Parlay Odds Formula

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.

Parlay Example

The total odds of your parlay are determined by the individual odds of your bets. It does become a more straight forward moneyline parlay calculator if betting on the spread or totals however as they are fixed odds. Otherwise known as ‘Pick em’ markets. Find out your 12 team parlay odds or 15 team parlay odds with our free parlay calculator. A parlay is a single bet that is placed on two or more different games. As a general rule, all games in the parlay must be winners (or at least end in a tie) for the parlay bet to win. The odds on a parlay are based on how many different teams you play. A 3 team fixed odds parlay might pay 6 to 1 while a 12 team fixed odds parlay could pay 600. Parlay Calculator A parlay is a single bet that links together two or more individual wagers for a high payout. A 2 team parlay might pay 13/5, a three team parlay might pay 6/1, a four team parlay might pay 10/1, and so forth with the payouts getting higher with more teams or totals selected.

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.

How does a Parlay work?

Select as few as two or as many as fifteen teams and combine them in one wager. All selections must win for your parlay to be successful. You can combine spreads, totals and moneylines.

What are the advantages?

The benefit of the parlay is that it gives a much higher payoff than if you were to place each bet individually since it’s harder to win all your selections.

Conditions:

• If there is a tie or no action, the parlay reverts to the next lowest number for pay-off, for example: if you select 4 teams and one of those ties, it becomes a 3 team parlay. A tie and win on a 2 team parlay pays out as a straight bet.
• You cannot combine ‘connected’, ‘dependent’ or ‘correlated’ events in the same parlay.

Payout Table:

The odds quoted in the pay-off table below only hold true if all selections in the parlay are at the standard price of -110 (football and basketball spreads and totals).
Variations in the prices will cause variations in the pay-offs.

Calculating a Parlay:

If the odds in the parlay are not all -110 then the (true) parlay odds are calculated according to the different prices. This is done by multiplying the prices of the selections together, but remembering to include the stake amount. Let's assume you place a $10 parlay on 2 selections, with odds of -180 and +250. The calculation to work out your return is as follows:

First of all, convert the odds into decimal format (just use our decimal format option to view your odds):

With ‘favorite’ prices (denoted by a – (minus) sign):

100/180 = 0.556 and add 1 (to include the stake) = 1.556

With ‘underdog’ prices (denoted by a + (plus) sign):

250/100 = 2.5 and add 1 (to include the stake) = 3.5

Then, to find your total potential return, multiply these odds together and with the stake: 1.556 x 3.5 x $10 = $54.46

Progressive Parlays

A Progressive Parlay is very similar to a normal parlay but, in exchange for not getting as big a payout for picking a perfect combination, you are getting insurance for those occasions when one or more of the teams in your parlay loses.

These can be between 4 and 12 teams but you can onlychoose point spreads (no totals or moneylines). In these parlays you can lose games and still win the bet because the payouts are lower.

4 - 6 teams... you can afford ONE team to lose/push
7 - 9 teams... you can afford TWO teams to lose/push
10 - 12 teams... you can afford THREE teams to lose/push

How Does Parlay Bets Work

The Progressive Parlay Payout Table

Below the table in American Odds:

Parlay Odds Formula Cheat

Please note that Progressive Parlays also differ from regular parlays in the following ways:

• Progressive parlays are not available for MLB, NHL or money-line wagers in football or basketball.
• In a Progressive Parlay, a push or a tie is considered a loss for that selection. However, if a selection has no-action (due to postponement or cancelation), the bet will revert to the next lowest progressive parlay for payoff, except in the case of a 4 team progressive parlay where it results in a no-action on the whole parlay.

Round Robin Parlays

How a Round Robin Parlay works:

Make between 3 and 6 selections and wager on some or all of the possible parlay combinations in one go. Each of the parlays comprising the Round Robin is a separate wager.

You can combine spreads, money lines, totals and different sports in Round Robin parlay bets.

Example:

A three-team Round Robin bet for $10 placed two-ways would consist of all the two-team parlays that can be made from the three teams selected. Taking the Colts, the Eagles and the Giants (all to cover the spread) two-ways, you would be creating three separate two-team parlays and the total cost of the bet would be $30:

With the above example in mind, you also have the option to place a three-way Round Robin side bet to increase your potential payout (a three-team parlay including all three teams). If you wish, you may risk a lower amount on this 3-way bet, as it may be harder to win:

With the selection of 4, 5 or 6 teams, further combinations are possible:

To place a Round Robin Parlay please follow these steps:

1. Log-in to your account
2. Choose the sport type on which you wish to bet
3. Add your selection(s) to your betting ticket by clicking/tapping on your selected odds/prices on the betting card
4. As soon as you have made at least three selections Round Robin Parlay will appear on the Parlay tab visible at the top of the betting ticket.
5. Choose the required parlay combinations (2, 3, 4, 5 and/or 6-way) and the amount you would like to wager on each group of combinations.
6. Review your selection(s) again before clicking/tapping PLACE BET.

The table above illustrates the possible number of combinations for the different sizes of Round Robin. It is not obligatory to choose all combinations.

Furthermore, it is possible to vary the amount risked on each group of combinations. For example, if you are making a 4 team Round Robin with 2-way and 3-way combos, you may wish to bet a higher amount on the 2-way combos which are easier to hit and a lower amount on the 3-way combos in which it would be harder to be successful.

The total value wagered and total potential payout will be displayed on the summary on the lower right hand side of the window. Once you have submitted your wager, a range of Bet IDs will be provided. Please make a careful note of the range for wager tracking purposes. (Please note: Bet IDs within the range may not necessarily be sequential).

All Sport Parlay Wager

The All SportParlay Card (also known as a Cross Sport Parlay Card) offers the opportunity to place a parlay bet on a variety of different sport-types including US and non-US sports. Log in to your account and click on PARLAY CARDS > All Sport Parlay Card to display all the lines we're currently listing for use between sport types.

American Odds Parlay Formula

Alternatively, you may also be able to parlay events which do not appear together in the same parlay card. For example, bet soccer and baseball in the same parlay. Or parlay the 1st half lines of an NFL game with a boxing match.

Parlay Odds Formula Calculator

To do this, simply add to the betting ticket the line of one of the events you would like to parlay, let's say a boxing fight, from the BOXING + MMA section of the site, then go to theNFL area and add to the betting ticket the first half line you want, if they can be parlayed the system will show the option to do so in the betting ticket.

Parlay Odds Formula 2019

You will not be given the option to buy points on US football, basketball spreads or totals. The maximum bet allowed depends on the prices of the selections in the parlay. You can find out the maximum you can lay by clicking the max bet button. Events available on the All Sport Parlay Card may vary depending on the day and time.

Note: Management reserves the right to limit the maximum amount wagered prior to acceptance of any bet.
No parlay wagers can be accepted where individual wagers are 'connected', 'dependent' or 'correlated'. For further details, check 'correlated events'.