Parlay Calculator
How the Parlay Odds Calculator Works
Inputs
Odds Offered: The odds on which the parlay in question is offered (only necessary to detrmine premiums)Risk/Win Amount: The desired risk or win dollar value. Modifying the dropdown selection will recalculate risk/win amount based on offered odds. Line Set: The line set charged in cents (-110/-110 => 20 cents) Select “user” to define markets per bet (only necessary to determine mathematical odds and premium). Number of Games: Number of distinct underlying bets represented by parlay. Game N Line: Line offered on straight bet# n (also enter line on opposite side of market if “user” selected for “Line Set”)
Outputs
Mathematical Odds: The probability of an outcome occurring and how much a bettor can win based on their wager. These odds are typically expressed in American odds (-110), Decimal odds (1.91), or Fractional odds (10-11).
True Parlay Odds: The actual mathematical probability of winning a parlay, rather than the lower odds often offered by sportsbooks (which include their profit margin). To calculate true parlay odds, first convert each individual bet into decimal odds (if they aren't already), then multiply all decimal odds together to determine the overall true odds. If needed, you can convert the final result back to your preferred odds format.
True Parlay Win Amount: The actual payout based on the mathematically correct odds, before any sportsbook adjustments or reductions. It is calculated by multiplying the wager amount by the true parlay odds.
Premium Paid Over True Parlay Odds: The extra cost (or reduced payout) that sportsbooks impose on parlays compared to their true mathematical odds. Sportsbooks often underpay parlays to increase their profit margin, meaning the odds offered are lower than the actual probability-based odds.
Premium Paid Over Mathematical Odds: The built-in edge that sportsbooks apply by offering lower-than-fair odds compared to the actual mathematical probability of an event occurring. This premium represents the difference between the true odds (based on implied probability) and the sportsbook’s offered odds and ensures the sportsbook profits in the long run.
Parlay Calculator
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Parlay Calculator
A parlay provides sports bettors with the exciting opportunity to earn a large payout despite staking a relatively small amount of money. It can also be a great way to gain more value when betting on a few favorites, and it is a very useful weapon in the sports bettor’s arsenal. Our parlay calculator tells you the fair combined odds when you roll multiple selections together. This allows you to check whether a sportsbook is treating you fairly when it tells you the total payout you can expect to receive. The calculator also allows you to rapidly edit a parlay you are interested in without having to do it on a bet slip.
What is a Parlay?
A parlay bet allows you to roll multiple selections into a single wager in order to generate a larger potential payout. Each selection must win in order for your bet to pay out, but you will earn a significantly larger profit if you can secure a successful parlay. For example, let’s say you believe the New York Giants, the San Francisco 49ers, the Houston Texans and the Indianapolis Colts will all cover the point spread on a particular weekend. You could divide your bankroll into four and place individual bets on each team covering the spread. Alternatively, you could roll all four games into one parlay.
Each team would have to cover the spread in order for your parlay bet to pay off. If just one team lets you down, your bet would crash and burn. However, if all four teams were to cover the spread, you would earn a substantially higher payout than if you had simply bet on all four teams individually. A parlay is a far riskier bet than placing a single on each game, but it leads to a larger payout if successful. It is known as an accumulator, or an acca, in the UK, so you might hear it referred to by those names when reading pick and parlays recommendations.
A parlay features two or more selections. You can technically add dozens of selections to your parlays, but our calculator parlay tool goes up to 15, as you would never actually add more than that. You can place a parlay on several money line selections if you like the moneyline odds on offer. You can place parlays on totals, or spreads, or even futures or prop bets. You also have the ability to mix and match – you might bet on one game going over on total points, two teams to cover the spread, one team to win on the moneyline and two games to go under on total points, all in a single bet. You can also make multiple selections and create various different parlays within that group of selections.
How to Use the Parlay Calculator
Follow these steps to learn how much a parlay you are interested in should pay out:
1. The first box is for Odds Offered. You only need to use this box if you want to add in the odds a particular sportsbook is offering on a parlay. If you simply want to know how much a parlay you are interested in should pay, you can ignore this box.
2. Enter the amount you wish to stake on a parlay in the Risk Amount box. This is the wager amount. Alternatively, you can change it to Win Amount, enter the amount of money you hope to win, and it will tell you how much you need to stake on the parlay in order to win that amount.
3. The third box is for Line Set. You only need to use this box if you want to determine the mathematical odds and premium on spread and totals bets. You can ignore this box if you just want to learn how much a parlay bet will pay.
4. Enter the number of games in the parlay (anywhere from two to 15).
5. Enter the odds offered on each selection. The parlay calculator accepts US or decimal odds, so you could enter -110 or 1.91, for example. Make sure you enter the minus sign if there are negative odds in a US format.
6. Click on “Calculate”.
The parlay calculator will then tell you the mathematical odds, the true parlay odds, the true parlay win amount, the premium paid over mathematical odds and the premium paid over true parlay odds. The most important result to look out for is the “True Parlay Win Amount”. That tells you the amount you should win at a sportsbook based on the risk amount you have entered and the odds on each game selection you have added to the parlay. If a sportsbook offers a significantly lower payout on that parlay, it should set alarm bells ringing.
An Example
Let’s say you have found odds of -110 on New York, San Francisco, Houston and Indianapolis to each cover the spread in their respective NFL games on a particular weekend. You wish to wager a bet amount of $100 on a four-team parlay on these four selections. You would then complete the following steps:
• Enter $100 into the Risk Amount box.
• Enter 4 in the “Number of Games” box.
• Enter -110 in each game line box (make sure you enter the minus sign)
• Click “Calculate”.
It will then tell you that the true parlay odds on this bet would be +1228, meaning you should expect a payout of $1,228.33 on a bet amount of $100. If your sportsbook was offering odds of +1220 on that parlay wager, you could enter +1220 in the “Odds Offered” box, and hit “Calculate” again. You would then learn that you are paying a 0.63% premium over the true parlay odds on your bet. You could also go back and enter the Line Set in cents to learn the mathematical odds and the premium you will be paying over the mathematical odds on the bet.
How Are Parlay Odds Calculated
You can simply use our copyright parlay calculator to work out the combined odds on any parlay wager you are interested in. However, some people like to work it out manually. If you wish to work out the combined odds on a parlay, the first thing you should do is convert the odds on each selection to decimal format. You can use our copyright calculator odds converter tool (remember to use the plus sign and minus sign) to do that, or do it manually yourself. Let’s say you have come up with an NBA pick and parlay wager featuring four teams to cover the moneyline:
1. Milwaukee Bucks to beat Boston Celtics at -200 (1.5 in decimal odds)
2. LA Lakers to beat Portland Trail Blazers at -150 (1.67)
3. Houston Rockets to beat Oklahoma City Thunder at +150 (2.5)
4. Orlando Magic to beat New Orleans Pelicans at +110 (2.1)
Once you have the decimal moneyline odds for each team to cover the moneyline, you can then multiply them together: 1.5 x 1.67 x 2.5 x 2.1 = 13.15. That tells you that you would gain a return of 13.15 units on every 1 unit in your bet amount. You might choose a bet amount of $10 for parlay wager, and you could then expect a return of $131.50. Decimal odds include the return of your stake, so you would be earning a $121.50 profit and getting your $10 stake back. Decimal odds of 13.15 equate to +1215 in US odds.
When to Create a Parlay
It is generally advisable to avoid adding selections with very low odds to your parlay. They do not add much to the cumulative odds, and they can bust your bet. It is equally advisable to avoid adding selections with extremely high odds. You might prefer to place a single bet on a long shot instead. The best parlays feature selections that fall into a sweet spot in between. Moneyline odds of between -150 and +150 and spreads and totals at -110 or -105 are generally strong additions. Remember to add the + sign or – sign when entering moneyline odds, spreads or totals into this copyright parlay calculator. Most calculators do not include the mathematical odds and premium paid over mathematical odds, so that is an invaluable option for anyone using this tool in order to determine the value of placing an accumulator.