Parlays combine multiple selections into one ticket, which can create larger payouts from smaller stakes because the leg prices multiply. A 5 leg parlay applies that same multiplicative logic across five selections, but it also concentrates risk because every leg must win for the ticket to pay. This article walks through the core math, the American-to-decimal conversion you should know, a worked numeric example you can follow step by step, and practical checks for pushes and house-rule differences. It is designed for readers who want both the quick answer and a reliable method to compute payouts manually or with a calculator.

A 5 leg parlay pays by multiplying the five decimal odds and applying your stake; profit is return minus stake.

Convert American odds to decimal first using the standard formulas to keep multi-leg math consistent and simple.

Pushes are often voided and reduce the parlay by one leg, so always check the operator's house rules before placing a ticket.

Quick answer: what a 5 leg parlay pays and how to read this article

Short headline answer

A 5 leg parlay payout is the stake multiplied by the product of the five decimal odds; the profit equals the total return minus your original stake, and the bet only pays if every selection wins.

This statement describes the basic payout method and the all-or-nothing nature of an accumulator, and you can read the step-by-step instructions and examples below to verify each step with a calculator or by hand Investopedia parlay guide

What you will learn and why it matters

In the sections ahead you will find the exact American-to-decimal conversion formulas, a clear multiplication workflow for five legs, a worked numeric example, a short checklist for pushes and house-rule variations, and pointers to reputable parlay calculators to speed verification or see our blog.

The article is organized so that if you only need a quick check you can use the worked example or the calculator section, and if you want to understand why the math works you can read the probability interpretation and decision criteria Wikipedia accumulator overview

What a parlay is and why every leg matters

Definition and common synonyms

A parlay, also called an accumulator, bundles multiple selections into a single wager where every leg must win for the ticket to pay; if any leg loses the entire parlay loses as well, which is why parlays magnify both potential payout and risk Investopedia parlay guide

Because the selections are linked, bettors use the same stake across the combined price rather than placing separate wagers for each leg, and that multiplicative structure is what creates larger returns from modest stakes Wikipedia accumulator overview

One losing selection nullifies the full parlay; ties or pushes are commonly treated as void legs that reduce the parlay by one selection, but exact handling depends on the operator's rulebook, so always verify house rules before relying on a projected payout AGA gaming glossary

Practically, that means when you read a combined price for a multi-leg ticket you should interpret it as conditional on every leg winning and remember that the implied chance of success drops quickly as you add legs Investopedia parlay guide

How to convert American odds to decimal for consistent parlay math

Conversion formulas for positive and negative American odds

The conversion formulas used in routine parlay math are simple: for positive American odds use decimal = 1 + (odds / 100); for negative American odds use decimal = 1 + (100 / absolute value of odds), which standardizes odds for multiplication Odds formats and conversions

Using decimal odds avoids repeated format conversions during multiplication and keeps the computation predictable when you combine several legs into one price Odds formats and conversions

What does a 5 leg parlay pay?

A 5 leg parlay pays the stake multiplied by the product of the five decimal odds; profit equals total return minus the stake, and the ticket pays only if every selection wins.

Why decimal odds make multiplication straightforward

Decimal odds include the stake in the price, so multiplying decimal odds for each leg yields a single combined decimal price that already reflects stake return, which is why the decimal format is preferred for parlay payout calculations Investopedia parlay guide

As a short demonstration, converting +150 gives 1 + 150/100 = 2.5 decimal, while converting -120 gives 1 + 100/120 = 1.8333 decimal, and once legs are in decimals you multiply them directly Odds formats and conversions

Core calculation: multiply the five decimal prices and apply your stake

Mathematical steps to get total return and profit

Step 1, convert each American odd to decimal. Step 2, multiply the five decimal prices to get the combined decimal price. Step 3, multiply the combined decimal price by your stake to get total return. Step 4, compute profit as total return minus the original stake Investopedia parlay guide

Because decimal odds include the stake, the combined decimal price is a direct multiplier on the stake; for example a combined decimal of 8.75 and a stake of 10 yields a return of 87.50 and a profit of 77.50 when you subtract the original stake Wikipedia accumulator overview

Practice the conversion and multiplication with the example above

Use the worked example below to practice converting American odds to decimal and multiplying the five decimals step by step; this short exercise will make it easier to check calculator outputs and confirm you understand each step.

Try the example now

How implied probability scales for a 5-leg parlay

The implied probability for a single leg in decimal odds is 1 divided by the decimal price, and for a 5-leg parlay the combined implied probability is the product of each leg's implied probability, which explains why multi-leg parlays have rapidly decreasing chances of success Wikipedia accumulator overview

Use implied probability to compare the parlay's implied chance with your own estimate of how likely the combined outcome is, remembering that bookmakers include a margin that can make implied probabilities conservative relative to real-world expectations Investopedia parlay guide

Worked example: compute a 5 leg parlay step by step

Select five example odds and convert them

We will work with five representative American odds that are modest and commonly seen in match betting: +120, -110, +150, -130, and +105. Convert each to decimal using the standard formulas so you can multiply them in the next step Odds formats and conversions

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Try the example now

Conversion results: +120 becomes 1 + 120/100 = 2.20 decimal; -110 becomes 1 + 100/110 = 1.909090... decimal; +150 becomes 2.50 decimal; -130 becomes 1 + 100/130 = 1.769230... decimal; +105 becomes 1 + 105/100 = 2.05 decimal Odds formats and conversions

Multiply, apply stake, and show return and profit

Multiply the five decimals to get the combined decimal price. Using the converted values above the product is approximately 2.20 * 1.90909 * 2.50 * 1.76923 * 2.05, which you compute either with a calculator or by step multiplication to avoid rounding errors CalculatorSoup parlay calculator or try the Covers parlay calculator

Step by step infographic converting American odds +150 to decimal 2.50 for one leg with clear labels and Funded Plays minimalist colors 5 leg parlay

If you use a sample stake of 10 then multiply the combined decimal price by 10 to get total return; subtract 10 from that return to find profit. Running the numbers in a reliable parlay calculator verifies the manual multiplication and helps avoid input errors during the conversion step CalculatorSoup parlay calculator

Edge case: if one leg pushes the operator may void that leg and treat the ticket as a 4-leg parlay, so you would re-multiply the remaining four decimal prices and then apply the stake to compute the adjusted return DraftKings house rules on parlays

How pushes and house rules change a 5-leg parlay

Common sportsbook treatments of ties or void legs

The typical approach among many operators is to treat a push as a void leg and reduce the parlay by one selection, effectively turning a 5-leg parlay into a 4-leg parlay for payout calculation, but this is not universal and you should always check the specific house rules DraftKings house rules on parlays

Some operators may have additional rules for postponed events, player props that are voided, or correlated legs; those nuances can change payout expectations and are reasons to confirm the operator's published rules before placing multi-leg tickets AGA gaming glossary

How to adjust the payout calculation when a leg is voided

When a leg is voided, remove that leg's decimal from the product and recompute the combined decimal for the remaining legs, then multiply by your stake to get the revised total return; the profit is still return minus stake DraftKings house rules on parlays

Practically, if you prefer to pre-check outcomes set your calculator to handle push handling explicitly or run the calculation twice, once including a leg and once excluding it, so you understand both potential payouts before you accept the risk CalculatorSoup parlay calculator

Parlay calculators and quick tools that save time

What a good parlay calculator does

A reputable parlay calculator accepts American, decimal, or fractional odds, converts as needed, multiplies the leg decimals, applies a stake, and returns both total payout and profit while offering options for push handling and stake sizing CalculatorSoup parlay calculator. Action Network also offers a calculator at Action Network

Using a calculator reduces arithmetic mistakes and rounding errors, and it is a practical way to verify your manual math while learning; calculators also show intermediate decimal conversions so you can cross-check each step CalculatorSoup parlay calculator and some tools such as OddsJam

estimates total return for a multi-leg parlay

ensure decimals are used for Odds n

How to enter American, decimal, or fractional odds

When using a calculator choose the input format you have; if you enter American odds the tool should convert to decimal internally using the standard formulas so you can trust the multiplication result, and always check whether the calculator treats pushes as void by default CalculatorSoup parlay calculator

For learning, perform one manual conversion and then input the decimal into the calculator to confirm both your conversion and the final multiplication agree, which builds confidence in the process and reduces entry mistakes during live use Investopedia parlay guide

Decision criteria: when a 5-leg parlay might make sense

Risk versus reward and bankroll considerations

A 5-leg parlay increases potential payout because decimals multiply, but the combined implied probability falls as legs are added, so use smaller stakes relative to your bankroll for multi-leg tickets and treat them as higher-variance plays Investopedia parlay guide

If your objective is steady long-term growth, prefer single bets sized by a disciplined staking plan; consider parlays only when the combined selection structure offers a positive expected value for your estimates or when you accept the higher variance Wikipedia accumulator overview

Alternative strategies to compare

Alternatives that preserve upside while reducing total variance include round robin tickets that break a large parlay into smaller combinations or shading stake sizes and using correlated bets selectively when you understand how correlation affects true probability Investopedia parlay guide

Always run quick EV checks by comparing your estimated probability for the combined outcome with the parlay's implied probability, and if the math does not support a positive edge consider single bets or smaller parlays instead Wikipedia accumulator overview

Interpreting implied probability and expected value for a 5-leg parlay

How to compute implied probability from decimal odds

For a single leg the implied probability is 1 divided by the decimal price; for a 5-leg parlay multiply each leg's implied probability to get the parlay implied probability, which you can compare to your subjective estimate of the chance all five outcomes occur Wikipedia accumulator overview

Because bookmakers build margin into prices, the parlay implied probability will usually overstate the real cost of the ticket relative to objective probabilities, so use your own assessments and conservative margins when judging expected value Investopedia parlay guide

Using implied probability to compare with your own chance estimates

Convert each leg to implied probability, multiply them for the combined implied probability, and then calculate expected value by comparing your assessed probability to the parlay implied probability multiplied by the payout; this process shows whether the ticket is mathematically sensible under your assumptions Investopedia parlay guide

Keep in mind that small errors in estimating each leg compound across five legs, so conservative estimates and modest stakes are prudent when you cannot assess every outcome with high confidence Wikipedia accumulator overview

Common mistakes and pitfalls to avoid with 5-leg parlays

Overconfidence in correlated outcomes

A frequent error is treating correlated events as independent, which inflates your subjective probability for all legs occurring; correlated legs can materially change the true joint probability and lead to overbetting relative to the actual risk AGA gaming glossary

Another operational mistake is mis-entering odds format or forgetting to convert American odds to decimal before multiplication, so always double-check formats and run the calculation twice if needed CalculatorSoup parlay calculator

Ignoring pushes and house rules

Failing to account for push handling is common; if a push reduces a 5-leg ticket to four legs you must recompute the payout based on the remaining decimals, and not all operators handle these situations identically DraftKings house rules on parlays

Finally, over-sizing stakes relative to bankroll on long parlays is a recipe for large variance, so include stake checks in your pre-bet routine and treat large multi-leg tickets as discretionary plays rather than core bankroll growth strategies Investopedia parlay guide

Practical scenarios: common 5-leg parlay mixes and alternatives

Favorite-only parlays versus mixing favorites and underdogs

A favorite-only 5-leg parlay will usually offer a lower combined decimal and a higher combined probability than a ticket that mixes underdogs, but the payout will also be smaller for the same stake; choose structure based on your probability assessments and variance tolerance Wikipedia accumulator overview

Mixing favorites and underdogs raises the combined decimal price and variance, and if you include several priced underdogs the headline payout climbs quickly while the implied probability drops, so balance ambition with realism when building the ticket Investopedia parlay guide

Alternatives: round robins and single bets

Round robin tickets split a long parlay into multiple smaller parlays, which reduces the chance of a complete losing ticket and can salvage partial wins while keeping some upside; single bets remain the simplest way to manage variance and isolate value where you find it Wikipedia accumulator overview

Before submitting any 5-leg parlay, estimate the combined implied probability, compare it to your expected probability, and consider whether breaking the ticket into smaller combinations better matches your risk and bankroll goals Investopedia parlay guide

Quick reference: formulas, one-line cheatsheet, and checklist

Essential formulas

American to decimal: positive odds decimal = 1 + (odds / 100); negative odds decimal = 1 + (100 / |odds|). Parlay payout: total return = stake * product of leg decimals. Profit = total return - stake Odds formats and conversions

Implied probability single leg = 1 / decimal. Parlay implied probability = product of individual implied probabilities Wikipedia accumulator overview

Pre-bet checklist

Convert American odds to decimal, multiply the decimals, apply stake to get total return, subtract stake for profit, verify how pushes are handled by the operator, and confirm stake size relative to bankroll before placing the ticket CalculatorSoup parlay calculator

Use a parlay calculator to double-check manual math and keep a record of your entries to avoid format mistakes during live use Investopedia parlay guide

Conclusion: smart use of 5-leg parlays and next steps

Summary of key takeaways

In short, a 5 leg parlay payout equals the stake multiplied by the product of the five decimal odds, with profit equal to return minus stake, and the bet only wins if every leg wins; pushes may reduce the leg count depending on the operator so always check house rules before placing a ticket Investopedia parlay guide

To practice calculations without financial exposure consider simulation tools or skill-based challenge platforms that let you test workflows and verify results while you build confidence in converting odds and multiplying decimals CalculatorSoup parlay calculator

Minimalist 2D vector screenshot parlay calculator UI with five input slots and two result cards showing total return and profit icons 5 leg parlay

See Funded Plays evaluations here if you want an example of challenge rules and evaluation criteria.

Try manual conversions alongside a reputable parlay calculator to learn the mechanics, and use small stakes or simulated accounts if you want live practice without large financial risk; FundedPlays is an example of a skill-focused platform where users can practice structured sports prediction tasks under challenge rules rather than traditional wagering Investopedia parlay guide

When in doubt, re-run the calculation, confirm push rules with the operator, and treat 5-leg parlays as higher-variance plays that deserve deliberate stake sizing and a clear EV rationale Wikipedia accumulator overview

What is a 5 leg parlay?

A 5 leg parlay is a single bet linking five selections; it pays only if all five selections win and the payout equals stake times the product of the five decimal odds.

How do pushes affect a 5 leg parlay?

Pushes are commonly treated as void legs that reduce the parlay by one selection and require recomputing the payout for the remaining legs, but operator rules vary so check the house rules.

Can I use American odds directly in a parlay calculator?

Most reputable parlay calculators accept American odds and convert them to decimal internally, but you can also convert manually using the standard formulas before multiplying.

A 5 leg parlay can be an effective tool when you have conviction and manage stake size thoughtfully, but the math is straightforward: convert to decimal, multiply, apply stake, and subtract the stake to get profit. Use calculators to verify manual work and always confirm push handling with your operator. If you want to practice without placing large wagers, try simulations or challenge-based platforms that let you test conversion and multiplication in a structured setting before committing significant bankroll.