How to Calculate Parlay Odds & Parlay Payouts

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Tampa Bay Buccaneers wide receiver Chris Godwin celebrates after scoring a touchdown during the first half of an NFL football game Sunday, Sept. 26, 2021, in Inglewood, Calif. (AP Photo/Jae C. Hong)
(AP Photo/Jae C. Hong)
BetMGM @BETMGM Dec 27, 2021, 9:02 PM

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 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 ).

Here are the decimal odds for a 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.)

Visit the online sportsbook to start building your parlays!

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