This article unpacks what a four-legged parlay is, how payouts and probabilities are calculated, and practical checks to use before placing or simulating one. It is intended for sports fans and handicappers who want precise, repeatable methods rather than hype. You will learn the step-by-step math for converting American moneylines, computing combined decimal odds, and estimating implied probability, plus how operator house rules and pushes can change ticket outcomes. The goal is to give clear, actionable guidance you can apply immediately when evaluating multi-leg tickets.

A 4 leg parlay only wins when all four selections win; one loss knocks out the entire ticket.

Convert American moneylines to decimal before multiplying; use (odds/100)+1 for positives and (100/|odds|)+1 for negatives.

Regulatory reports show parlays tend to raise operator hold, so expected returns are often lower than equivalent single bets.

What is a 4 leg parlay? A clear definition and quick answer

A 4 leg parlay is a single wager that links four separate selections on one ticket, and it only pays out if all four legs win; if any leg loses the entire parlay loses, so the ticket is an all-or-nothing proposition Parlay Bet: Definition, Types, and Example.

Learn more about FundedPlays challenge structure and rules

Run a quick example with your own odds and stake, and check the operator house rules before placing a parlay or running a simulation.

View Challenges

Think of a parlay ticket as a bundled combination: instead of placing four independent straight bets you place one ticket that multiplies the legs' odds to create a larger headline payout while carrying a much lower chance of a complete win. That multiplicative structure is what makes parlays attractive for large potential returns from small stakes, but it also creates higher variance compared with single bets.

How parlay payouts work: step-by-step for a 4 leg parlay

The payout calculation for a 4 leg parlay follows three clear steps: first convert each leg's odds to decimal form; second multiply the four decimal odds together; third multiply that product by your stake to get total return, then subtract the stake to find profit Parlay Bet: Definition, Types, and Example.

Step 1: Convert each leg to decimal odds. Step 2: Multiply the four decimal numbers together to get the combined decimal. Step 3: Multiply the combined decimal by the stake to compute total return, and subtract the original stake to show profit. For clarity, use the worked examples in a later section to practice these steps with concrete numbers.

Convert odds to decimal

Decimal odds express how many units are returned per unit staked, including stake. Converting other formats into decimals is the practical first step before any multiplication for a parlay; always perform this conversion consistently for every leg to avoid calculation errors Parlay Bet: Definition, Types, and Example.

Multiply across legs and apply the stake

Multiply the four decimal values together to get the combined decimal odds. Then multiply by the stake to get the total ticket return. Remember that some operators will display total payout including stake while others show profit separately, so note how the result is presented when you compare your calculation to a paid ticket.

Compute profit vs total return

Total return equals combined decimal times stake. Profit equals total return minus stake. Keeping these two figures distinct helps you compare alternate bets and understand net gain after a winning parlay is paid.

Converting American moneylines for a 4 leg parlay calculation

To use common U.S. moneyline prices in a parlay, convert American odds to decimal first: for a positive moneyline use the formula (odds/100) + 1, and for a negative moneyline use (100/|odds|) + 1 before multiplying legs for the parlay payout Moneyline (American) Odds Explained.

Example conversions will make this concrete, but the key rule is to apply the correct formula for each leg and never mix raw moneyline values into the multiplication step without converting them to decimal.

What is a four-legged parlay?

A four-legged parlay is a single bet that links four selections on one ticket and pays only if all four selections win; payouts are calculated by multiplying decimal odds for each leg and applying the stake.

How does a -150 moneyline translate into decimal odds? The conversion is (100/150) + 1, which equals 1.666...; using that decimal in the parlay calculation keeps the math consistent and accurate Moneyline (American) Odds Explained.

Calculating implied probability and the chance a four-legged parlay wins

You can derive a single leg's implied probability from moneyline or decimal odds, and then estimate the parlay's chance by multiplying the implied probabilities of the four legs, assuming independence. The multiplication rule for independent events underlies this approach and reduces the overall chance as you add more legs Multiplication rule for independent events.

For a single leg: implied probability from positive moneyline is 100/(odds+100) when calculating from American odds, and from decimal odds it is 1/decimal. For the parlay, multiply the four implied probabilities together to approximate the ticket probability, keeping in mind independence is an assumption that may not hold when legs are correlated.

Implied probability from moneyline

Convert moneyline to decimal as shown earlier, then take the reciprocal to get implied probability. This gives a straightforward, comparable metric across different types of odds and is useful when you want to estimate expected value or compare alternatives.

Compound probability for independent legs

Under independence, the parlay probability equals the product of the individual leg probabilities. That means two legs at 50 percent each give a 25 percent combined chance, and adding legs reduces the cumulative probability quickly; the math is unforgiving as you stack more events Multiplication rule for independent events.

House rules, pushes and voided legs: what happens to a 4 leg parlay

Operators treat pushes or voided legs differently, but a common approach is to remove the pushed or voided leg and reprice the parlay with one fewer selection; that effectively converts a four-leg ticket into a three-leg ticket for settlement purposes, although exact language varies by operator and situation FanDuel Sportsbook House Rules.

Because treatments differ, always check the operator's house rules before placing a parlay so you understand whether a push turns the ticket into a reduced-leg parlay, returns the stake, or follows alternate settlement procedures, and see our blog Funded Plays blog. Knowing the treatment affects expected return and how you size your stake.

Funded Plays Challenges page

View Challenges

Common operator treatments for pushes

Typical language describes pushes as voids for the specific leg, with the parlay recomputed without that leg. Other operators may treat certain event cancellations or partially completed events as full voids, so the settlement can change unexpectedly if you are not familiar with the rules.

How voided legs typically reprice the ticket

When a leg is voided the remaining legs are multiplied to form a new combined decimal, and that new decimal is applied to the original stake. The practical effect is usually a lower payout than the original four-leg price but a settled amount consistent with the remaining risk.

Risk and operator hold: what regulatory data says about parlays

State-level regulatory reporting in recent years shows that parlays often result in higher operator hold compared with straight single-game bets, a structural result of combining multiple outcomes and the margin applied across legs Sports Betting Glossary and reporting on parlay popularity Parlays are becoming more popular.

Higher operator hold means the expected return to a bettor is lower for a parlay than for equivalent single bets with the same edge; this is one reason parlays can be appealing for occasional large wins but are usually inferior from an expected-value perspective for disciplined wagering strategies, as also reflected in some state reports on sports betting proceeds Colorado Division of Gaming: Sports Betting Monthly Proceeds Report.

Why parlays often raise operator hold

Each leg carries its own vig and margin. When you combine legs, those margins multiply into a higher effective house edge for the full ticket, which explains why regulatory proceeds and operator reporting often show higher margins on parlays. Read further analysis on Same-Game Parlays delivering greater holds Same-Game Parlays Delivering Greater Holds.

Regulatory reporting highlights

Regulatory documents and industry glossaries provide context for how operator hold is measured and why multi-leg tickets behave differently in revenue reports. Reviewing local reports can help you understand the economic backdrop for sportsbook pricing and promotions.

Strategy and decision criteria: when to include four legs

Deciding whether to include four legs should start with a short checklist: be confident in each leg's forecast, confirm legs are not strongly correlated, verify you have a positive edge on each selection, and size the stake so losses remain manageable relative to bankroll.

Tradeoffs are clear: adding legs increases potential payout but reduces the probability of a full win and raises variance. If one leg is marginal but you include it to chase a higher payout, the expected value can drop substantially even if the headline payout looks attractive Parlay Bet: Definition, Types, and Example.

Compute total return from four decimal odds and stake

Use decimal odds for legs

Decision checklist

Checklist: 1) Confidence per leg above your minimum threshold. 2) No strong event correlation between legs. 3) Stake no more than a fixed percentage of bankroll. 4) Confirm house rules for pushes. Use the calculator template above to plug in decimals and check how a single marginal leg changes payout and probability.

Tradeoffs: payout vs probability

Four legs can multiply a small advantage into an attractive payout, but they also compress the probability of winning into a much smaller number. If preserving bankroll and steady growth is your objective, the higher variance from multi-leg parlays typically works against that goal.

Common mistakes and pitfalls with 4 leg parlays

A frequent mistake is including correlated legs that reduce the independence assumption, for example taking the same game handicappers' spread and totals that move together; correlation can magnify downside and make the theoretical combine-probability calculation invalid Multiplication rule for independent events.

Another common pitfall is increasing stakes after losses or treating parlays as a shortcut to make up deficits. That behavior typically increases volatility and leads to worse long-term results than disciplined sizing and consistent selection criteria, as seen in operator hold comparisons.

Overloading correlated legs

Correlation erodes the logic of multiplying independent probabilities. If two legs share a driver, such as the same weather or the same team news, their outcomes are not independent and the parlay probability and expected value calculation must be adjusted accordingly.

Chasing losses with bigger parlays

Chasing losses by adding legs or increasing stake after a losing run is a behavioral trap. It often turns recoverable, controlled losses into larger drawdowns; disciplined bankroll rules and limits help prevent this mistake.

Practical examples: two worked 4 leg parlay calculations

Infographic showing conversion of a -150 and a +200 moneyline to decimal odds with short formulas and final decimals 1.67 and 3.00 for 4 leg parlay

Example A: mixed moneylines. Convert each moneyline to decimal, multiply decimals, apply stake, then compute profit. For example purposes only, suppose you have four legs with decimals 1.5, 1.8, 2.0, and 1.6 and you stake 10 units. Combined decimal = 1.5*1.8*2.0*1.6 = 8.64. Total return = 8.64 * 10 = 86.4 units, profit = 86.4 - 10 = 76.4 units. The same steps are the standard method described in explainers on parlay math Parlay Bet: Definition, Types, and Example.

To compute implied probability for Example A, take reciprocals of decimals to get leg probabilities, for example 1/1.5, 1/1.8, 1/2.0, 1/1.6, then multiply those probabilities together to estimate the parlay chance, which will be substantially lower than any single leg probability Multiplication rule for independent events.

Example B: underdog-heavy parlay. Suppose moneylines convert to decimals 2.2, 2.1, 1.9, and 2.5 with a 5 unit stake. Combined decimal = 2.2*2.1*1.9*2.5 = 21.945. Total return = 21.945 * 5 = 109.725 units, profit = 104.725 units. That shows how underdog legs can produce large headline payouts but at a much lower combined probability of success Parlay Bet: Definition, Types, and Example.

For implied probability in Example B, convert decimals to probabilities and multiply; you will see the parlay chance drop significantly as each underdog's individual probability compounds into a small overall number Multiplication rule for independent events.

Bankroll management and responsible play for multi-leg parlays

Because four-leg parlays carry high variance, stake sizing should be conservative. A common practical approach is a fixed-percentage rule where each parlay stake is a small, predefined share of bankroll so no single loss causes major drawdown; this supports longevity and learning. See discussion that as parlays rise moderation is key As parlays rise in popularity, moderation remains key.

Avoid treating parlays as a primary income strategy. They are best used occasionally within a broader plan that emphasizes consistent edge, rigorous selection criteria, and limits. Responsible play includes setting max-loss rules, tracking results, and taking breaks after heavy losing stretches Sports Betting Glossary.

Stake sizing rules

Use a percentage-based approach, such as 1 percent or less per ticket of your active bankroll, and reduce stakes if you cannot demonstrate a clear, repeatable edge on the selections you use in parlays.

When to avoid parlays

Avoid parlays when you are uncertain about multiple legs, when legs are correlated, or when a single leg's outcome depends on late information you cannot reliably predict; in those cases straight bets can preserve expected value and reduce variance.

Alternatives to placing a 4 leg parlay

Single-game straight bets or smaller parlays provide lower variance alternatives. Placing several single bets gives clearer control over stake sizing and lets you compound success more predictably than relying on a single multi-leg ticket.

Comparing expected returns across options helps decide whether the excitement of a large parlay is worth the mathematical tradeoff. Often the same stake allocated to singles or pairs yields a higher long-term expected value, especially when you can identify a reliable edge on individual selections.

How pushes or voided legs change your ticket: operator examples

House rules often include language that a push or void for an individual leg converts the parlay into a ticket with one fewer leg and the combined decimal is recalculated accordingly; this is commonly described in operator rulebooks and settlement sections FanDuel Sportsbook House Rules.

To verify how a particular operator handles a push, check the settlement or rules page and look for terms like push, void, cancelled event, and settlement; if a leg is voided, recompute the ticket by removing that leg and multiplying the remaining decimals to check the paid amount, or read how FundedPlays evaluations work how FundedPlays evaluations work.

How to read a parlay ticket and verify payouts

A parlay ticket typically lists each leg with its odds, the stake, and the combined or potential payout. To verify a settled parlay, confirm each leg's result, check settlement notes for any pushes or voids, convert each listed moneyline to decimal if necessary, multiply decimals, and compare the computed amount to the paid total Parlay Bet: Definition, Types, and Example.

Minimal 2D vector comparison chart illustrating probability decline as legs increase with the fourth leg highlighted in accent yellow to illustrate 4 leg parlay odds drop on a Funded Plays dark background

Keep screenshots of settled tickets and the operator's settlement message; if the paid amount appears incorrect, use the saved ticket and your recomputed amount to query the operator's support or dispute process while referring to the published house rules.

Summary and key takeaways about 4 leg parlay

A 4 leg parlay is a single bundled ticket that pays only when all four legs win, with payouts calculated by converting each leg to decimal odds, multiplying those decimals, and applying the stake. The multiplication rule for probabilities shows how adding legs reduces the combined win chance, and regulatory reporting highlights that parlays often increase operator hold relative to single bets Parlay Bet: Definition, Types, and Example.

Key practical steps: check house rules for pushes and voids, convert moneylines correctly before computing payouts, use conservative stake sizing, and prefer single bets or smaller parlays when preserving bankroll and expected value is the priority. Running the math before you stake clarifies whether the ticket fits your risk and bankroll plans; see Funded Plays for related resources.

What happens if one leg of a 4 leg parlay pushes?

Many operators reduce the parlay by one leg and reprice the ticket, but exact treatment varies by operator so always check the house rules.

How do I compute the payout for a 4 leg parlay from American odds?

Convert each moneyline to decimal using the standard formulas, multiply the four decimals, multiply by stake for total return, then subtract stake for profit.

Is a 4 leg parlay a good way to grow a small bankroll?

Because parlays have high variance and typically higher operator hold, they are not a reliable primary growth strategy; use conservative stakes and consider single bets for steady growth.

Use the examples and the included calculator spec to run your own numbers before staking money or participating in skill-based simulations. Confirm house rules, set conservative stakes relative to your bankroll, and prioritize reproducible edges over chasing large headline payouts. If you rely on structured challenges or funded simulation platforms, treat parlays as one tool among many and focus on consistent selection quality and disciplined risk management rather than short-term upside.