Parlay Calculator

How to use the Parlay Odds Calculator?

As we mentioned briefly, a parlay bet combines four or more selections into a single bet. The more selections you add, the harder it becomes to work out your potential returns. That’s why it makes sense to use a parlay bet calculator to avoid making errors, and here we’ll detail how to use one.

What input do you need to use this calculator?

Parlay betting calculators only require you to input two key pieces of information in order to make the calculation. First, you need to enter your total stake for the bet, and then enter the odds for each selection, as displayed by your bookmaker. You can use various odds types, including decimal and moneyline. Should you need to convert them from one format to the other, an odds calculator is the perfect tool for that task.

What output does the Parlay Calculator display?

Once you have entered all the data for your parlay bet and generated the result, the parlay calculator will display the potential return for your bet, this includes your original betting amount plus any profit.

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Some Examples

Now that you know how the moneyline parlay calculator works, let us look at some examples to cement your understanding of the workings behind this calculator.

Example 1

In this example, we will group together 3 NBA teams to form a parlay bet. Let’s say our teams are - the LA Lakers, the New York Knicks and the Detroit Pistons.

Now, suppose you are parlaying these teams at -110 in American odds. We will convert the moneyline odds into a decimal odd and get 1.91.

• Now, if we put this information into our formula and get the multiplier, it would look as follows: 1.91 x 1.91 x 1.91 = 6.97
• Then, we will multiply this by a bet size of $10: 6.97 x 10 = 69.7
• Then, we will subtract the original bet amount from this: 69.7 - 10 = 59.7

Therefore, this parlay will payout $59.70 for every $10 bet.

Example 2

Let us take a look at another example of 3 NFL teams. The table shows our bets and the American as well as decimal odds for the selections:

• Now we will put this information in our formula to find the multiplier: 1.333 x 1.5 x 1.667 = 3.33
• Then, let us multiply this by a bet size of $10: 3.33 x 10 = 33.3
• And finally, we will once again subtract the original bet amount from our acquired data: 33.3 - 10 = 23.3

So, this parlay on Packers, Pacers and Eagles - for them all to win - will payout $23.30 for every $10 bet. Because all these are favorite teams and hence, are more likely to win - the payout ratio is lower.

Parlay Betting Explained

Let’s take a closer look into parlay betting and parlay bet calculations. Although you don’t need to know this to use a parlay bet calculator, it’s still very useful  information to have.

How does the mathematical formula work for a Parlay Calculator?

While you can easily find a parlay payout calculator online, in case you are wondering how the math behind a parlay calculator works, we’ve broken it down for you.

1. With the help of an odds calculator, you should first convert your American moneyline odds into decimal odds.
2. Then, multiply these decimal odds together to get the multiplier.
3. After this, you should multiply your multiplier with your total betting amount.
4. And, then, you should subtract your original stake and you will get your parlay odds.

As you can see, by using a free online parlay calculator you can get accurate results in a fraction of the time it would take you to calculate them manually and with no drain on your brain either!

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Pros and Cons of Parlay Betting

• Flexibility with betting strategy.
• Saves time calculating manually.
• Parlay bets offer a higher potential payout.
• You can combine different types of bets.

• All selections must win, or the entire bet loses.

Why is the Parlay Calculator useful?

A parlay bet is a very popular way to place a single bet with multiple selections. Of course, the more selections you add, the harder it becomes to calculate your potential returns, which is why it’s far better to use a parlay bet calculator, for both speed and accuracy. A parlay calculator is also very useful for experienced bettors who may want to try out a number of different parlay betting scenarios before deciding on their selections, or stake amount.

What Other Betting Calculators are available?

There are plenty of other betting calculators out there that cover different bet types and outcomes. Let‘s take a look at a few of the most popular :

Accumulator Calculator

An accumulator calculator is one of the most widely used calculators. Similar to a parlay, this type of bet combines multiple single bets together to form one large bet. The accumulator calculator helps you in combining all the odds together and you can enter your designated stake to find out how much you could potentially win if all the selections oblige.

Kelly Criterion Betting Calculator

The Kelly Criterion betting calculator is used by bettors to determine what percentage of their bankroll they should stake. This calculator factors in your bankroll, the odds for the bet as well as the estimated probability of winning or losing the bet. The outcome of this mathematical calculation will then tell you exactly how much you should stake.

Odds Calculator

An odds calculator is an incredibly useful tool that you can use to convert the odds from one format to another. E.g. American to decimal, or vice versa.

Why you need a parlay bet calculator

Parlay bets are immensely popular with sports bettors, but can be notoriously tricky to calculate manually. That’s why it’s definitely worth using a parlay bet calculator to do the math for you. Simply by entering the total amount you wish to bet and the odds for each of your selections, you can see your potential payout displayed in just a few seconds, and provided you entered the data accurately, then the result will be accurate too. Whether you are betting casually, or you are a professional bettor, if you’re intending to place a parlay bet, then a calculator is an essential tool.

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