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The best bets and resources to make you more profitable

Parlay betting is often a confusing topic for new sports bettors. Here are some common questions that I hear.

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The best bets and resources to make you more profitable

- How do I calculate parlay odds?
- How do I make money with parlays?
- What’s the best parlay betting strategy?

In this article, we’re going to be answering all of these questions and discussing *sharp* parlay betting strategies. It is **absolutely** possible to make money betting on parlays. You just need to understand the simple math behind parlay bets.

The first question we need to answer is: “How do sportsbooks calculate odds on a parlay?”

People often think parlay odds are a “mystery,” and that’s *completely* wrong. Parlay odds are calculated by sportsbooks in the **exact same way**. Any two leg parlay where both picks are at -110 odds, for example, comes out to be +264 odds, as seen in the pictures below. It doesn’t matter what two picks you select. If both legs are -110, then the parlay will be +264 odds.

Here’s another example of a parlay where both legs are -110 odds. Once again, this two leg parlay bet comes out to be +264 odds.

The way that sportsbooks calculate these parlay odds is quite straightforward. They use a parlay calculator. As seen in this parlay calculator screenshot below, any two leg parlay where both picks are -110 odds will be +264.

It still may be confusing to you… How are the sportsbooks getting from -110 for each leg to +264 for the parlay? Well, it’s all about the relationship between odds and probability.

As seen in the screenshot below, an Odds Converter Calculator tells you that a wager at -110 odds is a 52.38% implied probability.

Every odd has an associated “win probability,” as explained in the video below. When you’re betting at -110 odds, the implied win probability is 52.38%. In other words, you need to win 52.38% bets at -110 odds to “breakeven” in the long run. If you win *greater than* 52.38% bets at -110 odds, then you’ll be profitable in the long run.

To calculate parlay odds, sportsbooks simply *multiply* the “implied probabilities” together for both legs. Then, they convert the probability back into an odd.

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For example, when both legs are -110, the implied win probability is 52.38%. Thus, each leg has a 52.38% probability of winning. The odds of the parlay winning are then (52.38%) x (52.38%) = (27.4%).

Then, sportsbooks convert 27.4% back into odds and get +264, as seen in the screenshot below. This is why any two leg parlay where each leg is -110 comes out to be +264 odds. The same math holds for a parlay with any number of legs.

Since parlay odds are always fixed, the way to find mathematically profitable parlays is by placing parlay bets where *all* legs are Positive EV.

As an example, the parlay below is profitable. Both legs are Positive EV (e.g. mathematically profitable), so the parlay is also Positive EV. I locked it in on Caesars sportsbook.

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