How parlays work: odds, payouts and the catch
A parlay ties several bets into one ticket. Every leg must win for the ticket to pay. The payout multiplies, and so does the house edge.
Reviewed Oct 14, 2026
Answer first
90s| Legs at −110 | Pays about | Chance on coin flips |
|---|---|---|
| 2 | +264 | 25% |
| 3 | +596 | 12.5% |
| 4 | +1,228 | 6.25% |
| 5 | +2,436 | 3.1% |
| 6 | +4,700 | 1.6% |
| 10 | +64,000 | 0.1% |
Key numbers
Parlay math in four numbers
In short
Key takeaways
- A parlay pays only when every leg wins. One loss sinks the whole ticket.
- App sportsbooks multiply the decimal prices of each leg. Old parlay cards paid fixed odds such as 13 to 5 for two teams.
- The book’s margin compounds with each leg, so long parlays cost more per dollar than single bets.
- A pushed leg usually drops out and the ticket is repriced on the remaining legs.
Pay table
What one $10 parlay returns
Glance before you bet
| Legs (each −110) | Decimal odds | Return on $10 | Edge |
|---|---|---|---|
| 1 (single bet) | 1.91 | $19.09 | 4.5% |
| 2 | 3.64 | $36.45 | 8.9% |
| 3 | 6.96 | $69.58 | 13.0% |
| 4 | 13.28 | $132.83 | 17.0% |
| 5 | 25.36 | $253.60 | 20.8% |
Edge assumes each leg is a fair coin flip priced at −110.
Sequence
How a parlay is priced
Step 01
Convert each leg to decimal
−110 is 1.91, +150 is 2.50, −200 is 1.50.
Step 02
Multiply the decimals
Two legs at 1.91 give 1.91 × 1.91 = 3.64.
Step 03
Multiply by your stake
$10 × 3.64 = $36.45 back, of which $26.45 is profit.
Step 04
Check the ticket
The app shows the combined price before you confirm. Compare it with your math.
Step 05
Know the push rule
A tied leg usually drops out. A 3-leg ticket becomes a 2-leg ticket.
Progress
One parlay ticket, leg by leg
- 1
Leg 1 wins
Ticket stays alive
- 2
Leg 2 wins
Still alive — payout keeps multiplying
- 3
Leg 3 loses
Whole ticket loses, even if legs 1 and 2 won
- 4
Settled
No partial payout on a standard parlay
A round robin splits the same picks into several smaller parlays so one loss does not sink everything, at a higher total stake.
Floor rules
Parlay terms you will see
Know before you sit
- Leg
- One pick inside the parlay.
- Same-game parlay
- Legs from one game. Prices are adjusted because the outcomes are linked.
- Round robin
- Every 2- or 3-leg combination of your picks, each as its own ticket.
- Teaser
- A football or basketball parlay where you move the spread in your favor for a lower payout.
- Cash out
- An offer to settle early at a price the book sets, usually below fair value.
Why the edge compounds
On a single −110 bet you get back about $0.955 for every dollar on average. On a two-leg parlay that becomes 0.955 × 0.955, or about $0.911.
Each new leg multiplies by roughly 0.955 again. By five legs you get back about $0.79 per dollar on average. The prize grows, but so does the share the book keeps.
If you enjoy parlays, keep the stake small and the legs few. Two or three legs keep the margin closer to a single bet, while ten-leg tickets mostly fund the book.
Keep reading
Related pages
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01Parlay basics
What is a parlay bet?
A parlay is one ticket made of two or more bets, called legs. All legs must win for it to pay. Because it is harder to win, the payout is the product of each leg’s odds, so a 3-leg parlay at −110 pays about 6 to 1.
How much does a 3-leg parlay pay?
With three legs at −110, the decimal price is 1.91 × 1.91 × 1.91 ≈ 6.96. A $10 ticket returns about $69.58, or $59.58 profit. Different prices on each leg change the result, and the app shows the final price before you place it.
What happens if one leg of a parlay pushes?
At most sportsbooks the pushed leg is removed and the ticket is paid on the remaining legs. A 2-leg parlay with one push becomes a straight bet. Some books grade differently for certain bet types, so read the house rules.
Are parlays a bad bet?
They cost more per dollar than single bets because the margin compounds: about 8.9% on two −110 legs and 17% on four. People play them for the large payout on a small stake. Treat them as entertainment, not a way to beat the book.
What is a same-game parlay?
A same-game parlay combines picks from one game, such as a team win and a player stat. Those outcomes are related, so the book prices them together rather than simply multiplying. The margin is usually higher than on a standard parlay.
02Settling tickets
Can I cash out a parlay early?
Many apps offer cash out on live parlays. The offer reflects the current chance that the remaining legs win, minus a margin. Taking it locks in a smaller amount; declining keeps the full payout and the full risk.
03More questions
What is a 2-team parlay payout?
At −110 on both legs a 2-team parlay pays about +264, so a $100 ticket returns about $364. Old Nevada parlay cards often paid 13 to 5, which is +260. The exact price depends on each leg’s odds.
What is a round robin bet?
A round robin turns three or more picks into every smaller parlay among them. Three picks by 2s make three 2-leg parlays. One losing pick no longer sinks everything, but you pay for each parlay separately.
Sources
- IRS — Instructions for Forms W-2G and 5754 · accessed Oct 14, 2026Reporting thresholds for gambling winnings
- Wizard of Odds — Parlay odds Not from a registry (Reference source, not an official registry)The gaming industry’s standard reference for casino-game math, by actuary Michael Shackleford. Not an official registry; our calculators compute these numbers independently. · accessed Oct 14, 2026True parlay odds and house edge by legs
- National Council on Problem Gambling — Help and resources Not from a registry (Reference source, not an official registry) · accessed Oct 14, 2026Free, confidential help: call or text 1-800-GAMBLER
- New Jersey Division of Gaming Enforcement — Sports wagering · accessed Oct 14, 2026Licensed sportsbooks and house rules oversight