + (Stake / 2 x Odds) = Payout carried to the next wager
(100 / 2) + (100 / 2 x 1.88) = $144
Total Parlay Calculation:
Payout: 144 x 1.92 x 2.00 = $552.96
Profit: 552.96 - 100 = $452.96
Example 4. Half Lose
Leg 1: Liverpool (-0.5/1)
Leg 2: Manchester United (-1)
Leg 3: Arsenal (-1/1.5)
Risk Amount: $100
Liverpool
-0.5/1
1.88
Win 2-0
Won
Manchester United
-1
1.92
Win 2-0
Won
Arsenal
-1/1.5
2
Win 1-0
Lose half / Tie half
When a bet is half-lost, the stake is split into two equal parts:
One half is refunded (push).
One half is graded as a loss.
Half Lost/Half push Leg Calculation:
(Stake / 2) = Payout carried to the next wager
(100 / 2) = $50
Since the lost half does not contribute to the next leg, the total amount carried over is just the refunded half: $50
Total Parlay Calculation:
Payout: 50 x 1.92 x 1.88 = $180.48
Profit: 180.48 - 100 = $80.48
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