How Parlays Work, With a Worked Example
A parlay ties two or more bets, called legs, into a single ticket. The payout is bigger, and so is the risk.
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Every leg has to win
If one leg loses, the whole parlay loses, even when every other leg wins. That is why the payout is larger than for separate bets. You are taking on more risk.
How the price is built
Convert each leg to a decimal price, then multiply. Take three legs: -110 (1.909), +120 (2.20) and -150 (1.667). Multiply 1.909 by 2.20 by 1.667 and you get about 7.0.
A $10 stake returns $70 if all three legs win. That is $60 profit plus the $10 stake. If any one leg loses, the $10 is gone.
- -110 as a decimal price: 1.909
- +120 as a decimal price: 2.20
- -150 as a decimal price: 1.667
Pushes, voids and long parlays
If a leg pushes or is voided, it drops out and counts as 1.00. In the example above, if the -150 leg pushes, the remaining two legs pay 1.909 times 2.20, which is about 4.2. The $10 returns $42.
More legs means a smaller chance of success. If each leg had a 50% chance, three legs would hit 12.5% of the time, and ten legs about 0.1%. Long parlays are very hard to hit.
Before you place a bet
Read how your book treats pushes, postponements and same-game legs, since the rules differ.
Bets can lose. Bettors must be 21 or older where betting is legal. If gambling is a problem for you or someone you know, call 1-800-GAMBLER.
Questions
Why does a parlay pay more than single bets?
Because every leg must win, the chance of cashing is much smaller. The bigger payout reflects that smaller chance.
What happens if one leg of a parlay pushes?
The pushed leg is removed and the parlay continues with one fewer leg at a lower payout. If every leg pushes, the stake is returned.
How do I figure out a parlay payout?
Convert each leg to a decimal price, multiply them together, then multiply by your stake. Three legs at 1.909, 2.20 and 1.667 give about 7.0, so $10 returns $70.
More guides
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