How to Calculate Parlay Odds & Parlay Payouts

How to Calculate Parlay Odds & Payout NFL Parlays
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Parlays are popular betting opportunities that allow fans to use their sports and betting expertise to build multi-leg bets for better odds and increased payouts.

At BetMGM, you can browse odds for dozens of sports and thousands of events throughout the year. With a user-friendly platform, it’s never been easier to create single- or multi-sport parlays with two, three, 10, or 15 legs. And while parlay odds are automatically calculated and displayed on your bet slip, knowing how to calculate parlay odds can be helpful in identifying low-risk, high-reward value for a parlay bet.

How to Place a Parlay Bet

At BetMGM, you have several options for placing a parlay bet.

You can select a pre-packaged parlay like a One Game Parlay or Cross Sport Parlay in which a combination of single- or multi-sport odds are curated based on popularity, customer interest, and entertainment value. 

Pre-packaged parlays include an odds boost for a larger payout than if manually built by selecting each wager for a custom-built parlay. You can view One Game Parlays and Cross Sport Parlays on the BetMGM homepage, along with sport- and event-specific pages like NBA odds or NFL odds.

Or you can build your own parlay. 

Maybe you’re browsing Week 1 NFL betting lines and like the Tampa Bay Buccaneers to beat the Dallas Cowboys in the Thursday Night Football opener but don’t love the Bucs’ money line (-275). Instead of placing a $50 bet to win $68.18 (profit of $18.18), you might combine the Bucs’ money line with other Week 1 bets to increase your odds and potential payout.

Your favorite Week 1 lines, for example: 

  • Buccaneers ML (-275)
  • Bills ML (-275)
  • Rams ML (-350)

By adding the Bills’ and Rams’ money lines, your odds increase to +139 and your potential payout increases to $119.54 (profit of $69.64). The parlay odds and payout is automatically calculated on your BetMGM bet slip. But how does BetMGM calculate parlay odds and payout?

How to Calculate Parlay Odds & Payouts

There are three steps to calculate parlay odds and payout:

First, using a betting odds converter, convert American odds into decimal odds. 

American odds represent the amount you can win for every $100 wagered (e.g., +120 is $100 to win $120) or the amount you must wager to win $100 (e.g., -200 is $200 to win $100), whereas decimal odds represent the amount you win for every $1 wagered (e.g., 1.8 is $1 to win $1.80 ).

The decimal odds for your three-leg NFL parlay:

  • Bucs (-275): 1.36
  • Bills (-275): 1.36
  • Rams (-350): 1.29

Second, multiply the decimal odds to get your multiplier: 1.36 x 1.36 x 1.29 = 2.39. And, using the betting odds converter, you can convert the decimal multiplier back to American odds for the new parlay odds (+139).

Third, multiply the multiplier by your wager amount to get your payout: 2.39 x 50 = $119.50. (In this example with rounded-off decimals for simplicity’s sake, the payment differs by a few cents.) 

What is a Parlay Boost?

At BetMGM, you can inject steroids into your parlays for even better odds and a bigger potential payout with a Parlay Boost.

The Parlay Boost increases your reward without increasing risk by adding an odds boost to your parlay. In some cases, a 10% boost is added to your account as a bonus for being a BetMGM customer. In other cases, you can early Parlay Boosts by participating in promotions.

Keep an eye on your account (or create a BetMGM account to bet online) and the sports bet promotions page for Parlay Boosts on MLB odds, NHL odds, and more throughout the year.