A 4 leg parlay is a common way to combine multiple selections into one single ticket. This explainer walks through the definition, the math for decimal and American odds, settlement differences such as pushes and voids, and practical checks to avoid common mistakes. The goal is to give you clear, regulator-aware guidance so you can compute payouts accurately and understand the rules that affect how a parlay is settled. The steps and examples use standard conversion and probability methods so you can replicate the calculations on your own.

A 4 leg parlay is one ticket that only pays if all four selections win.

Convert American odds to decimal before multiplying, then multiply decimals and stake to compute return.

State catalogs often restrict correlated same-event parlays, so check operator rules before combining linked selections.

What is a 4 leg parlay?

A 4 leg parlay is a single wager that combines four separate selections, and the ticket pays only if every one of those four legs wins; if any leg loses, the parlay loses, which is the standard definition found in neutral glossaries and references Parlay (bet) overview on Wikipedia.

Think of a parlay as one ticket with four linked outcomes rather than four independent single bets: the stake is placed once and attached to the combined price that results from all legs being combined.

Settlement specifics, like how pushes or voided legs are treated, can vary by operator and by jurisdiction, so it is important to check the operator house rules and the relevant state wagering catalog for binding details.

Why some players choose a 4 leg parlay

Players often choose a 4 leg parlay because it can produce a larger potential return from a single stake compared with placing that stake on one individual selection; combining prices multiplies potential payout, but it also multiplies the probability that at least one leg fails, lowering the overall hit rate Parlay (bet) overview on Wikipedia. Learn more at the Funded Plays homepage.

The trade-off is straightforward: the same stake can offer greater upside in a parlay, but the combined probability declines as legs are added, so parlays hit less often than single bets even when each leg is a favorite.

For disciplined players, parlays can be a tool to leverage a confident set of picks, but outcomes depend on selection accuracy and operator rules rather than any guaranteed advantage.

How to calculate 4 leg parlay payouts with decimal odds

When every leg is quoted in decimal odds, the combined parlay price equals the product of the four decimal odds, and the potential return equals your stake multiplied by that product; the implied probability is the reciprocal of the combined decimal odds, which is the standard arithmetic approach for odds and implied probability Odds and conversion reference on Wikipedia. Calculator tools such as Action Network's parlay calculator can automate the math.

Follow these steps to compute a decimal parlay payout:

1. Write down each leg's decimal odds.

2. Multiply the four decimal odds together to get the combined decimal price.

3. Multiply the combined decimal price by your stake to find the potential return.

4. Take 1 divided by the combined decimal price to get the implied probability of the parlay.

Example: suppose the four legs are priced 1.50, 1.80, 1.40 and 2.10. Multiply them: 1.50 x 1.80 x 1.40 x 2.10 = 7.938. If your stake is 10.00, the potential return is 10.00 x 7.938 = 79.38. The implied probability is 1 / 7.938 = 0.126, or about 12.6 percent.

Calculate your parlay payout

Use the example numbers above to test this multiplication with your own stake and confirm how quickly combined odds change as you alter a single leg.

Try the examples

When you apply the multiplication method in practice, round only for display and keep full precision for any implied probability calculation to avoid compounding rounding error.

Converting American odds for a 4 leg parlay

American odds must first be converted to decimal prices before you multiply them together; the standard conversion formulas are +X becomes 1 + X/100 and -X becomes 1 + 100/|X|, which is the common method for moving between American and decimal formats Odds and conversion reference on Wikipedia. You can also use online converters and parlay calculators such as Covers' parlay calculator to check conversions.

Here is the conversion and payout pipeline:

1. Convert each American odd to decimal using the formula for its sign.

2. Multiply the four decimal equivalents to get the combined decimal price.

3. Multiply by your stake for the potential return.

Example: suppose the legs are +120, -150, +200 and -110. Convert them step by step: +120 converts to 1 + 120/100 = 2.20; -150 converts to 1 + 100/150 = 1.6666667; +200 converts to 1 + 200/100 = 3.00; -110 converts to 1 + 100/110 = 1.9090909. Multiply these decimals: 2.20 x 1.6666667 x 3.00 x 1.9090909 ≈ 20.99. With a stake of 10.00, the potential return would be roughly 10.00 x 20.99 = 209.90, and the implied probability is about 1 / 20.99 = 0.0476, or 4.76 percent.

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Try the examples

When doing conversions, label each step clearly and keep a record of the decimals before multiplying; that reduces the chance of a conversion error that would distort the final payout. See how Funded Plays evaluations work for related process detail.

Implied probability and risk for a 4 leg parlay

The implied probability of a parlay equals the reciprocal of the combined decimal odds, and because decimals multiply across legs, the probability of the parlay is the product of each leg's implied probability when legs are treated as independent, which makes overall success rates fall quickly as legs are added Odds and conversion reference on Wikipedia.

To see the effect, compute each leg's implied probability by taking 1 divided by its decimal odds, then multiply those probabilities together; that final product approximates the parlay's probability when legs are independent.

Even if each leg is slightly favored, the multiplicative nature means a set of favorites can still produce a low combined probability; this is one reason parlays are high variance tools and why players should compare the implied parlay probability with their own assessment of each leg before staking money.

Settlement rules, pushes and voided legs for 4 leg parlays

Operators handle pushes and voided legs according to their published house rules, and those rules operate under regulator oversight and state wagering catalogs, so treatments can differ by operator and jurisdiction Ohio wagering catalog.

Typical treatments include reducing the parlay by removing the pushed leg and recalculating the combined price for the remaining legs, treating a push as a loss in some rare cases if specified, or voiding affected legs according to the operator policy.

What is the simplest way to calculate a 4 leg parlay payout?

Convert all legs to decimal odds if needed, multiply the four decimals to get the combined price, multiply that by your stake for potential return, and take 1 divided by the combined decimal price to find the implied probability.

Because state catalogs and operator house rules set binding settlement methods, always confirm how pushes and voids are treated before placing a parlay, especially for complex bets that span multiple events or special markets.

Correlated legs and regulatory constraints on parlays

Correlated legs are selections whose outcomes are not independent, for example two props that depend on the same player performance or two outcomes from the same event, and regulators commonly restrict or prohibit correlated parlays to prevent pricing distortions Arizona event wagering catalog.

State wagering catalogs frequently require legs to be independently priced or otherwise disallow combinations that create a mechanical link between outcomes, which means combining same-event selections may be blocked or re-priced by some operators.

Before building a 4 leg parlay that includes multiple selections tied to the same game or player, check the operator policy and the relevant state catalog to confirm whether those combinations are permitted or how they will be settled.

Typical mistakes when building a 4 leg parlay

Common errors that reduce expected value include failing to convert American odds before multiplying, miscomputing implied probability, assuming pushes always void the whole ticket, and overlooking correlation rules that disallow certain combinations Odds and conversion reference on Wikipedia.

Other frequent mistakes are overestimating the accuracy of your legs and staking too large a portion of your bankroll on a one-off parlay rather than allocating across singles or smaller combinations.

Verify odds conversion and multiplication steps

Convert odds
Multiply decimals
Recalculate after push

Use with example numbers

To avoid these mistakes, follow a simple checklist: label conversions, keep intermediate decimals, recompute combined odds before committing the stake, and read the operator's rules on correlation and settlement.

Practical example: calculating a 4 leg parlay with decimal odds

Close up overhead view of calculator and a handwritten note showing decimal odds multiplication steps on a desk with a small sports schedule in the background 4 leg parlay

Work through a concrete decimal example to see each step in practice. Suppose the four decimal odds are 1.60, 1.90, 1.50 and 2.20 and your stake is 20.00; this example follows the standard multiplication approach for decimal parlays Odds and conversion reference on Wikipedia.

Step 1: Multiply the decimals: 1.60 x 1.90 x 1.50 x 2.20 = 10.064. Step 2: Multiply by the stake for potential return: 20.00 x 10.064 = 201.28. Step 3: Implied probability is 1 / 10.064 = 0.0994, or about 9.94 percent. Interpret the result against your own probability estimates for each leg and verify operator settlement rules for pushes or voids before accepting the ticket.

Practical example: calculating a 4 leg parlay with American odds

Use a mixed American odds example to show conversion and payout: legs at +130, -140, +220 and -115 with a 25.00 stake. Convert each using the standard formulas and then multiply the decimals to reach the combined price Odds and conversion reference on Wikipedia.

Conversion steps: +130 -> 1 + 130/100 = 2.30. -140 -> 1 + 100/140 = 1.7142857. +220 -> 1 + 220/100 = 3.20. -115 -> 1 + 100/115 = 1.8695652. Multiply: 2.30 x 1.7142857 x 3.20 x 1.8695652 ≈ 23.59. Potential return: 25.00 x 23.59 ≈ 589.75. Implied probability: 1 / 23.59 ≈ 0.0424, or about 4.24 percent. Remember that if one leg pushes or is voided the payout will change according to operator policy.

How pushes and voided legs change your parlay payout

When a leg is pushed, many operators reduce the parlay by removing that leg and recomputing the combined price using the remaining legs, which effectively turns a four-leg parlay into a three-leg parlay with the same stake in most common house rules; the exact approach is operator-specific and subject to regulator oversight Massachusetts sports wagering catalog. Online tools such as OddsJam's parlay calculator can help you model those changes.

If a leg is voided because an event is canceled or a market is not graded, the operator typically treats the leg as removed and recalculates the ticket for the remaining legs, but some operators may have alternative treatments, including returning the stake for the affected leg in certain scenarios.

To recalculate after a push or void, remove the affected leg's decimal price and multiply the remaining decimals, then multiply by your stake; always confirm the operator's published settlement policy to know which method applies to your ticket.

Decision criteria: when a 4 leg parlay makes sense

Use a simple checklist to decide whether a 4 leg parlay fits your goals: compare the parlay implied probability to your own probability estimates for the combined event, check that the implied edge (if any) justifies the increased variance, and ensure the stake fits your bankroll plan rather than exposing too much capital to low-probability outcomes Parlay (bet) overview on Wikipedia.

If your personal probability estimates produce a higher expected value for the parlay than for the equivalent allocation across singles, and you accept the added variance, a parlay can be reasonable; otherwise, singles or smaller combinations may be a better fit for disciplined bankroll management.

Alternatives to a 4 leg parlay and risk comparison

The main alternative is placing the same total stake across single bets, which reduces variance because each selection resolves independently and variance scales differently than for a parlay; smaller parlays or round robin structures can also spread risk while maintaining some upside.

When comparing options, consider transaction costs, any limits or rule differences imposed by the operator, and how correlation rules might affect the availability or pricing of certain combinations.

Quick checklist before placing a 4 leg parlay

Before you submit a parlay ticket, verify these items: confirm you converted American odds correctly if needed, recompute the combined decimal price, calculate the implied probability and compare it to your own estimates, and check the operator treatment for pushes, voids and correlated legs in the house rules or state catalog Ohio wagering catalog. You can also visit our blog for additional reading.

Also confirm stake size, potential return, and any promotional terms that might affect settlement so there are no surprises if a leg is voided or if rules differ from your expectations.

Conclusion: safe practices for using 4 leg parlays

In summary, a 4 leg parlay is a single ticket that requires all four selections to win to cash, and because decimal prices multiply across legs the implied probability drops rapidly as legs are added; that arithmetic explains why parlays are high variance instruments and why cautious, math-based decision making is important Parlay (bet) overview on Wikipedia.

Settlement and correlated-leg rules vary across operators and states, so verify the operator house rules and the applicable state wagering catalog before placing complex parlays. Use the checklists and conversion steps above to reduce simple mistakes, and treat parlays as a tactical option rather than a guaranteed path to returns.

Do all four legs of a 4 leg parlay have to win?

Yes. A 4 leg parlay must have all four selections win for the ticket to cash; if any leg loses, the parlay loses, though pushes or voids are handled per operator rules.

How do I convert American odds for a parlay?

Convert each American odd to decimal using +X -> 1 + X/100 and -X -> 1 + 100/|X|, then multiply the decimals and multiply by your stake to get the potential return.

What happens if one leg is voided?

Treatment varies by operator; common practice is to remove the voided leg and recalculate the parlay using the remaining legs, but check the house rules to confirm.

Parlays offer a way to amplify returns from a small stake, but that amplification comes with sharp reductions in implied probability as legs are added. Treat 4 leg parlays as a high-variance tool and verify any operator-specific settlement or correlation rules before you place a ticket. Using the conversion formulas and checklists in this article will reduce simple errors and help you decide when a parlay fits your edge and bankroll plan.