Sports Betting Parlay Calculator
You are here: Home Tools Online Calculators Parlay Odds Calculator. This online tool calculates parlay (multi) odds based on the selection odds. The calculator supports American / moneyline, decimal, fractional, Hong Kong, Indonesian, implied probability and Malay odds formats. Learn more about multi betting. Enter the amount of your wager in the box next to Bet Amount, and click on 'Calculate Parlay'. The amount of a winning parlay wager will appear in the box next to Parlay Payout. Parlay Calculator Our parlay calculator allows you to quickly calculate the payout of your parlay bet. Simply enter your total bet amount then fill in the moneyline odds for each leg and the total payout will update automatically. How to Use the Parlay Calculator. Using Our Calculator to Make Sports Betting Decisions. Our parlay bet calculator can be used to convert odds and view potential payouts. But it’s really a tool to help bettors make smart choices. If you are thinking about wagering on three games, you can instantly view the risk/reward of parlaying the three or betting.
How to Use Our Parlay Calculator
Our betting calculator can be used for single bets or parlays. It’s easy to run and can instantly convert fractions or decimals into more familiar American betting odds. To use the parlay calculator, select parlay bets and enter your preferred odds format. Then enter the amount you’d like to risk in the bet amount.
You can enter as many wagers as you want. Just click the plus symbol when entering betting odds to generate another spot. Let’s say you wanted to use the parlay calculator to view the payout on a $50, four-team NBA parlay with both moneyline and spread wagers. The individual odds would look like this:
Los Angeles Clippers -10, (-110)
Orlando Magic moneyline (+140)
Philadelphia 76ers -9 (-108)
Phoenix Suns moneyline (+295)
Ignore the point spread when using the parlay calculator. For this NBA betting parlay you would fill out four spots with odds of -110, +140, -108 and +295. The results field will immediately show that the four-team parlay would win $1,692.78 on a successful $50 wager.
Why Bet Parlays
As you can see from the above example, payouts can be lucrative. Parlays give bettors the chance to get action on multiple contests without having to individually bet every game or match. They’re also customizable. You can put $10 on an eight-team parlay or $100 on a two-team parlay. Big moneyline parlays can lead to four and five-figure payouts on relatively small wagers. Something like a two-team parlay provides the chance to string your two favorite bets of the night together for a bigger profit.
If entertainment is what you’re after with the online sportsbooks, parlays offer the best bang for your buck. Putting a longshot parlay together with friends is a great way to stay invested and keep in touch with the crew on a busy NFL Sunday.
Bettors can also hedge out of parlays to guarantee a profit in the later stages. If the first three games of a four-team parlay hit, one could bet the other way on the fourth leg to win money no matter the outcome. Choosing when and if to pull the trigger on a hedge is all part of the parlay betting experience.
Single Bet vs Parlay Bets
Single bets are a one-shot deal. You risk $110 to win $100 on most point spread bets and wait for the result. Parlays drastically improve the odds by stringing bets together, as well as increase the risk. All four games in a four-team parlay must hit for the bet to pay out. But hitting a four-team parlay brings rewards. Correctly betting four -110 games straight up would mean a profit of $400 on four $110 wagers. A four-team parlay would net a bettor $1,228 on a $100 wager. If you’re feeling extremely confident about multiple wagers, a parlay might be the best way to go.
RELATED: Check out our betting odds calculator to calculate payouts and convert odds.
How to Calculate Parlay Odds
Things can get a little hairy with multiple wagers and different odds formats. Our free parlay calculator does the math instantly. Even serious numbers gurus can use it to check their work or compare odds based on the standard parlay betting formula, which uses several steps.
Step 1: Convert Betting Odds
It’s easiest to convert American odds into decimal odds in order to calculate parlay payouts. Our single-bet calculator will do all the work for you. Simply enter American odds such as +140 into the calculator and it will automatically convert to 2.4.
Step 2: Use the Parlay Formula
The actual formula works like this:
(140/100) +1 = 1.4
1.4 +1 = 2.4
Convert the odds for each game of the parlay into decimal format like above. A three-game parlay with American odds of +140, -110 and -160 would have decimal odds of 2.4, 1.909 and 1.625. Multiply all three to get the decimal odds for the entire parlay, like so:
Don's Parlay Calculator
2.4 X 1.909 X 1.625 = 7.44
Step 3: Calculate Total Parlay Payout
Multiply your planned wager by 7.44 to see the payout. A $100 wager, for example, would pay $744 total on the above three-team parlay. You can use the same formula for any number of games or odds type.
Using Our Calculator to Make Sports Betting Decisions
Our parlay bet calculator can be used to convert odds and view potential payouts. But it’s really a tool to help bettors make smart choices. If you are thinking about wagering on three games, you can instantly view the risk/reward of parlaying the three or betting them straight up. The hard numbers let bettors make their own decisions on value and bankroll management without the guesswork.
The parlay calculator is just one of the many resources available at Bookies.com. After consulting our free expert NBA picks or NFL picks and finding the best value on point spreads at various online sportsbooks, the odds calculator offers a quick summary of the numbers to bring it all home and help savvy sports bettors make consistently profitable online gambling decisions.
A parlay takes multiple wagers and combines them into a single ticket. For a parlay to pay off, all bets on the ticket must win. If even one pick on a parlay loses, the entire ticket is a loser.
Parlays present a higher risk for bettors, but can also pay off at dramatically higher odds versus single bets. The Gaming Today Parlay Calculator functions as a tool that allows you to see the parlay odds and implied win probability for any combination of bets.
Parlay Calculator
Enter the bet amount and the American Odd for each game in the parlay and your bet amount. If you are not using American odds, enter your decimal odds or fractional odds into this odds calculator.
What Is A Parlay Bet?
Legal sportsbooks allow bettors to put together just about any combination of available bets and play them as a parlay. Any ticket that combines two or more bets into a single ticket qualifies as a parlay wager.
The odds on a parlay bet are calculated as moneyline odds, and most US-facing legal sports use the American odds notation to display moneyline odds. American odds are denoted by a “+” or “-“ in front of the odds number. For example, lines like -110 and +150 use the American Odds notation.
Calculating Payouts From Positive Moneyline Odds
To calculate “+” American odds, take the odds number and divide by 100, then multiply that by the size of the bet.
A $50 bet at +150 odds, for instance, is calculated as 150/100 (which yields 1.5), multiplied by $50 (1.5*$50=$75). A winning $50 bet at +150 odds would return $125 total to the bettor ($75 profit plus the original $50 bet.)
Calculating Payouts From Negative Moneyline Odds
To calculate “-“ odds, divide 100 by the odds number, then multiply by the amount of the wager.
Point Spread Parlay Calculator
A $50 bet at -110 odds would be calculated as 100/110 (without the “-“ for the 110 odds), which yields 0.909. You then multiply that by the size of the bet (0.909*$50=$45.45). A $50 winning bet at -110 odds would return $95.95 to the bettor ($45.45 profit plus the original $50 bet).
Decimal Odds
American odds aren’t the only notation sportsbooks use to display moneyline odds. Decimal odds represent another common way to display moneyline odds. Odds notations like 1.20 and 10.00 are moneyline bets represented with decimal odds.
To convert “+” American odds into decimal odds, take the odds number and divide by 100, then add 1. Converting +150 to decimal odds is executed as (150/100)+1. That reduces to 1.5+1, which equals 2.5. So 2.5 decimal odds are equivalent to +150 American odds.
Converting “-“ odds to decimal odds requires dividing 100 by the odds and subtracting that quotient from 1. The -110 are converted as 1-(100/-110), which reduces to 1-(-0.909) and solves as 1.909. So -110 American odds convert to 1.909 decimal odds.
To calculate the return on a bet using decimal odds, multiply the wager by the odds. For example, a $50 bet at 1.909 decimal odds returns $95.45 to the bettor. To calculate profit, subtract the amount of the wager from this product ($95.45-$50=$45.45).
Favorites Versus Underdogs
The favorite in a game is the team with the higher implied probability of winning. Favorites are denoted by “-“ odds when using American odds. Favorites win more often overall, but pay out less on a win compared to underdogs.
Underdogs are the team with the lower implied probability of winning and are denoted with “+” odds. When making a parlay bet, combining multiple underdogs can produce potentially huge payouts, but the implied winning probability of such a ticket is low.
Implied Probability
The Gaming Today Parlay Calculator allows you to take any number of moneyline bets, input them into the calculator, and see both the payout odds and implied probability of winning. Implied probability can be derived from any moneyline number.
Implied probability for “+” odds is calculated as 100/(“+” American odds + 100)*100. So for instance, the implied probability of +150 moneyline odds is calculated as 100/(150+100)*100. That reduces down to 40, so a bet with +150 odds has a 40% implied probability of winning.
For “-“ odds, the implied probability is calculated as “-” odds / (“-” odds + 100)*100. Putting -110 odds into that equations yields 110/(110+100)*100, which solves to 52.38. So a -110 American odds bet translates to a 52.38% implied probability of winning.
Looking for other calculators to use when sports betting? Check out:
Finding Value In A Parlay Bet
The implied probability of any bet, including parlays, can be used by astute bettors to find value in a sports wager. Finding value means making bets on teams that have a better chance of winning on the field versus what the implied probability indicates.
When trying to find value in a parlay bet, you must evaluate whether all of the bets on the tickets have a better chance of winning than the implied probability of the entire ticket. Keep in mind, however, that all of the bets on a ticket have to win for the parlay to win.
What Is A Parlay Calculator?
The Parlay Calculator will help you determine the expected payout for a given moneyline parlay bet. Parlay bets are a single bet that links together two or more individual wagers and are dependent on all of those bets winning.
Parlays have higher payoffs than placing each individual wager since the difficulty of winning it is much higher. If any of the bets in the parlay lose, the entire parlay loses. Any plays in that “pushes” or ties, then the parlay eliminates that bet from the parlay and is recalculated based on fewer bets in the parlay.
How The Gaming Today Parlay Calculator Works
The math calculating a parlay gets more difficult with each new bet, but if you understand how moneyline calculations work, it becomes just a matter of a couple of extra steps. Let’s take a set example.
Bet 1: -110
Bet 2: -150
Bet 3: +100
To calculate the payout we need to evaluate each set of odds into decimal odds, multiply the result, and subtract a factor of 1. Remember from the moneyline calculator article, that negative odds and positive odds need to be evaluated differently. Here is what that looks like:
Bet 1: (-1*-110+100)/-1*-110 = 1.909
Bet 2: (-1*-150+100)/-1*-150 = 1.666
Bet 3 (100+100)/100 = 2
Next, we multiply the three results and subtract 1 from the total, and multiply by the Bet Amount:
(Bet 1 * Bet 2 * Bet 3 -1) * Bet Amount = Parlay Payout
Which looks like:
(1.909 * 1.666 * 2 -1) * $100 = $536.08
Not a bad result, but don’t be fooled: the multiplication here is also consistently multiplying the risk. The implied probability of the above occurring is 13.59%. Those odds would look like a +536 longshot bet. Now let’s look at the event where Bet 2 is a push:
Bet 1: (-1*-110+100)/-1*-110 = 1.909
Bet 2: (-1*-150+100)/-1*-150 = 1.666
Bet 3 (100+100)/100 = 2
(1.909 * 2 -1) * $100 = $281.80
In the above case, the push is removed entirely from the outcome and the odds adjust accordingly. Below is a basic parlay chart for -110 odds for each bet:
This graph shows the profit as the number of bets in a parlay increase, based on a total $100 bet.
What Is Line Movement?
Sportsbooks set the lines on each game to produce enough bets on both sides of the line to allow the house to make money. If 100% of bets come in on the favorite of a given game, for example, the sportsbook loses massively if the favorite wins.
To balance that out, the sportsbook sets lines that encourage plenty of bets for both the favorite and the underdog. If too much money starts to come in on one side of a bet, the sportsbook will adjust the line in hopes of prompting more bets on the other side.
Note that the house sets betting lines in a way that allows the sportsbook to take vig, aka house cut. For example, totals bets often set the line at -110 on both sides, though a true even money bet would set the odds at +100 for both the under and the over.
The Legal Online Sports Betting Industry In The US
A change in federal laws in 2018 prompted the current boom period of the US sports betting industry. Many states offer both retail and online sports wagering legally.
In states with both physical and mobile sportsbooks, online wagering produces the majority of overall bets. DraftKings Sportsbook, FanDuel Sportsbook, and PointsBet have emerged as three of the top online sports betting platforms in the US market.
3 Best Online Sportsbooks In The US
DraftKings Sportsbook
DraftKings Sportsbook offers a selection of sports that yields almost infinite ways to put a parlay ticket together. DraftKings Sportsbook operates in Michigan, New Jersey, Colorado, Illinois, Indiana, Pennsylvania, New Hampshire, Iowa, Tennessee, Virginia, and West Virginia.
The Gaming Today Parlay Calculator can be used as a valuable tool to evaluate the best ways to assemble a parlay ticket from the vast selection of wagers at DraftKings Sportsbook.
FanDuel Sportsbook
FanDuel Sportsbook represents another major player in the legal US online sports betting market. Much like its competitors on this list, FanDuel Sportsbook allows bettors to combine several different kinds of bets on a parlay.
Using the Parlay Calculator, you can compare the parlay odds at FanDuel Sportsbook to what the same ticket would pay out at DraftKings or PointsBet. Bettors in Michigan, Virginia, New Jersey, Colorado, Illinois, Indiana, Pennsylvania, Iowa, Tennessee, and West Virginia can access FanDuel Sportsbook’s mobile platform.
PointsBet
Operating in Michigan, New Jersey, Illinois, Indiana, and Iowa, PointsBet presents one of the most unique platforms in the legal US online sports betting industry.
PointsBet offers many different ways to put together parlays, including the Single Game Parlay. The Single Game Parlay allows you to combine moneyline, totals, and point spread bets from a single game into a parlay ticket.
Claim up to $2,000 in bonus offers at PointsBet – Use code BIGBONUS
Gaming Today Parlay Calculator FAQ
Yes. The overturn of the Professional and Amateur Sports Protection Act (PASPA) in 2018 cleared the way for states to decide their own individual sports betting laws.
States that choose to legalize sports betting can opt to allow retail and/or online sports betting. New Jersey, Pennsylvania, Nevada, and Colorado host some of the biggest legal online sports betting markets in the US.
Always. The Gaming Today Parlay Calculator presents a critical tool that should always be used to evaluate the overall payout odds and implied winning probability of a parlay.
Parlay tickets involve complicated odds calculations and potentially massive payouts. With that kind of money on the line, bettors would do well to crunch the numbers of any parlay bet through the Parlay Calculator.
Yes. The Gaming Today Parlay Calculator is a legal tool, and you can rest assured that sharp bettors across the country are using it to evaluate any parlay they might be thinking about making.
Each sportsbook has a team of bookmakers, aka oddsmakers, that evaluate where the sportsbook should set the lines on each game. To make money, sportsbooks must choose lines that bring in an appropriate amount of money on each side of the bet.
The public can affect the movement of a line. After the bookmakers set a line, the line will move if too much money starts coming in on one side of the bet.
Favorites are the team or athlete which the sportsbook presents as having the higher implied probability of winning a game or match. Favorites are denoted with “-” odds when using American odds notation and pay out at less favorable odds compared to underdogs.
Underdogs have a lower implied probability of winning and are denoted with “+” American odds notation. Underdogs win less often than favorites, but the payouts are better.
DraftKings Sportsbook, FanDuel Sportsbook, and PointsBet represent three of the top-tier online sportsbooks in the US. All three of these platforms offer a comprehensive menu of domestic and international sports.
The huge selection at each of these sportsbooks yields almost infinite ways to combine bets into a parlay ticket.