Parlay Calculator: Payout, Odds and the Book’s Share
This parlay calculator multiplies the odds of each leg to show your payout and, with both sides of each leg entered, how much of the stake the book keeps.
Enter the other side’s odds on every leg (for example the underdog’s money line) to see the fair chance of the parlay and how much of the stake the book keeps over time. A leg set to Push drops out and the parlay is paid on the legs that remain, as Ontario books do.
19+. For information only: your sportsbook's bet slip is what counts. Ontario books may round displayed odds; the payout is worked out on the unrounded price.
How to Use the Parlay Calculator
- Enter your stake and choose the odds format. The stake is the amount on the whole ticket, not per leg. Ontario books show American odds by default (-110, +150); decimal and fractional work too.
- Enter the odds of each leg in the first column, and use + Add leg for more. The calculator has no leg limit, though books cap the number of legs on a ticket.
- Optional: add the other side of each leg - the other team's money line, or the other side of the same spread or total. The calculator removes the margin and shows the book's share of the ticket.
- Set a leg to Push if it ended level or was voided: it drops out and the parlay is paid on the legs that remain.
Parlay Payout Chart: -110 Legs
A $10 parlay of -110 legs returns $36.45 with two legs, $132.83 with four and $6,430.82 with ten. -110 is the standard price on NFL spreads and totals and on many NHL and NBA totals. The +100 column is the same ticket at even money, the price with no margin in it, and the last column is how often the parlay should win if every leg is a genuine coin flip:
| Legs | Parlay odds at -110 | $10 returns at -110 | $10 returns at +100 | Wins about |
|---|---|---|---|---|
| 2 | +264 | $36.45 | $40.00 | 1 in 4 |
| 3 | +596 | $69.58 | $80.00 | 1 in 8 |
| 4 | +1228 | $132.83 | $160.00 | 1 in 16 |
| 5 | +2436 | $253.59 | $320.00 | 1 in 32 |
| 6 | +4741 | $484.13 | $640.00 | 1 in 64 |
| 7 | +9142 | $924.24 | $1,280.00 | 1 in 128 |
| 8 | +17545 | $1,764.46 | $2,560.00 | 1 in 256 |
| 9 | +33585 | $3,368.52 | $5,120.00 | 1 in 512 |
| 10 | +64208 | $6,430.82 | $10,240.00 | 1 in 1,024 |
A ten-leg -110 parlay pays more than $6,000 on $10 - and wins about once in 1,024 tries. The payout looks generous because the outcome is very unlikely, not because the price is good: the gap to the +100 column, $132.83 against $160.00 on four legs, is the margin.
How a Parlay Payout Is Calculated
A parlay multiplies the decimal odds of its legs. That is the whole formula:
Payout = stake x odds of leg 1 x odds of leg 2 x ... x odds of the last leg
On 27 October 2026, NorthStar Bets priced the four NHL favourites that night like this: the Blue Jackets at -120 (1.84 in decimal) away to the Flyers, the Kings at -118 (1.85) away to the Blackhawks, the Panthers at -125 (1.80) away to the Jets and the Golden Knights at -150 (1.67) at home to the Senators.
| Leg | American | Decimal |
|---|---|---|
| Blue Jackets to beat the Flyers | -120 | 1.84 |
| Kings to beat the Blackhawks | -118 | 1.85 |
| Panthers to beat the Jets | -125 | 1.80 |
| Golden Knights to beat the Senators | -150 | 1.67 |
| Four-leg parlay | +923 | 10.2324 |
A $10 parlay returns $102.32: $10 x 1.84 x 1.85 x 1.80 x 1.67. Your profit is the payout minus the stake, $92.32.
Converting American Odds to Decimal
The multiplication only works in decimal, so every calculator converts first. A positive American price is the profit on $100: +150 becomes 1 + 150/100 = 2.50. A negative price is what you stake to win $100: -125 becomes 1 + 100/125 = 1.80.
| American | Decimal | Implied chance | $10 returns | |
|---|---|---|---|---|
| -300 | 1.33 | 75.0% | $13.33 | Heavy favourite |
| -200 | 1.50 | 66.7% | $15.00 | |
| -150 | 1.67 | 60.0% | $16.67 | |
| -125 | 1.80 | 55.6% | $18.00 | |
| -110 | 1.91 | 52.4% | $19.09 | Standard spread and total price |
| +100 (Even) | 2.00 | 50.0% | $20.00 | Even money |
| +125 | 2.25 | 44.4% | $22.50 | |
| +150 | 2.50 | 40.0% | $25.00 | |
| +200 | 3.00 | 33.3% | $30.00 | |
| +300 | 4.00 | 25.0% | $40.00 | Clear underdog |
The table shows how fast the return falls towards the favourite: $10 at +300 returns $40.00, at -110 $19.09 and at -300 $13.33, which needs a 75.0% chance to break even. Our odds calculator converts any price, including fractional odds, and shows its implied chance.
One Parlay or Four Straight Bets?
The same four teams can be bet as one $10 parlay or as four $10 straight bets. At the NorthStar Bets prices above, the outcomes compare like this:
| Result | Parlay returns | Parlay net | Four straight bets return | Straight bets net |
|---|---|---|---|---|
| All four win | $102.32 | +$92.32 | $71.60 | +$31.60 |
| Three of the four win | $0.00 | -$10.00 | $53.10 to $54.90 | +$13.10 to +$14.90 |
| Two of the four win | $0.00 | -$10.00 | $34.70 to $36.90 | -$5.30 to -$3.10 |
| One of the four wins | $0.00 | -$10.00 | $16.70 to $18.50 | -$23.30 to -$21.50 |
| All four lose | $0.00 | -$10.00 | $0.00 | -$40.00 |
The parlay makes more when all four teams win ($92.32 against $31.60) on a quarter of the outlay, and it loses its whole stake if any team loses. The straight bets still make $13.10 to $14.90 when three of the four win, because each bet stands on its own. Neither choice changes the margin per leg; the parlay simply puts all of the stake on the least likely outcome.
Entering a Push or Void in the Calculator
Set any leg that pushed or was voided to Push: it drops out and the calculator pays the ticket on the legs that remain, as Ontario books do. A four-leg ticket with one push is paid as a three-leg parlay, and if every leg but one pushes, as that leg alone. The settlement rules for each type of parlay are in our guide to parlay betting in Ontario.
Why the Book's Share Grows With Every Leg
Each -110 leg is a coin flip priced with a 4.8% margin, which leaves the book 4.5% of the stake. In a parlay that margin is charged again on every leg, so it compounds:
| Legs at -110 | Book pays | Fair price | Book's share |
|---|---|---|---|
| 1 | -110 | +100 | 4.5% |
| 2 | +264 | +300 | 8.9% |
| 3 | +596 | +700 | 13.0% |
| 4 | +1228 | +1500 | 17.0% |
| 5 | +2436 | +3100 | 20.8% |
| 6 | +4741 | +6300 | 24.4% |
| 7 | +9142 | +12700 | 27.8% |
| 8 | +17545 | +25500 | 31.1% |
A single -110 bet keeps 4.5% for the book; four legs keep 17%; eight keep 31%. This is the number the calculator shows as the book's share when you enter both sides of each leg, and it is why parlays are the most profitable product on any sportsbook.
It is also why the price of each leg matters more to a parlay bettor than to anyone else - our moneyline guide shows how far single-game margins vary between Ontario books.
Finding the Real Chance of Your Parlay
The price of a parlay tells you what it pays, not how likely it is - the price includes the margin. To find the real chance, take both sides of each leg, remove the margin and multiply what is left. That is what the calculator does when you fill in the second column.
Removing the Margin From One Leg
Take the Blue Jackets at -118 against the Flyers at +105 at Pinnacle on 27 October 2026, the sharpest prices we compared. The two prices claim 54.1% and 48.8%, 102.9% together; the extra 2.9 points are the margin. Scale both back to 100% and the Blue Jackets' fair chance is 54.1 / 102.9 = 52.6%.
Done the same way, the Kings come to 52.4%, the Panthers 54.4% and the Golden Knights 58.1%. Multiply the four and the parlay's real chance is 8.7% - roughly once in 11.5 tries, a fair price of +1048. All four were favourites, each more likely than not to win, and the ticket still loses more than nine times in ten.
A Real Parlay Example From Ontario Books
On 27 October 2026 we priced the same four-leg ticket - the Blue Jackets, Kings, Panthers and Golden Knights to win - at 12 Ontario sportsbooks. "Book keeps" measures each price against the 8.7% fair chance above:
| Sportsbook | Four-leg parlay | $10 returns | Book keeps |
|---|---|---|---|
| Pinnacle | +923 | $102.35 | 10.9% |
| NorthStar Bets | +923 | $102.32 | 10.9% |
| theScore Bet | +906 | $100.60 | 12.4% |
| Betway | +890 | $99.00 | 13.8% |
| BetRivers | +884 | $98.35 | 14.4% |
| BET99 | +873 | $97.31 | 15.3% |
| Betinia | +862 | $96.17 | 16.3% |
| DAZN Bet | +862 | $96.17 | 16.3% |
| ToonieBet | +862 | $96.17 | 16.3% |
| FanDuel | +857 | $95.66 | 16.7% |
| Swiper | +819 | $91.93 | 19.9% |
| Betano | +778 | $87.77 | 23.6% |
The same four results paid +923 at Pinnacle and NorthStar Bets - $102.35 and $102.32 on $10 - and +778 at Betano, $87.77: $14.58 less for an identical ticket. The underdog version, the Flyers, Blackhawks, Jets and Senators, paid +1967 at Pinnacle and +1659 at Betano, a gap of $30.77 on $10: the longer the price, the more the choice of book is worth.
The money line was the cheapest leg type at 10 of the 11 books whose puck lines and totals we compared; Betano was the exception, with money lines at 7.0% against 4.9% on its puck lines and totals. All twelve FanDuel same game combinations we checked paid less than their legs multiplied, by up to 3.4%.
Our NHL odds page has the best price on each game, and the Sportsbook Margin Index shows how much each Ontario book keeps per leg.
Which Legs Cost the Least to Parlay
Because the margin is charged on every leg, the cheapest parlay is built from the cheapest legs - and the cheapest market is not the same at every book. One book can be sharp on its money lines and charge two points more on its puck lines or spreads; another can do the reverse. Check the margin on each market at your book before you choose the leg type: our spread and totals guides compare them book by book.
What the Leg Type Is Worth on a Four-Leg Ticket
Small differences per leg grow fast. Charged four times, a book's share of 3% per leg takes about 11.5% of a four-leg ticket; 4.5%, the share on a -110 line, about 17%; 6% about 22%; and 10% about 34%. Each extra point per leg adds roughly three to four points to the whole ticket, so the same four picks can cost three times as much at one book as at another. The calculator gives the exact figure for any ticket once you enter both sides.
Same Game Parlays: Why the Calculator Gives a Higher Number
A calculator multiplies legs as if they were independent. Legs from different games are, and that is how Ontario books pay them: a standard parlay of money lines from different games pays the prices multiplied, which is exactly what the calculator shows.
Treat the Result as a Ceiling
Legs from the same game are connected, so books price a same game parlay from the combination rather than from the product of its legs, and usually pay less. Enter the legs anyway: the calculator's figure is the most the ticket could pay, and the gap to the bet slip is what the book takes for the correlation. Only the slip gives the real number.
Round Robins: Several Parlays From the Same Picks
A round robin splits your picks into every smaller parlay they can make, so one losing leg does not sink everything. Four picks "by 2s" make six two-leg parlays; "by 3s" make four three-leg parlays, each a separate ticket with its own stake. Here are four NFL favourites at NorthStar Bets, read on 27 October - the Steelers (-195), Lions (-162) and Bills (-177) on Sunday 1 November and the Seahawks (-167) on Monday 2 November - with $10 on every ticket:
| Bet | Total stake | 4 of 4 win | 3 of 4 win | 2 of 4 win |
|---|---|---|---|---|
| By 2s (6 tickets) | $60 | $149.28 | $73.92 | $24.62 |
| By 3s (4 tickets) | $40 | $156.93 | $38.66 | $0.00 |
| One 4-leg parlay | $10 | $61.86 | $0.00 | $0.00 |
With one loser, the figures assume the Seahawks lose; with two, the Steelers and Lions win. The exact return depends on which teams lose, because the favourites have different prices.
The single four-leg parlay pays the most per dollar when everything wins: 6.2 times the stake, against about 3.9 times for the three-leg tickets and 2.5 times for the two-leg ones. What the round robin buys is a softer landing. By 2s still returns $73.92 on $60 with one loser - a profit - while by 3s returns $38.66 on $40, which softens the loss without covering it.
Every ticket still carries the book's margin on each of its legs, so a round robin spreads what the book keeps over more tickets rather than reducing it. Not every Ontario book offers round robins on its bet slip, but you can build the same tickets by hand and price each one in the calculator above.
How Many Tickets a Round Robin Makes
The number of tickets is the number of ways to choose the legs from your picks. Three picks by 2s make 3 tickets; four picks make 6 by 2s and 4 by 3s; five picks make 10 by 2s, 10 by 3s and 5 by 4s; six picks make 15 by 2s, 20 by 3s and 15 by 4s. The total stake is the ticket stake times the number of tickets, so a six-pick round robin by 3s at $10 a ticket costs $200. Count the tickets before you confirm the slip.
Hedging the Last Leg of a Parlay
If the first legs of a parlay win and only one game remains, you can lock in a profit by betting the other side of that last game. Take the four-leg NFL ticket from the round robin above, at NorthStar Bets: $10 to return $61.86.
The Steelers, Lions and Bills all play at 1:00 p.m. ET on Sunday; say all three have won and only the Seahawks, who host the Bears on Monday at 8:15 p.m. ET, remain. Bet $25.04 on the Bears at +147 (2.47) and both outcomes pay about the same:
| Last game | Parlay pays | Hedge pays | Total staked | Net result |
|---|---|---|---|---|
| Seahawks win | $61.86 | $0 | $35.04 | +$26.81 |
| Bears win | $0 | $61.86 | $35.04 | +$26.81 |
A guaranteed $26.81 or so, instead of $51.86 or nothing.
Is the Hedge Worth It?
The hedge is not free: it is a second bet, and it pays the book's margin a second time, so on average hedging returns slightly less than letting the ticket ride. It is worth it when the amount at stake matters to you more than the expected value.
In practice the price on the last game will have moved by the time the other three have finished; this example uses the prices of 27 October, six days before the Monday game. Our hedge calculator works out the stake for any price, and the arbitrage calculator does the sa