A parlay combines two or more picks into a single bet. Every pick, called a leg, must win for the whole bet to pay out. Miss one leg and the entire parlay loses. In exchange for that extra risk, the sportsbook pays a much bigger return than the same picks would as separate single bets.
This guide explains what a parlay is, how the odds multiply, when parlays make sense, and how same game parlays work. It is part of our betting guides hub for Canadian bettors. We lead every example in American odds (+150, -110), the default at most private sportsbooks, and note the decimal equivalent.
Every major book lets you build a parlay in a few taps. See our pick of the best betting sites for parlay players, or browse the new betting sites in Canada still expanding their markets.
What is a parlay?
A parlay is one bet built from several smaller bets. You pick the outcomes you want, add them to the same slip, and combine them. The sportsbook then merges the odds into one larger price.
The trade-off is simple. A bigger payout in return for needing every leg to land. A two-leg parlay needs both picks to win. A four-leg parlay needs all four. Each leg you add raises the potential return and lowers the chance of cashing.
You can mix bet types and sports in most parlays. A single slip might hold a moneyline pick, an over/under total, and a point spread from three different games. The legs do not have to be related.
- Leg: one selection inside the parlay.
- Two-leg parlay: the smallest possible parlay.
- Payout: grows fast as legs are added, because the odds compound.
How parlay odds and payouts multiply
Parlay odds are not added together. They are multiplied. The sportsbook converts each leg to decimal odds, multiplies them, and converts the result back. That compounding is why a few short-priced legs can turn into a large price.
To do the math, convert American odds to decimal first. A favourite at -110 is 1.91 in decimal. An underdog at +150 is 2.50. Multiply the decimals across all legs, then multiply by your stake.
Most Canadian private sportsbooks show American odds by default, while provincial lottery products such as PROLINE+ and Sport Select default to decimal. If the conversions feel fuzzy, our betting odds explained guide breaks down all three formats.
Worked example: a 3-leg parlay on $20
Say you back three favourites, each priced at -110. In decimal that is 1.91 per leg. Here is how a $20 stake plays out if all three legs win.
| Step | Calculation | Result |
|---|---|---|
| Leg 1 (-110) | 1.91 | 1.91 |
| Leg 2 (-110) | 1.91 x 1.91 | 3.65 |
| Leg 3 (-110) | 3.65 x 1.91 | 6.96 |
| Total return | $20 x 6.96 | $139.20 |
| Profit | $139.20 – $20 | $119.20 |
The combined price is about +596 in American odds. Those same three picks as separate $20 single bets would each return roughly $38, for $54 total profit if all three won. The parlay more than doubles the upside, but all three legs must win. If even one loses, you get nothing back.
Risk versus reward: when parlays make sense
Parlays are high-variance bets. The eye-catching payouts exist because hitting every leg is hard, and the sportsbook builds a margin into each one. Stringing legs together compounds that margin, so parlays usually carry a worse long-run expected value than single bets.
That does not make them pointless. Used in moderation, a parlay is a small-stake way to chase a larger return. The key is to treat it as entertainment, not a core strategy, and to size the stake so a loss does not dent your bankroll.
- Keep leg counts modest. Each added leg sharply lowers your win probability.
- Use small stakes. Parlays should be a minor slice of your wagering, not the bulk of it.
- Avoid forcing legs. Adding a pick you do not believe in just to boost the price weakens the whole slip.
No parlay is a sure thing. Steer clear of any source that calls a multi-leg bet a guaranteed winner.
Same game parlay (SGP) and correlation
A same game parlay, or SGP, combines multiple picks from one event. For example, a team to win, the game to go over a certain total, and a star player to score, all in the same match. The legs sit on one slip and one game.
SGPs are popular because the outcomes can feel connected. That connection is called correlation. When one leg winning makes another more likely, the bet is positively correlated, and sportsbooks price SGPs differently to account for it.
Correlation in plain terms
Picture backing a soccer team to win and also backing the over on total goals. A blowout win helps both legs at once. Because the sportsbook knows this, SGP odds are adjusted and tend to be shorter than if you parlayed the same legs across separate games. Always check the offered price before assuming an SGP is good value.
Round robins, pushes and void legs
One downside of a parlay is that a single miss kills the whole bet. A round robin softens that. It breaks your picks into several smaller parlays, so one losing leg does not wipe out everything. You stake more overall, but you keep some return if most picks land.
Two outcomes change how a parlay settles rather than losing it outright:
- Push: a leg lands exactly on the line (for example, a team wins by exactly the spread). That leg is removed and the parlay recalculates with the remaining legs. A three-leg parlay with one push becomes a two-leg parlay.
- Void: a leg is cancelled, often because an event is postponed or a player does not take part. Like a push, the leg drops out and the odds recalculate. Rules vary, so check your sportsbook or lottery product terms.
If you enjoy combining picks but want a different shape of risk, compare parlays with futures or read up on value betting to sharpen which legs are worth backing.
Parlay payout by number of legs
| Legs | Approx. American odds | Total return on $100 |
|---|---|---|
| 2 legs | +264 | $364 |
| 3 legs | +596 | $696 |
| 4 legs | +1228 | $1,328 |
| 5 legs | +2436 | $2,536 |
| 6 legs | +4741 | $4,841 |
| 7 legs | +9142 | $9,242 |
| 8 legs | +17545 | $17,645 |
Assumes every leg at standard -110 odds. Real payouts vary with each leg’s price.
The parlay tax: why the edge grows with each leg
A parlay multiplies the odds of every leg together, but it also multiplies the sportsbook margin. Each line already carries a built-in hold, the vig, and chaining legs stacks that margin as well as the outcomes.
On a single point-spread bet at -110, the house edge is a little under 5%. Combine several -110 legs into a parlay and the effective hold climbs quickly, often past 20% on a five or six-leg ticket. That is why parlays feel exciting but drain a bankroll faster than straight bets over time.
The takeaway is not to avoid parlays, but to size them honestly. Treat them as low-stake, high-variance plays, and keep your serious money on the markets where the margin is thinnest.
Frequently Asked Questions
A parlay is a single bet that combines two or more picks, called legs. Every leg must win for the parlay to pay out. In return for that risk, the sportsbook pays more than the same picks would as separate single bets.
The odds of each leg are multiplied, not added. Convert each American price to decimal, multiply the decimals across all legs, then multiply by your stake. For example, three picks at -110 (1.91 each) on a 20 dollar stake return about 139 dollars.
A same game parlay, or SGP, combines several picks from one event onto a single slip, such as a team to win plus the game total going over. Because the outcomes can be correlated, sportsbooks adjust SGP odds, so check the price before betting.
A pushed or voided leg is usually removed and the parlay recalculates with the remaining legs. A three-leg parlay with one void becomes a two-leg parlay at lower odds. Rules vary by sportsbook and lottery product, so always read the terms.
Parlays are high-variance bets with a built-in margin on every leg, so they usually offer worse long-run value than single bets. They can be fun at small stakes, but they should be a minor part of your wagering, never a core strategy.
A round robin splits your picks into several smaller parlays instead of one big one. That way a single losing leg does not wipe out the whole bet. You stake more overall, but you can still get a return if most of your picks win.
Most sportsbooks allow up to 10 to 15 legs, though the exact cap and any maximum payout limit vary by book.
Each leg multiplies both the odds and the sportsbook margin, so a multi-leg parlay carries a much larger built-in hold than a single bet.
Betting should be entertainment, not a way to make money. Set limits before you start, take breaks, and never bet to recover losses. If gambling stops being fun, free, confidential help is available: ConnexOntario 1-866-531-2600 (Ontario), BC Responsible Gambling 1-888-795-6111, or your province’s helpline.
19+ (18+ in AB/MB/QC) | Please play responsibly | Odds approximate at time of writing | ConnexOntario: 1-866-531-2600 (ON) – see your province’s helpline for resources elsewhere.