Soccer Parlay Odds Explained: Understanding American Odds for Soccer
American odds can be confusing when you first encounter them. Why does -110 mean something different than +120? Why do sportsbooks sometimes show odds differently?
Understanding American odds is essential to smart soccer parlay betting. You can't compare value, build accurate parlay calculations, or shop for the best odds without fluency in American odds format.
This guide walks you through every aspect of American odds as they apply to soccer parlays.
What Are American Odds?
American odds (also called moneyline odds or just "moneyline") express how much you need to risk to win a specific amount, or how much you'll win on a specific bet.
There are two types: negative odds and positive odds.
Negative Odds (Favorites)
Negative odds represent favorites. The number tells you how much you need to risk to win $100.
-110: Risk $110 to win $100
-150: Risk $150 to win $100
-200: Risk $200 to win $100
-400: Risk $400 to win $100
As the number gets more negative (larger absolute value), the team is a heavier favorite.
Calculating Returns With Negative Odds
To calculate your profit on a negative odds bet:
(Bet amount / Odds absolute value) × 100 = Profit
Example: You bet $55 on a -110 favorite
($55 / 110) × 100 = $50 profit
Total payout: $55 (original stake) + $50 (profit) = $105
Or more simply: Bet × (100 / Odds absolute value) = Profit
$55 × (100/110) = $50 profit
Positive Odds (Underdogs)
Positive odds represent underdogs. The number tells you how much you'll win on a $100 bet.
+120: A $100 bet wins $120
+150: A $100 bet wins $150
+200: A $100 bet wins $200
+400: A $100 bet wins $400
As the number gets larger, the team is a bigger underdog.
Calculating Returns With Positive Odds
To calculate your profit on a positive odds bet, multiply your bet by the odds and divide by 100:
(Bet amount × Odds) / 100 = Profit
Example: You bet $100 on a +150 underdog
($100 × 150) / 100 = $150 profit
Total payout: $100 (original stake) + $150 (profit) = $250
Or more simply: Bet × (Odds / 100) = Profit
$100 × (150/100) = $150 profit
Converting American Odds to Decimal Odds
Parlay calculations are easier with decimal odds. Here's how to convert:
Negative American to Decimal
Formula: (100 / Odds absolute value) + 1
Examples:
- -110: (100/110) + 1 = 1.909 decimal
- -150: (100/150) + 1 = 1.667 decimal
- -200: (100/200) + 1 = 1.500 decimal
- -400: (100/400) + 1 = 1.250 decimal
Positive American to Decimal
Formula: (Odds / 100) + 1
Examples:
- +120: (120/100) + 1 = 2.20 decimal
- +150: (150/100) + 1 = 2.50 decimal
- +200: (200/100) + 1 = 3.00 decimal
- +400: (400/100) + 1 = 5.00 decimal
Parlay Odds Calculation Using Decimal Odds
Once you have decimal odds, parlay math is simple multiplication.
Parlay payout = Bet × (Decimal odds 1 × Decimal odds 2 × Decimal odds 3...)
Example three-leg parlay:
Selection 1: Manchester City at -110 = 1.909 decimal Selection 2: Liverpool at -120 = 1.833 decimal Selection 3: Arsenal at -150 = 1.667 decimal
Multiply: 1.909 × 1.833 × 1.667 = 5.82 decimal
Your parlay odds are 5.82-to-1.
On a $100 bet: $100 × 5.82 = $582 total payout ($482 profit)
Understanding Implied Probability
American odds contain implied probability. This tells you what probability the sportsbook is assigning to each outcome.
Implied Probability From American Odds
For negative odds: Odds / (Odds + 100) = Implied probability
Example: -110 odds 110 / (110 + 100) = 110 / 210 = 0.524 = 52.4% implied probability
For positive odds: 100 / (Odds + 100) = Implied probability
Example: +150 odds 100 / (150 + 100) = 100 / 250 = 0.40 = 40% implied probability
What This Means
If a sportsbook shows Manchester City at -110, they're assigning 52.4% probability to City winning.
If an underdog is +150, the sportsbook assigns them 40% probability.
Notice: 52.4% + 40% does not equal 100% if you sum multiple market odds. This is because sportsbooks build in juice (commission), covered below.
What Is Juice (Vig)?
Juice (also called "vig" or vigorish) is the sportsbook's commission on your bet. It's how sportsbooks make money.
Imagine a perfect 50-50 match. Fair odds would be -100/-100 (equal probability both ways).
Instead, sportsbooks offer -110/-110. This means:
- A $110 bet on either side wins $100
- A $220 total bet (both sides) results in $100 profit for one side, $110 loss for the other
- The sportsbook keeps $10 on every $220 wagered
That $10 is the juice.
How Juice Affects Parlays
Juice compounds negatively in parlays. Each leg carries juice. The more legs, the more juice compounds against you.
A single straight bet at -110 (1.909 decimal) means the sportsbook is paying less than fair odds for your probability assessment.
In a parlay, multiple -110 odds multiply, and the juice compounds multiple times.
This is one reason parlays favor sportsbooks even when you pick well.
Shopping for Better Odds
Reducing juice through odds shopping dramatically improves parlay value.
If you find a match at -105 instead of -110, that's one decimal odds improvement (1.952 vs 1.909). Across a three-leg parlay, this compounds into meaningful payout differences.
DraftKings might offer -110, FanDuel -108, and BetMGM -105 on the same match. The -105 is more valuable for parlays.
Reading Odds Across Sportsbooks
Different sportsbooks display odds slightly differently because they all carry slightly different juice and risk models.
Why Odds Vary
- Different juice levels (-110 vs -105 vs -108)
- Different risk appetites (conservative vs aggressive sportsbooks)
- Sharp money moving odds during the day
- Time differences in when you check
Which Odds Move First
Sportsbooks that cater to sharp bettors (bet365, DraftKings, FanDuel) move odds faster and more accurately than recreational-focused books.
If you see odds at bet365 that differ significantly from a smaller sportsbook, the smaller book is likely incorrect.
Shopping Process
For a three-leg parlay:
- Identify your three selections
- Check odds on DraftKings, FanDuel, BetMGM, Caesars, bet365
- Calculate parlay totals at each book
- Place at the sportsbook offering the best parlay payout
- Or combine: place each leg where odds are best (if sportsbooks allow cross-book parlay building)
Favorite vs Underdog Odds
Why Favorite Odds Get Worse (Higher Absolute Value)
The better a team, the more certain the outcome, and the lower the sportsbook's risk. They can afford to charge more juice.
A -110 favorite means the sportsbook is fairly confident. A -400 favorite means they're very confident.
Underdog Value
Underdogs offer potentially more value because the sportsbook is less confident in the outcome. The margin of error is larger.
A +150 underdog has lower probability but higher potential payout if you hit.
Parlay Implications
Parlays of all favorites have short odds. A parlay of three -200 favorites pays roughly +175.
Parlays mixing favorites and underdogs offer better odds. A parlay of one -200 favorite and two +150 underdogs might pay +600.
Comparing American Odds to International Formats
Decimal Odds (European)
Decimal odds are simply the decimal equivalent of American odds. They're easier for parlay math but identical in value.
-110 American = 1.909 decimal (both return the same profit)
Fractional Odds (UK)
Fractional odds show the profit ratio.
-110 American = 10/11 fractional (meaning $11 bet wins $10 profit)
Live Odds Movement
Odds move during the day based on:
- Injury news
- Lineup changes
- Betting volume (public betting moving odds)
- Sharp action moving odds
- Time (odds converge closer to kickoff)
Using Odds Movement
If odds move in your favor before you place a parlay, that's good. If they move against you, reconsider.
Example: Manchester City is -120. You're debating a parlay. City moves to -150. This suggests sharp money has come in on City, confirming their assessment.
Example: Chelsea is -110. By game day, they're -140. Public money came in on Chelsea, pushing them to heavier favorite status. This might suggest the market is overvaluing Chelsea.
Calculating Parlay Odds by Hand
If you don't have a calculator handy, here's a simplified process:
- Convert each American odds to decimal
- Multiply decimals together
- Subtract 1 to get the profit multiple
- Multiply by your bet
Example: Three -110 favorites
- -110 converts to approximately 1.91 (rough, 1.909 exact)
- 1.91 × 1.91 × 1.91 = 6.97
- Subtract 1 = 5.97
- $100 × 5.97 = $597 payout ($497 profit)
Common Odds Mistakes
Assuming -110 is "standard" odds. -110 is standard for moneylines at most American sportsbooks, but not at all. Some books offer -105, -108, or even -115. Always check.
Not converting American odds to decimal for parlay math. American odds math is complex. Decimal is simpler. Always convert.
Ignoring juice when shopping.' A juice difference of 0.02 decimal odds seems small. Across hundreds of parlays, it's thousands of dollars.
Comparing wrong odds types. Don't compare your American odds to someone else's decimal odds without converting. The numbers look different but represent the same odds.
Assuming higher positive odds always offer better value. A +200 underdog isn't better than a +100 underdog just because 200 is higher. The sportsbook has assigned different probabilities. Research which team actually offers better value.
Breakeven Analysis
Understanding breakeven helps you decide if parlay odds offer value.
For a three-leg parlay to be worthwhile, you need to hit at a rate that exceeds the odds.
Example: A three-leg parlay at +400 (5.00 decimal odds)
You break even if you hit 20% of the time. (+400 means you need $400 to make $100 profit, so 5 bets to break even.)
But you're not just hitting 20% on one parlay. You're hitting on three legs together.
If each leg is 60% probability: 0.60 × 0.60 × 0.60 = 0.216 = 21.6% hit rate
Your parlay at +400 with 21.6% hit rate slightly profits long-term.
If each leg is only 55% probability: 0.55 × 0.55 × 0.55 = 0.166 = 16.6% hit rate
Your parlay at +400 with 16.6% hit rate loses value long-term.
This is why conviction matters. You need genuine edge on each leg for parlays to work.