# Parlay hedge calculator

> Independent. Not affiliated with, endorsed by or sponsored by Novig.

Canonical: https://novigapi.com/parlay-hedge-calculator
Method checked: 2026-11-12
Interactive tool: https://novigapi.com/parlay-hedge-calculator (prefill with ?a=&b=)

To hedge a parlay's last leg, bet parlay payout / hedge decimal odds on the other side. A $20 three-leg parlay at -110, +120, -105 pays $166.59; hedged at -120 it needs $90.87 and locks $55.72 either way. Novig's own parlays are priced by makers through RFQs (Novig docs, checked 12 Nov 2026).

## Worked example

Worked example: $20 parlay, legs -110 / +120 / -105, hedge at -120

|  | Amount |
| --- | --- |
| Parlay payout | $164.00 |
| Hedge stake | $89.45 |
| If parlay wins | $54.55 |
| If hedge wins | $54.55 |

```
parlay decimal = D1 x D2 x ... x Dn
hedge = stake x parlay decimal / D_hedge
```

With every leg but one already won, a parlay is a single bet at the parlay's full payout. Hedging it is an ordinary hedge against that payout: bet the other side of the last leg so both results return the same amount. The calculator assumes every leg except the last has won; remove the settled legs if you only want the remaining price.

Hedging the last leg at a no-vig price keeps the most of the parlay's value. A hedge at a high-margin book gives up the margin on a large stake, so compare the hedge price with the fair mid before you place it.

## How to use it

1. Enter the parlay stake and the price of each leg.
2. Enter the price on the other side of the last open leg.
3. Read the hedge stake and the profit it locks.

## Questions

### Should I hedge my parlay?

Hedging trades expected value for a certain result. The bigger the payout relative to your bankroll, the more a hedge can make sense.

### How much do I hedge on the last leg?

Parlay payout divided by the hedge's decimal odds locks the same profit both ways.

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