Parlays are a popular way to combine multiple NHL picks into one bet that can pay well if every selection hits. This article shows the math behind parlay payouts, explains how operator policies and rounding can change final numbers, and gives practical examples so you can compute estimates and check sportsbook checkout prices with confidence. You will learn how to convert American odds to decimal, multiply leg odds correctly, calculate gross and net returns, and what to look for in same-game parlay rules and house rules before you press confirm.

A parlay multiplies decimal odds for each leg, then multiplies the product by the stake to estimate gross return.

Same-game parlays carry correlation rules that can cause some combinations to be declined or adjusted.

Operators publish house rules that govern settlement, rounding, and payout conventions; always verify them before confirming a parlay.

What this article covers and why it matters

This guide explains how NHL parlay payouts are calculated and why checking both the math and the sportsbook house rules matters in practice. The explanation covers the conversion from American odds to decimal, the multiplication step to estimate gross returns, and the settlement quirks that can change the final amount, and it includes practical tips for using a parlay payout calculator and verifying the on-screen total early in your process for nhl predictions picks and parlays.

Parlays bundle two or more selections into a single wager where every leg must win for the ticket to pay, and that all-legs requirement is important because it raises variance and changes how you should size stakes and manage risk. A clear understanding of stake, gross return, and net profit helps you interpret checkout numbers and avoid simple errors before you press confirm.

Verify the checkout and house rules on FundedPlays Challenges

Before you confirm a parlay, double-check the on-screen payout and the sportsbook's posted house rules to avoid surprises.

See the challenges and rules

Across U.S. betting education and operator materials, parlays are described as a single bet made up of multiple selections, and the combined payout is determined by multiplying the decimal prices of each leg and applying the stake, which is the core math readers will apply in the worked examples below Investopedia parlay definition

Who should read this

This article is aimed at sports fans and bettors who want a practical, rules-aware explanation of how parlay calculations work, from beginners learning the math to experienced handicappers checking operator settlement details.

Quick summary of the key takeaway, nhl predictions picks and parlays

Short takeaway: convert American odds to decimal, multiply the decimal values for every leg, multiply by your stake to get the gross payout, then subtract your stake to find net profit, and always verify the sportsbook checkout and house rules before placing a parlay.

Quick answer: How parlay payouts are computed

At its simplest, a parlay payout is computed by converting each American price to decimal, multiplying the decimal odds together, and then multiplying that product by the stake to get the gross return. This step-by-step rule is the standard approach used in betting education and operator descriptions that explain parlay math Investopedia parlay definition. See the Fox Sports guide for another practical overview.

Example: suppose you have two legs with American odds +150 and -120 and you stake $10. Convert +150 to decimal as 1 + 150/100 = 2.5 and convert -120 as 1 + 100/120 = 1.833333. Multiply 2.5 * 1.833333 = 4.583333, then multiply by $10 to estimate a gross return of $45.83. Remember to check the on-screen payout because operator rounding or pricing may change the final shown value.

How parlays work: definition, mechanics, and when they pay out

Formal definition of a parlay

A parlay combines two or more selections into one bet that wins only if every leg wins. If any single leg loses, the entire parlay typically loses; this definition is the foundation of how payouts and probabilities behave for parlays American Gaming Association glossary

Why a parlay multiplies probabilities and payouts

Because each leg must win, the implied probability of the parlay is roughly the product of the individual leg probabilities, which is why payouts are computed by multiplying decimal odds rather than adding outcomes. Practically, this means adding legs increases the potential payout but reduces the chance of winning.

How do NHL parlay payouts work?

Parlay payouts are calculated by converting American odds to decimal, multiplying the decimal odds of each leg, and then multiplying by the stake to get the gross return; operator house rules and rounding conventions can change the final displayed payout, so verify the on-screen price and posted rules before confirming a bet.

When a parlay loses or is voided

If a leg is voided, canceled, or officially pushes, most operators remove that leg and settle the parlay with the remaining legs, effectively treating the parlay as if it had one fewer leg; specific settlement rules and how pushes are handled are defined in operator house rules and can differ by jurisdiction Ohio administrative house rules

Understanding void and push rules is important because a voided leg usually reduces the parlay to a smaller combination and therefore lowers the gross payout, while some uncommon outcomes can trigger specific operator treatments described in published rules.

Converting American odds to decimal odds (the exact formulas)

Positive American odds: formula and example

Use this formula for positive American odds: decimal = 1 + (odds / 100). For example, +200 becomes decimal 1 + 200/100 = 3.0, which means a $1 stake returns $3.00 in gross value if that leg wins. This conversion is standard guidance for reading American-format prices Investopedia American odds guide

Negative American odds: formula and example

For negative American odds, use: decimal = 1 + (100 / absolute value of odds). For instance, -150 converts to 1 + 100/150 = 1.6666667, which multiplies your stake by about 1.667 for gross return if that selection wins.

Why decimal conversion matters for multiplications

Close up of a hand holding a smartphone showing a parlay bet slip converting American odds to decimal on a clean Funded Plays style interface nhl predictions picks and parlays

Decimal odds are the convenient multiplier form you use when computing parlays because multiplying decimal numbers directly gives the combined gross multiplier you then apply to your stake to estimate gross payout; skipping the conversion and trying to multiply American odds directly will yield incorrect results.

Calculating an NHL parlay payout step by step

Step 1: list legs and their American odds. Write down every selection and its American price so you can convert accurately and avoid transcription errors. Keep the stake amount handy.

Step 2: convert each leg to decimal using the formulas above. For clarity, convert each in its own line before multiplying to avoid mistakes, and keep a calculator or spreadsheet open for the next step. (See our evaluations guide.)

Funded Plays Challenges

See the challenges and rules

Step 3: multiply the decimal odds of each leg to get the combined decimal multiplier, then multiply that multiplier by your stake to estimate the gross payout. If your parlay has three legs with decimals D1, D2, and D3 and your stake is S, gross return = S * D1 * D2 * D3.

Step 4: compute net profit by subtracting the stake from the gross return. Finally, verify the sportsbook on-screen payout because rounding and operator pricing can create small differences between your manual estimate and the checkout price DraftKings general rules

Same-game parlays: correlation rules, eligibility, and common restrictions

What makes a same-game parlay different

Same-game parlays allow multiple selections from a single event, which concentrates variance inside one contest and introduces correlation concerns that do not appear in cross-game parlays; many operators permit SGPs but restrict certain combinations to manage risk and maintain fair settlement Action Network same-game parlay guide

Why operators restrict correlated outcomes

Correlation rules prevent bettors from combining mutually dependent outcomes that would otherwise give an outsized implied edge, such as betting both that a team will win and that a specific opponent will outscore them in ways that contradict each other; operators may decline or re-price these combinations to address liability and fairness.

Examples of rejected or adjusted combinations

Commonly rejected SGP combinations include those that are logically inconsistent or highly dependent, like two mutually exclusive player props in the same game; an operator might refuse the combination, void one leg, or price the parlay differently according to its published SGP rules, so always check eligibility on the event screen before you confirm the ticket.

How sportsbooks price parlays and why displayed prices can differ from simple multiplication

Many operators display parlay prices that embed a margin or use proprietary models rather than strictly multiplying the displayed standalone decimals, which means a manual multiplication of single-leg prices can differ from the checkout number you see on the bet slip DraftKings general rules

Proprietary pricing models account for liability, hedge positions, and built-in margins, all of which can shift the final price; practical behavior for bettors is to treat the on-screen checkout price as authoritative for that operator and use manual math only as a cross-check.

compare manual parlay multiplication with sportsbook checkout price

use decimals for calculation

Because operators can adjust prices for risk and margin, the checkout price is the final negotiated number for that operator at the moment of bet placement, and if your manual calculation differs slightly you should prioritize the on-screen payout for settlement expectations.

House rules, rounding conventions, and settlement details you must check

Where house rules live and what they cover

U.S. licensed operators publish house rules that explain settlement procedures, rounding, and special-case treatments; these rules are authoritative for how a bet is settled and should be consulted when you need certainty about edge cases or unusual outcomes Ohio administrative house rules

Common rounding and settlement rules that change payouts

Rounding conventions vary and can affect the final cents of a payout: operators may round intermediate decimal conversions or final totals differently, which is why a manual estimate can be a few cents off from the displayed checkout; these small differences are routine but worth noting for large stakes.

Jurisdictional differences and regulatory notes

Because maximum leg counts, allowable market types, and settlement details depend on operator and jurisdiction, your experience with SGP availability and rounding can differ between states and between operators, making it essential to verify local rules and the on-screen payout before placing a parlay Ohio administrative house rules

Choosing how many legs to include and managing stake size

Adding legs increases potential payout but reduces the probability of winning, so there's a clear trade-off between upside and long-term expected results; view parlays as high-variance plays rather than low-variance investments and size stakes accordingly when managing a bankroll DraftKings general rules

Practical limits like operator maximum leg counts and SGP eligibility also shape how many legs you can include; check those limits before building a large ticket, and consider splitting stakes across smaller, less-correlated parlays to reduce extreme variance.

Simple bankroll guidance: cap parlay stakes as a small percentage of a short-term betting bankroll and avoid using large portions of available capital on long-shot multi-leg tickets, because the probability of loss increases quickly with each added leg.

Common mistakes and pitfalls to avoid when estimating payouts

Do not multiply American odds directly without converting to decimals first, as that produces incorrect results; conversion is a necessary step and is the most common calculation error Investopedia American odds guide

Avoid creating invalid SGP combinations that violate correlation rules, and do not assume every logically possible plural selection is allowed by an operator; check SGP eligibility before you commit a stake to avoid declined or voided legs.

Also remember that rounding and house-rule effects can change a few cents on any final payout, so use manual math for estimates and rely on the checkout price and published rules for settlement certainty.

Practical NHL examples and scenarios you can calculate at home

Three-leg moneyline parlay example

Example: three moneyline legs-Team A +140, Team B -115, Team C +210-with a $20 stake. Convert to decimals: +140 => 1 + 140/100 = 2.4; -115 => 1 + 100/115 = 1.869565; +210 => 1 + 210/100 = 3.1. Multiply decimals: 2.4 * 1.869565 * 3.1 = 13.903478. Multiply by stake: $20 * 13.903478 = $278.07 gross return. Net profit = $278.07 - $20 = $258.07. Use the sportsbook checkout to confirm the final number since rounding or operator pricing may yield a slightly different displayed payout Investopedia parlay definition

SGP example and how correlation changes settlement

SGP scenario: in one game you pick Team D to win and also pick a player from Team D to score the first goal. Because these outcomes are correlated, an operator might restrict such combinations or price them differently, and in some cases the operator may disallow a direct combination of mutually dependent props; check the SGP rules on the event screen to see allowed pairings Action Network same-game parlay guide

Example showing rounding differences between manual calc and on-screen payout

Rounding example: a manual multiplication could produce a gross return of $112.345, which you might round to $112.35 locally, while an operator might round intermediate decimals differently and display $112.34 at checkout; these cent-level differences stem from house-rule conventions and do not indicate a calculation error in most cases Ohio administrative house rules

Using calculators and simple tools safely

A reliable parlay payout calculator converts American odds to decimal, multiplies decimals, applies the stake, and shows gross and net results, which speeds the manual process while yielding the same arithmetic outcome if the formulas are implemented correctly Investopedia American odds guide. You can also try a third-party tool such as the Action Network parlay calculator for quick checks.

Always cross-check a calculator result with a manual example and with the sportsbook on-screen payout; calculators are convenient but the operator's checkout and posted house rules determine settlement in the event of a discrepancy. (See our blog, or try a calculator like VegasInsider's parlay calculator.)

Key takeaways and what to check before you press confirm

Checklist before placing a parlay: convert American odds to decimal, multiply decimal odds for all legs, multiply by your stake to get gross return, subtract stake for net profit, then verify the on-screen payout and read the house rules for settlement and rounding conventions. These steps help you avoid basic calculation errors and ensure you understand how the operator will settle the ticket Investopedia parlay definition

Final reminder: parlays are high-variance tools that can produce large payoffs but lower win probabilities. Be rule-aware, check SGP eligibility if combining selections from one game, and size stakes to preserve bankroll and long-term performance goals. Learn more at Funded Plays.

How do I convert American odds for a parlay?

Convert positive American odds with 1 + odds/100 and negative odds with 1 + 100/|odds|, then multiply the decimal odds for every leg and apply your stake.

What happens if one leg is voided or pushes?

Most operators remove the voided leg and settle the parlay with the remaining legs, but house rules vary so check the operator's published rules and the on-screen payout.

Are same-game parlays always allowed?

Many operators allow SGPs but restrict correlated or logically inconsistent combinations; always verify SGP eligibility on the event screen before placing the bet.

Understanding parlay math and operator rules reduces surprises and helps you size stakes responsibly. Use manual conversion as a learning tool, rely on calculators for speed, and treat the sportsbook checkout as the final authority for settlement. Play responsibly and remember that consistent, disciplined decision-making matters more than chasing occasional large parlay payoffs.