Image for Richard Janvrin Richard Janvrin - October 24, 2022

Free Parlay Calculator for Sports Betting Odds

Free Parlay Calculator for Sports Betting Odds

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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

Our parlay calculator could not be easier to use. Follow the steps below to calculate your parlay bet:

  1. Enter your total stake in the Bet Amount field.
  2. Enter the odds of the first leg of your parlay bet in American format.
  3. Hit enter or click the plus icon to add the bet to your parlays.
  4. Continue adding your bets until your parlay is complete. The Payout and To Win amounts will update in real-time as your enter your bets.
  5. You can customize your parlay at any time by adding, removing, or changing your bets. Click Reset to start again from scratch.

What is a Parlay Bet?

A parlay bet, sometimes referred to as an accumulator or combo bet, is a wager that combines multiple single bets to create one larger bet. In order to win a parlay bet, all of the outcomes in the bet need to be correct. As a result, the payout is much bigger than if you had placed each bet individually.

The more single bets you include in your parlay, the more the winnings you will get from the sportsbook. For example, a 5 team parlay will pay out considerably more than a 2 team parlay (assuming equal odds).

Sportsbooks allow you to bet parlays on just about any sport. NFL, NBA, MLB, NHL, Soccer, you name it. You can even create parlays with bets from multiple different sports. Parlays can also be made up of different types of bets such as prop bets and futures bets.

Opinion is divided among sports bettors on whether or not parlays are a smart bet. Professional sports gambler and Wise Kracks host Bill Krackomberger isn’t a fan of parlay wagering. But if you’re a casual sports bettor then parlays can be a lot of fun and enhance the experience of watching your favorite sports.

How Are Parlay Bets Calculated?

Our parlay calculator does all the hard work for you so you don’t have to work anything out yourself. But how is the total payout actually calculated?

Step 1 – Convert the American odds of each single bet to decimal odds. You can do this using our odds calculator.

Step 2 – Multiply the decimal odds of each bet together. This gives you your parlay odds.

Step 3 – Multiply the result by your total wager amount to get your total parlay payout.

Step 4 – Subtract your bet amount to see your total profit.

Let’s put this into practice using an example. You are looking at the upcoming Sunday NFL matchups and want to combine 4 single bets into a 4 team parlay in order to increase your winnings. You want to place a $10 wager. Here are the bets you want to combine (in bold):

New York Jets (+1150) vs Kansas City Chiefs (-2000)
Minnesota Vikings (+240) vs Green Bay Packers (-305)
Pittsburgh Steelers (+163) vs Baltimore Ravens (-200)
New England Patriots (+165) vs Buffalo Bills ( -200)

First, we convert the moneyline odds to decimal odds using the following formulas:

Positive American odds: (American odds / 100) +1
Negative American odds: (100 / American odds) +1

Positive American odds have a plus symbol (+) in front of them, this indicates the underdog. Negative American odds have a minus sign (-) in front of them, indicating the favorite.

This gives us the following decimal odds:

Kansas City (1.05)
Green Bay (1.33)
Pittsburgh (2.63)
Buffalo (1.5)

Now we multiply the decimal odds together to calculate our parlay odds:

1.05 x 1.33 x 2.63 x 1.5 = 5.5

So the total odds for our parlay bet are 5.5 (or +450).

Now we can calculate the total parlay payout by multiply the odds by our original stake:

5.5 x 10 = $55

Our total payout is $55. Now we simply subtract the bet amount and to calculate our total profit: $45.

Now you know exactly how parlay bets are calculated, but of course, all you really need to do is enter your odds into our free calculator above and view your winnings instantly.

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AUTHOR

Richard Janvrin

345 Articles

After graduating from the University of New Hampshire with a BA in Journalism, Richard Janvrin has been covering iGaming and sports betting since December 2018. Richard has covered betting at Bleacher Report, Gambling.com, The Game Day, Forbes, and more.

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