What is a Permutation Bet? Permutation Bets Explained in 2 minutes

David Genge Editor

Fact checked by:
Mike Goodpaster Last Verified
26/06/2026

A permutation bet - often called a "perm" - is a structured bet that automatically covers many different combinations of your selections. Instead of picking four teams and betting them all to win together, a permutation bet splits your picks into smaller groups and bets every possible combination for you.

You will come across perms mostly in horse racing and soccer betting, though any multi-selection market works. This page explains exactly how they work, walks through a real Yankee example with numbers, and shows you when using one makes sense.

What does permutation bets mean?

When you place a permutation bet, you choose a set of selections and the sportsbook places every valid combination of bets that can be built from them. Each combination counts as a separate bet, and your stake is multiplied accordingly. The most common permutation bet types have fixed names - a Trixie covers 4 bets from 3 selections, a Yankee covers 11 bets from 4 selections, and a Lucky 15 covers 15 bets from those same 4 selections. The key difference from a straight accumulator is that you do not need every selection to win. If some legs lose, the combinations that do not include that losing pick can still return a profit.

The trade-off is cost. Because each combination is a separate bet, your total stake multiplies quickly. A Yankee at $1 per bet costs $11 in total. A Lucky 15 at the same unit stake costs $15. Sportsbooks that offer full-cover bets will show you the total stake before you confirm, so always check that figure before you submit.

Real-life example

Imagine you are betting on four Saturday soccer matches and you want to back the home team in each game. You decide to place a Yankee, which is the standard 11-bet permutation covering 4 selections. Your unit stake is $1, so your total stake is $11. Here is what the 11 bets look like broken down:

• 6 doubles - every possible two-team combination from your four picks (selections 1+2, 1+3, 1+4, 2+3, 2+4, 3+4). 4 trebles - every three-team combination (1+2+3, 1+2+4, 1+3+4, 2+3+4). 1 four-team accumulator - all four selections together.

Say the odds on your four picks are +120, +100, +150, and +110 in American odds. Converting to decimal odds (add 1 to the fractional equivalent) gives roughly 2.20, 2.00, 2.50, and 2.10. Now suppose selections 1, 2, and 3 all win but selection 4 loses. The four-team accumulator and all three trebles or doubles that include selection 4 lose. However, the treble covering selections 1+2+3 wins, and three doubles - 1+2, 1+3, and 2+3 - also win. That is four winning bets out of eleven. Your $1 treble on 2.20 x 2.00 x 2.50 pays $11.00, and each of the three doubles returns $4.40, $5.50, and $5.00 respectively. Total return: roughly $25.90 on a $11 stake, for a profit of about $14.90. If you had placed a straight four-team accumulator for $11 and selection 4 lost, you would have lost the entire $11.

That is the core appeal of a permutation bet: partial coverage when not every pick comes through.

When you will see permutation bets

Permutation bets are a standard feature on soccer and horse racing betting menus at most US sportsbooks. You will usually find them under a label such as "multiples", "full cover bets", or "bet builder" options. Select your picks first, then look for the multiples tab - it will list the Trixie, Yankee, Lucky 15, and other named structures, showing you the number of bets and total stake for each.

They are less common in NFL or NBA betting markets, where most bettors use straight parlays instead. However, the underlying concept is identical - a system bet on a US sportsbook is often the same thing as a permutation bet under a different name. If you are new to soccer betting or horse racing, getting familiar with permutation bet structures gives you more flexibility than sticking purely to accumulators.

Related terms

A full-cover bet is closely related - it refers to any bet that includes every possible combination of a set of selections, which is exactly what a permutation bet does. A banker is a selection you are so confident in that you include it in every combination; adding a banker to a permutation bet reduces the number of bets and the cost while keeping that selection in every line. For general background on multi-selection bets and how odds combine, see the accumulator page.

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