Using a parlay calculator allows sports bettors to add multiple legs and calculate the wager’s odds to determine the potential payout.
Bettors simply need to input the amount they want to stake in American odds to instantly figure out the amount they can win on a successful bet.
A Potential Payout
The risk is higher the more games that are included in the parlay, but the potential payout is also much greater.
The parlay calculator is used as a tool to show parlay odds and the implied probability for any combination used to build the bet.
Let's Avoid Confusion
Figuring out parlay odds without using parlay odds calculators can sometimes be confusing because of the odds format used.
Most online sportsbooks will calculate the potential winnings from a parlay, which can be seen on the bet slip before placing the wager.
However, it's possible to calculate the odds by first converting American odds to decimal odds. All decimal odds must first be multiplied together, then multiplied by the wager amount.
To figure out the parlay odds, players just need to subtract the original stake from that number.
What Is a Parlay?
A parlay bet can be defined simply as a bet that's made up of two or more smaller wagers. The bets are all linked together and treated as one big bet.
To win a parlay, all of the smaller bets must be winners. If just one of the smaller bets loses, the player loses the entire parlay.
The Bigger the Parlay the Bigger the Payout
Bookmakers will give players much bigger payouts for adding more events to the parlay. However, linking together bets in a parlay also means the chances of losing are much higher.
For example, if a bettor thinks that the Chicago Bears at +3 and the Cleveland Browns at -6 will both cover the spread in their upcoming game, they could decide to place a small wager of $5 on both these games individually. If both bets win, the player will win around $20.
However, these two bets can be combined into a parlay. The risk is higher, but the payout will be much more if both parlay legs win.
Parlays can be an effective way to wager if used correctly. Since all legs of the parlay must be correct, this is easier said than done.
A Parlay for Different Types of Bettors
That's why bookmakers offer the lure of a big payout when players win. For recreational bettors, the potential winnings are what makes them so attractive. However, most casual bettors have yet to learn how to play them optimally.
For bettors that like to wager on football, learning how to bet on teasers could help them win more of their parlays.
This betting market is a modified version of a parlay in which players can move the odds in their favor. This can be a very effective way to win if used correctly.
How Are Parlay Odds Calculated?
The easiest way to calculate a parlay bet is to use a free parlay calculator that can be found at many gaming sites online.
Players can also enter their bets into the online sportsbook they plan to use and enter their selections. The payout can grow much higher when big underdogs are included in any parlay.
Bettors should always shop around at different sportsbooks to calculate the same parlay, as odds can vary greatly depending on the online bookmaker.
Long-Term Profits for Sportsbooks
Sportsbooks also make profits in the long term on parlay bets because they don't pay close to what the true odds are.
A two-team parlay only has four possible outcomes, meaning the bettor should hit one of every four times or odds of 3 to 1 against the player.
However, the standard payout for hitting a two-teamer is 13 to 5 (2.6 to 1), which is good value but is less than the true odds. It's also better than when looking at the payout for parlays with additional legs.
An important concept in sports betting odds is implied probability. It's simply converting traditional odds into a percentage, taking into account the house advantage and eliminating it to show the "true odds" of the bet being a winner.
House Edge or “Vigorish”
The house edge or "vigorish" in sports betting means that the implied probability will always be more than 100%.
The amount beyond 100% is the minimum the bookmaker expects to make in profit. Of course, bookmakers also make a higher profit if the bet loses.
The implied probability of any wager can be calculated by taking the amount risked and dividing it by the total payout.
Bettors and Low Implied Probability
A bettor that finds a team with a low implied probability will find value if they think that team may pull an upset.
Bookmakers never mind taking wages on underdogs because their edge is built into the odds for each team. The winners are paid out primarily from those bettors that took the favorite and paid the extra juice.
How To Use A Free Parlay Calculator
A free parlay calculator can be easily found by just doing an online search. Some online bookmakers also offer a free way to calculate parlay odds besides using the bet slip as they add legs added to see the possible payout.
Other Calculators Availability
By using an online parlay calculator, players can select the odds format displayed. Many of them use American odds, but fractional and decimal odds calculators are also available.
After choosing their odds style, players first need to input the first wager and add the other selections they want on the ticket.
Favorites must be entered with the minus sign before the odds. No plus sign is needed for underdogs.
Players then must input the amount they want to wager on the parlay. Once they hit the button to calculate, they will see the amount they'll win if their odds calculator parlay hits.
Is Betting Parlays a Good Idea?
Everyone knows that parlays are much more difficult to win than standard bets and can offer much higher payouts. However, for those looking to make a profit over time, they could be a better strategy.
This doesn't mean that players should never make a parlay bet, as they can still be enjoyed for fun, not for making a long-term profit.
Many experts will say that parlays aren't the best way to bet on sports. This is because for a parlay to have a positive expected value (EV), most of the legs of the parlay must also have a positive EV.
Bettors may hit a big parlay occasionally, but it will likely take many chances before cashing in that big payday. The fact is that players are more likely to lose betting on parlays than on individual wagers.
Players should know that parlay calculators don't work for figuring parlay odds for all bookmakers.
This is because some retail sportsbooks offer fixed odds for parlays when betting spreads or totals at the standard -110 odds.
For example, a sportsbook could have fixed odds of 11 to 1 on a four-team parlay. All players need to do is multiply their stake by the fixed odds to calculate the payout. So a $10 bet on a four-team parlay would pay the bettor $110.
Parlay Odds Calculator - FAQ's
Every online sportsbook has a group of oddsmakers that decide where the provider should set the odds for each event. The key for the oddsmakers is setting the lines, which will bring in enough money on each side of the line.
After the lines are set, there can be additional movement based on the public. If too much money starts to come in on one side of the line, they must adjust to even things.
Yes. The parlay calculator is 100% legal to use and is similar to the same tool bookmakers use online for players to see their potential payout before finalizing their bets. Sportsbooks realize that all sharp bettors are using a parlay calculator to evaluate their choices before making any bets.
In most cases, if a sporting event gets canceled, such as a baseball game that gets rained out, a parlay would go from being four legs to three, for example. However, players should always consult their bookmakers to learn how they handle every situation about different types of wagers.
There is no definitive method that will help bettors win their parlays. However, the best way to increase the odds of winning is to build the parlay using heavy favorites. The more legs that are added, the higher the odds will be.
When betting on any parlay, the bettor wants to include at least a couple of locks to lower the risk. Of course, heavy favorites can still lose, but it becomes less likely the more that are added to any parlay.
Bets must have at least two legs to be considered a parlay, with most online bookmakers offering a maximum of 10 to 12 legs. A parlay can be built most often using moneylines, totals, and spreads. However, some providers also allow futures and prop bets to be used in parlays.