Parlay betting explained. Instead of wagering a set bet amount on a single game, event or prop, parlay betting offers you the option to tie together two or more of these picks and risk a set bet. However, a parlay can still win if a game is tied or canceled. For instance, on a two-team parlay, a tie and a win would produce a straight wager payout. On a three-team parlay, a tie and two wins would produce a winning two-team parlay payout. If both games in your parlay tie, you will not win but will be returned your original bet amount.
- Now, what would happen if we picked all three games as a parlay bet? This time, we would place a single bet of $300. We will go over how to calculate parlay payouts in the section below here, but for now, we have done the calculations for you. The profit on this bet as a parlay would be $1787.40!
- A bettor put $5 on a 15-team William Hill parlay card at the Casino Royale and ended up picking every game correctly. The win netted the bettor a mind-boggling $100,000. He made his card.
- 2 days ago Gambling may be legal in an increasing number of states, but it feels illegal for someone to be this lucky. One bettor at FanDuel Sportsbook recently turned a $5 parlay into a jaw-dropping payout.
Using the Parlay Calculator for How Much Does a Number of Teams Pay
Our free parlay calculator above will help you figure out the payouts you should be receiving once you enter the odds on each one of your bets. Using the parlay calculator is extremely easy.
5 Game Parlay Payout Winning
All you have to do is type in the money lines for each one of your wagers (most spread bets will be -110) and then enter the amount you want to bet on the parlay. Once you hit Calculate the payout field will populate with how much you are going to win if every leg of your parlay hits.
For example. Let’s say you want to be a $100 4-team parlay on the Packers -7 -110, Patriots -8 -110, Steelers +3 -120, and the Lions +3 -115. In Team #1 I enter -110, Team #2 -110, Team #3 -120 and Team #4 -115. Leave the rest at 0. Then in the wager amount enter 100.
Once you hit calculate the payout should display 1149.21. This means that your $100 4-team parlay on those teams should earn you $1,149.21 when it hits!
Parlay Payouts & House Edge Depending on Number of Games
| # of Teams | Actual Odds | Las Vegas Payout | Online Payout |
|---|---|---|---|
| 2 | 3/1 | 2.6/1 | 13/5 |
| 3 | 7/1 | 6/1 | 6/1 |
| 4 | 15/1 | 10/1 | 12.28/1 |
| 5 | 31/1 | 20/1 | 24.35/1 |
| 6 | 63/1 | 40/1 | 47.41/1 |
| 7 | 127/1 | 75/1 | 91.42/1 |
| 8 | 255/1 | 150/1 | 175.44/1 |
| 9 | 511/1 | 300/1 | 335.85/1 |
| 10 | 1027/1 | 700/1 | 642.08/1 |
What is a Parlay?
A parlay is a single bet that links together multiple events for a higher payout. The more teams that you tie together the higher your payout is going to be, but the risk also grows since if just one of your legs loses, the bet is a loser. It doesn’t matter what happens in the other games.
If one leg of your parlay ties, pushes, is cancelled due to postponement, cancellation, rescheduling, then the wager reverts to the next lowest number. For example a 3-team parlay with a push gets graded as a 2-team parlay with the other two legs.
Before we go any further, we need to explain what a parlay is fully.
In order to win the entire bet, you have to win each of the individual bets on your parlay. If you lose one individual bet, then you lose the entire parlay bet.
The reason is that the sportsbook will pay you out much more money for correctly picking multiple individual bets together.There is more risk in this type of bet so it should be expected that we are offered a higher reward for making this wager.
Let’s compare betting three games individually versus betting them as a parlay.
Let’s assume that each game is -110 moneyline odds.
Let’s also assume that our bankroll for these three games is $300. We’re going to look at the scenarios if we picked all three games correctly and if we only picked two of the games correctly.
If we bet the games individually, we would bet $100 per game.
| Game | Bet Amount | Odds | Outcome | Profit/Loss |
| Game 1 | $100 | -110 | Win | $90.91 |
| Game 2 | $100 | -110 | Win | $90.91 |
| Game 3 | $100 | -110 | Win | $90.91 |
Now, what would happen if we picked all three games as a parlay bet? This time, we would place a single bet of $300. We will go over how to calculate parlay payouts in the section below here, but for now, we have done the calculations for you.
The profit on this bet as a parlay would be $1787.40! Even if we only bet $100 total, we would see a profit of $595.80. As you can see, you can bet 1/3 of the amount you bet total in the individual games and still make more than double what you would betting the games individually.
At this point, a lot of people are wondering why you would ever bet anything but parlays. You can bet less and make so much more! Well, as you are probably guessing, there is more to the story.
Let’s look at what happens in our same example, except this time we only pick two out of the three games correctly. We bet the same games again for $100 each individually, and we are correct on two out of the three games.
| Game | Bet Amount | Odds | Outcome | Profit/Loss |
| Game 1 | $100 | -110 | Win | $90.91 |
| Game 2 | $100 | -110 | Win | $90.91 |
| Game 3 | $100 | -110 | Loss | ($100.00) |
5 Game Parlay Payout Tracker
If we bet all three of the games as a parlay for $300 (or $100), our profit is negative $300 or negative $100. If you get even one game wrong in a parlay, you lose the entire bet. You’ve now seen the downside to parlays.
William Hill Parlay Calculator
Even if you only get one game correct betting them individually, you’re only going to lose $109. If you bet the same $300 on a parlay, though, you lose the entire $300. The risk is higher for parlays, but the associated reward is also higher.