It’s no hyperbole to say a parlay is the most exciting casual sports bet you can place. A single prime time bet is always fun, but a 16-leg combination of singles can make your evening eclipse Six Flags.
Miss one leg, and the whole parlay explodes. If you’re Nostradamus, you’ve got a legendary war story until the end of time.
Unfortunately, most of us don’t fully understand parlay probabilities and their payouts. Bovada and other sportsbooks tell you what your selections add up to, but we really don’t know how the math is mathing.
To put everything in perspective, here’s the parlay odds explained, including what to know before building a traditional parlay and how Same Game Parlays work at Bovada.
What Is a Parlay
A parlay combines two or more selections, called “legs,” into one bet. Instead of placing separate wagers on each outcome, you stake one amount on all your picks winning together.
For example, an NFL parlay could include:
- The Buffalo Bills to win on the moneyline versus the New England Patriots
- The Dallas Cowboys to cover a -3.5 spread versus the Chicago Bears.
- The matchup between the Chicago Bears and Dallas Cowboys to go Over 47.5 total points.
Buffalo simply needs to win. Dallas must win by at least four points. The Bears and Cowboys must combine for at least 48 points. All bets need to win for the ticket to win.
You can also combine eligible selections across sports, such as an NFL moneyline and an NBA spread.
How Are Parlay Odds Calculated
Let’s start with standard odds and juice, then we’ll get into the formulas. The table below covers two through 16 legs if every selection is priced at -110 and a $10 stake at Bovada. You can place parlays for more or less than $10, but the max payout is $1,000,000.
Bovada Parlay Table
| Legs | Parlay odds | Profit on $10 | Total return |
| 2 | +264 | $26.45 | $36.45 |
| 3 | +596 | $59.58 | $69.58 |
| 4 | +1,228 | $122.83 | $132.83 |
| 5 | +2,436 | $243.59 | $253.59 |
| 6 | +4,741 | $474.13 | $484.13 |
| 7 | +9,142 | $914.24 | $924.24 |
| 8 | +17,545 | $1,754.46 | $1,764.46 |
| 9 | +33,585 | $3,358.52 | $3,368.52 |
| 10 | +64,208 | $6,420.82 | $6,430.82 |
| 11 | +122,670 | $12,267.01 | $12,277.01 |
| 12 | +234,279 | $23,427.93 | $23,437.93 |
| 13 | +447,351 | $44,735.15 | $44,745.15 |
| 14 | +854,126 | $85,412.55 | $85,422.55 |
| 15 | +1,630,694 | $163,069.41 | $163,079.41 |
| 16 | +3,113,234 | $311,323.43 | $311,333.43 |
When your bets have different prices, each leg’s odds can alter the combined payout. This prevents players from simply creating a parlay with all the biggest moneyline favorites.
For example, a two-leg parlay could combine selections from separate games:
| Kansas City Chiefs moneyline | -150 |
| Utah Jazz moneyline | +120 |
| Parlay Odds | +267 |
Here’s how -150 and +120 combine to make a +267 two-team parlay at Bovada:
- The system convert each price into a payout multiplier, including the stake:
- -150: 1 + (100 ÷ 150) = 1.666666 …
- +120: 1 + (120 ÷ 100) = 2.20
- Multiplies the values:
- 1.666666… × 2.20 = 3.666666…
- Converts them back to American odds:
- Subtract 1 to remove the original stake, then multiply by 100.
- (3.666666… − 1) × 100 = +266.666…, rounded to +267.
That means a $100 bet earns $266.67 in profit, or a $10 bet earns $26.67.
Parlay Payouts vs. Probability of Winning
Every added leg increases the potential payout – but also adds another bet that has to go your way. Here’s how the returns compare for two through 16 legs, with every leg priced at -110:
| Legs | Odds on Each Leg | Combined Parlay Odds | Total Return on $10 | Probability of Winning* |
| 2 | -110 | +264 | $36.45 | 25% |
| 3 | -110 | +596 | $69.58 | 12.5% |
| 4 | -110 | +1,228 | $132.83 | 6.25% |
| 5 | -110 | +2,436 | $253.59 | 3.125% |
| 6 | -110 | +4,741 | $484.13 | 1.563% |
| 7 | -110 | +9,142 | $924.24 | 0.781% |
| 8 | -110 | +17,545 | $1,764.46 | 0.391% |
| 9 | -110 | +33,585 | $3,368.52 | 0.195% |
| 10 | -110 | +64,208 | $6,430.82 | 0.098% |
| 11 | -110 | +122,670 | $12,277.01 | 0.049% |
| 12 | -110 | +234,279 | $23,437.93 | 0.024% |
| 13 | -110 | +447,351 | $44,745.15 | 0.012% |
| 14 | -110 | +854,126 | $85,422.55 | 0.0061% |
| 15 | -110 | +1,630,694 | $163,079.41 | 0.0031% |
| 16 | -110 | +3,113,234 | $311,333.43 | 0.0015% |
| *Probabilities assume each leg has a true 50% chance of winning and outcomes are independent. A -110 price does not establish a selection’s true probability. Combined odds are rounded; returns include your original stake. | ||||
With these numbers, a two-leg parlay has a 1 in 4 chance, while a 16-leg parlay has a 1 in 65,536 chance. As the payout grows, the odds of hitting get tougher.
Bovada Parlay Rules to Know
- Standard parlays require at least two selections and allow up to 16.
- All remaining active selections must win.
- Pushes and voided bets reduce the parlay: An NFL team at -3 winning by exactly three pushes that spread selection, decreasing your parlay and automatically recalculating the payout.
- A push or a voided bet in a two-leg parlay makes it a single wager. If every leg pushes or is voided, you get your stake back.
- Combination restrictions apply: Certain related selections from one event cannot be combined in a standard parlay. Use eligible Same Game Parlay odds – marked SGP within most matchups – for accepted combinations.
How Same Game Parlays Work
A Same Game Parlay, or SGP, combines multiple eligible selections from one matchup. An NFL example could pair the Chiefs to win with Patrick Mahomes throwing for over 249.5 yards and a Travis Kelce catching a touchdown.
An NBA example could combine Oklahoma City on the moneyline, Shai Gilgeous-Alexander scoring 25-plus points, and Chet Holmgren grabbing 10-plus rebounds. Each selection must succeed.
This is a good test for anyone who has a strategy and sees a possible correlation between a bet on the game and a bet on the players.
Bovada also offers a sneaky-good perk on Same Game Parlays that can triple your Reward Points when you make four or more selections. Reward Points can be used for bonuses or more cash in your account!
Same Game Parlay Rules
- Look for the SGP icon when you click on a matchup to identify eligible markets.
- Up to 10 selections are allowed from one game, though some combinations are unavailable.
- If a leg pushes or is voided, odds are recalculated using the remaining active selections.
- Player props follow their applicable settlement rules, including participation requirements.
- Cross Game SGPs allow up to 16 total picks.
Building Your Parlay
Let’s say you want to place a cross-sport parlay with NFL odds and NBA odds. You don’t have to do anything complicated in the Bovada menus; simply start making your selections.
- Navigate the NFL and NBA odds and click on your preferred selections.
- The ‘Bet Slip’ will appear and automatically make it a parlay, AKA ‘Multiples.’ You can toggle between ‘Singles’ and Multiples at your leisure.
- You may be prompted if there’s a line change, and it will ask you to accept or make another selection.
- You also have the option to buy points for spreads, totals, etc. Keep in mind it can change the odds of the pick and ultimately the odds of the parlay.
- Verify your selections and enter your stake. It will automatically show your win amount.
- Click “Place Bet” to confirm. All bets are final.