Parlays are low-risk, high-reward wagers and one of the most popular types of sports bets. They can also be difficult to calculate. Parlay payouts change drastically based on odds and number of wagers made. Our free parlay calculator can help bettors as a go-to resource for instantly calculating the payouts and odds before making a bet.
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:
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.