A parlay is a bet that involves two or more outcomes. The odds of a parlay are calculated by taking the combined likelihood of all outcomes multiplied by the payout of the first outcome. For example, if you bet on two teams with odds of 2.0 and 3.0, the parlay odds would be 6.0 (2.0 × 3.0 = 6.0). The higher the odds of the individual outcomes, the higher the payout of the parlay. Parlay odds can also be calculated manually using a formula. The formula for calculating parlay odds is: Odds = (Payout of 1st outcome × Payout of 2nd outcome) + (Payout of 1st outcome × Payout of 3rd outcome) + …. This formula allows gamblers to calculate their potential returns when putting on a parlay.