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At −110 per leg — the standard spread and totals price — a 2-leg parlay pays roughly $264 profit on a $100 stake, and a 5-leg parlay pays roughly $2,436. Those headline numbers look great until you compare them to what the math says you should earn; the sportsbook keeps the gap, and the gap widens with every leg you add.
What Does the Parlay Payout Table Show at −110?
The table below compares true (mathematically correct) odds against typical sportsbook payouts for parlays where every leg is −110. The "true" column assumes a fair 50% win probability after removing the vig; the "sportsbook" column reflects standard book payouts sourced from published payout research.
| Legs | True Odds (fair) | Sportsbook Odds (typical) | $100 Profit (sportsbook) | Approx. House Edge |
|---|---|---|---|---|
| 2 | 3:1 | ~2.6:1 | ~$264 | ~5% |
| 3 | 7:1 | ~6:1 | ~$596 | ~10% |
| 4 | 15:1 | ~12:1 | ~$1,228 | ~17% |
| 5 | 31:1 | ~24:1 | ~$2,436 | ~25%+ |
The 2-leg ticket looks almost fair — only about 5% edge. By the time you reach five legs, you're surrendering more than 25% of the expected value to the book, because the vig on each individual −110 leg compounds rather than adds. For a deeper look at why that compounding matters, the parlay house edge and vig compounding page walks through the algebra step by step.
How Are These Parlay Payout Numbers Calculated?
Each American odds line converts to a decimal. At −110, that decimal is 1.909 (you divide 100 by 110, then add 1). Multiply all the decimals together, then multiply by your stake to get the total return. Two legs: 1.909 × 1.909 ≈ 3.645 decimal, meaning a $100 bet returns $364.50 total — about $264 profit. If you want to run the same process for your own ticket, the decimal multiplication method for parlay odds explains every step with worked examples.
The sportsbook doesn't apply true decimal math; it uses a compressed payout table that captures the vig on every individual leg. The full picture of how those tables are structured — and how to use them before you build a ticket — is covered in the parlay odds and payout tables overview.
Does the Payout Cap Affect Long-Odds Parlays?
Yes. Most sportsbooks cap parlay payouts at 100,000:1 regardless of the computed odds. That ceiling rarely matters on 2–5 leg tickets at −110, but it becomes relevant on longer slates with bigger underdogs. It's worth checking the house rules before you build a multi-leg ticket mixing spreads, moneylines, and totals.
What About Tax Withholding on a Big Parlay Win?
A 5-leg $100 parlay that pays ~$2,436 total won't trigger mandatory withholding on its own, but a larger stake could push the net above $5,000, at which point the sportsbook must withhold 24% for federal taxes before you see the money. Separately, a payout of $600 or more that is at least 300× your wager triggers a W-2G form — a threshold parlays hit more easily than straight bets. See the W-2G and parlay wins reporting guide for the full breakdown, and the parlay taxes overview for withholding thresholds. Must be 21+. Gambling problem? Call 1-800-GAMBLER.
Is a 5-Leg Parlay Worth the Risk?
Mathematically, no — expected value drops with each leg you add. A 5-leg ticket at −110 should pay 31:1 at true odds but pays only ~24:1, which means roughly one-quarter of your expected return disappears into the book's margin. That doesn't mean parlays are pointless — limited risk with amplified upside has real recreational appeal — but understanding the gap between true and book odds helps you set realistic expectations. If you're weighing whether to build a parlay or place individual bets, the parlay vs. straight bet comparison lays out both sides with concrete numbers.