Free Parlay Calculator

WHAT IS A PARLAY BET?

In simple terms, a parlay bet is a single slip (or wager) comprising two or more wagers on one or more sporting events. To illustrate, imagine staking $100 on the Los Angeles Lakers to defeat the Bolton Celtics in a matchup. That’s a SINGLE bet.

If you combined that bet with one or more predictions from that same game (or another game) and then staked that same $100 on that combo, you’d essentially be creating a parlay bet. 

These kinds of bets usually carry a higher payout because they combine different individual wagers (or leg) into one bet. They also tend to be riskier than single bets since bettors must correctly predict each leg in order to win the parlay.

This means that if one game or one leg is incorrect, the entire bet loses. 

Another name for parlay bets (one that more accurately reflects their structure) is MULTIPLE bets. 

Check out our guide for the Best Sports Betting Apps

HOW DO I CALCULATE A PARLAY PAYOUT?

Calculating the payout on a parlay can be challenging, especially when you’re working with American odds. In this section, we’ll provide step-by-step guides on how to calculate Parlay payouts using decimal and American odds. 

How to calculate a parlay payout using decimal odds

Step 1: The first step involved in calculating parlay payouts  is multiplying the odds for each leg in that bet. 

As an example, imagine a three-leg parlay with the following odds:

• Odds for Bet 1: 3.04
• Odds for Bet 2: 1.68
• Odds for Bet 3: 2.40

To get the total odds for this parlay bet, you’ll have to multiply the odds for all three bets together. The product of all three odds in this parlay is 12.25.

Step 2: In the next step, we multiply the total odds (12.25) by our wager. So a $100 bet would result in a total payout of $1225; 100 x 12.25. 

It’s worth noting that the total payout and net profit on a parlay are different things. Nevertheless, calculating the net profit on a multiple bet is as simple as deducting the original wager from the potential winnings or total payout, which in this case would be $1225 – $100 = $1125 

How to calculate a parlay payout using American odds

Step 1: Convert the odds to decimal format. 

For positive American odds, divide the number by 100 and add 1 to the result. To illustrate;

• (+110/100) + 1 = 2.1
• (+200/100) + 1 = 3.0

The procedure for converting negative odds is quite similar. Just switch the positions of the numerator and the denominator in the formula above, disregarding the minus sign attached to the numeric value.

For example:

• If given odds of -110; (100/110) + 1 = 1.90
• If given odds of -150; (100/150) + 1 = 1.67

Step 2: After converting all the legs of your parlay bet from American odds to decimal odds, simply multiply them together to find the total payout.

Step 3: For the final step, multiply the product of all the odds by your stake. If the overall odds on your parlay amount to 15 and you stake $50, your potential payout should be $750 ($50 x 15).

Manually carrying out these processes can take a considerable amount of time. If you’re looking for a quicker and more efficient way to calculate the potential payout on a parlay bet, consider trying out our Parlay Calculator. 

HOW TO USE A PARLAY CALCULATOR 

Our parlay odds calculator is easy to use. Simply follow these steps:

Step 1: Input your odds. The +/- buttons beside the odds field let you choose your preferred American odds format. Click the minus button for negative odds and the plus button for positive odds.

Some betting sites provide different odds format options. It depends on the one you prefer. American, decimal, fractional odds, and implied probability can be calculated.

Step 2: Input the amount of money you want to stake. The odds calculator shows the amount of money you would win and the total payout you would receive. 

You can stake any value you like as long as your bankroll can handle it.

BEST SPORTSBOOKS FOR PARLAY ODDS

What Bets Can You Parlay

Now that you have a grasp of the fundamentals of a parlay bet and its payout calculation, let's explore the diverse range of bet types that can be combined into one. 

PROPS

Prop betting is a wager based on the occurrences and non-occurrences of an event. These incidents may not pertain to the event's outcome, unlike points spread, futures or totals.

POINT SPREADS

Unlike straight bets, point spread bets don't just predict the winner, but by how much they'll win or lose. In essence, the point spread predicts the margin of victory, allowing bettors to wager on whether the favored team will win by more points than the spread, or if the underdog will lose by fewer points.

TOTALS

Totals or over/under betting is when you wager on the two teams' combined score in any game. A bet on the over means there is a probability that both teams will combine to score more goals, points, or runs than the total listed. 

Conversely, an under bet means you think there will be fewer goals or points than the total listed.

FUTURES

A futures bet is used to make long-term bets. The outcome of the bet is not decided till the distant future. It is used to wager on an event, series, or award that will finish in the future.

BETTING ODDS FORMATS

The three most important betting odds formats are American, decimal, and fractional odds. A betting odds calculator can calculate these formats. The sportsbooks in Asia may also quote Hong Kong, Indonesian, and Marlay odds. 

AMERICAN OR MONEYLINE ODDS

The American odds are also identified as moneyline odds. The American odds usually start with a plus (+) or a minus (-). 

Positive odds (+)

It states the amount of profit you would earn from a $100 bet if your wager is successful. For example, an American odds of +120 would win $120 on a successful $100 bet. 

You would also get your stake returned for a successful bet, so your return would be $220.

Negative odds (-)

It indicates the amount you would need to wager to get a $100 profit. For example, American odds of -120  means that you must wager $120 to earn a $100 profit. You would get your stake returned if your bet wins so that your return is $220. 

You can wager any amount you like. If one of the teams has a negative odd and the opposition team has a positive odd, the negative one is the favorite while the positive one is the underdog.

Decimal Odds

Decimal odds are mostly used outside of the United Kingdom, United States, and Ireland. It states the potential profits you should expect on your bet amount if your bet is successful. 

It includes the amount of profit earned and your stake. A decimal odd makes it easier to know your returns on a parlay. You can use a parlay calculator to make conversions in decimal and American odds.

For example, decimal odds of 2.50 means that you would enjoy a return of $2.50 for every $1 you wager. That is $1.50 profit and $1, which represents your stake. 

Fractional Odds

It is used mainly in the United Kingdom and Ireland. They are also known as traditional odds.

Fractional odds are quoted as a fraction showing the potential amount paid out relative to a given stake. The first number (numerator) is the amount you would win by risking, while the second (denominator) is your stake. A fraction odd of ⅘ means earning $8 profit for every $10 you stake. 

Fractional odds of ⅘ is equivalent to an American odds of -125 and a decimal odds of 1.80. If the fraction is less than one, it is known as odds-on. An odds converter can make this conversion.

Implied Probability

The implied probability is a factor that is important in deciding whether to place a bet or not. The implied probability correlates to the probability of an event needing to occur to justify any odds. 

It is the probability of a team winning. This applies to sports betting, horse racing, casino bet types, and other forms of wagers. 

Bettors are generally trying to find instances where the actual probability is greater than the implied probability odds. This represents an attractive bet. For instance, a +200 American odds is equivalent to a probability of 33.33%.

WHY USE AN ODDS CONVERTER?

For someone who is new to the world of sports betting, it can be overwhelming and confusing. The different formats used to represent the probability of an outcome can sound bewildering in some circumstances.

A betting calculator is a software used to convert the format of one odd to another. This helps in identifying the rewards and risk ratio before placing a bet. 

The main reason for a bet calculator is to make better decisions. Rather than making numerous calculations to understand a bet, one can use these calculators and converters at once. 

The calculator can support the different kinds of odds. It can help to quickly know the amount of a profit you will make based on your bet amount when you place a bet.