A parlay is a wager type in which multiple bets, also called legs, are stacked together creating a bigger potential payout.

Since it is considered one bet, EVERY outcome in a parlay must win for the bet to win. Sportsbooks give bigger and bigger payouts for each leg added to the wager.

Sportsbooks automatically calculate parlay payouts for you and understand how you can use our parlay calculator or follow the formula below.

  • Convert American odds to decimal odds (odds converter)
  • Multiply the decimal odds together to get your multiplier.
  • Multiply the multiplier by your bet amount.
  • Subtract your original stake to get the parlay odds.

So if you are parlaying three teams at - 150 in American odds, your formula looks like this: (since - 150 in decimal odds is 1.666)

  • 1.666 x 1.666 x 1.666 = 4.62
  • 4.62 - 1 = 3.62

In American odds, 3.62 is +262, meaning this parlay pays $262.