A parlay takes multiple wagers and combines them into a single ticket. For a parlay to pay off, all bets on the ticket must win. If even one pick on a parlay loses, the entire ticket is a loser.
Parlays present a higher risk for bettors, but can also pay off at dramatically higher odds versus single bets. The Gaming Today Parlay Calculator functions as a tool that allows you to see the parlay odds and implied win probability for any combination of bets.
Enter the bet amount and the American Odd for each game in the parlay and your bet amount. If you are not using American odds, enter your decimal odds or fractional odds into this odds calculator.
What Is A Parlay Bet?
Legal sportsbooks allow bettors to put together just about any combination of available bets and play them as a parlay. Any ticket that combines two or more bets into a single ticket qualifies as a parlay wager.
The odds on a parlay bet are calculated as moneyline odds, and most US-facing legal sports use the American odds notation to display moneyline odds. American odds are denoted by a “+” or “-“ in front of the odds number. For example, lines like -110 and +150 use the American Odds notation.
Calculating Payouts From Positive Moneyline Odds
To calculate “+” American odds, take the odds number and divide by 100, then multiply that by the size of the bet.
A $50 bet at +150 odds, for instance, is calculated as 150/100 (which yields 1.5), multiplied by $50 (1.5*$50=$75). A winning $50 bet at +150 odds would return $125 total to the bettor ($75 profit plus the original $50 bet.)
Calculating Payouts From Negative Moneyline Odds
To calculate “-“ odds, divide 100 by the odds number, then multiply by the amount of the wager.
A $50 bet at -110 odds would be calculated as 100/110 (without the “-“ for the 110 odds), which yields 0.909. You then multiply that by the size of the bet (0.909*$50=$45.45). A $50 winning bet at -110 odds would return $95.95 to the bettor ($45.45 profit plus the original $50 bet).
American odds aren’t the only notation sportsbooks use to display moneyline odds. Decimal odds represent another common way to display moneyline odds. Odds notations like 1.20 and 10.00 are moneyline bets represented with decimal odds.
To convert “+” American odds into decimal odds, take the odds number and divide by 100, then add 1. Converting +150 to decimal odds is executed as (150/100)+1. That reduces to 1.5+1, which equals 2.5. So 2.5 decimal odds are equivalent to +150 American odds.
Converting “-“ odds to decimal odds requires dividing 100 by the odds and subtracting that quotient from 1. The -110 are converted as 1-(100/-110), which reduces to 1-(-0.909) and solves as 1.909. So -110 American odds convert to 1.909 decimal odds.
To calculate the return on a bet using decimal odds, multiply the wager by the odds. For example, a $50 bet at 1.909 decimal odds returns $95.45 to the bettor. To calculate profit, subtract the amount of the wager from this product ($95.45-$50=$45.45).
Favorites Versus Underdogs
The favorite in a game is the team with the higher implied probability of winning. Favorites are denoted by “-“ odds when using American odds. Favorites win more often overall, but pay out less on a win compared to underdogs.
Underdogs are the team with the lower implied probability of winning and are denoted with “+” odds. When making a parlay bet, combining multiple underdogs can produce potentially huge payouts, but the implied winning probability of such a ticket is low.
The Gaming Today Parlay Calculator allows you to take any number of moneyline bets, input them into the calculator, and see both the payout odds and implied probability of winning. Implied probability can be derived from any moneyline number.
Implied probability for “+” odds is calculated as 100/(“+” American odds + 100)*100. So for instance, the implied probability of +150 moneyline odds is calculated as 100/(150+100)*100. That reduces down to 40, so a bet with +150 odds has a 40% implied probability of winning.
For “-“ odds, the implied probability is calculated as “-” odds / (“-” odds + 100)*100. Putting -110 odds into that equations yields 110/(110+100)*100, which solves to 52.38. So a -110 American odds bet translates to a 52.38% implied probability of winning.
Looking for other calculators to use when sports betting? Check out:
Finding Value In A Parlay Bet
The implied probability of any bet, including parlays, can be used by astute bettors to find value in a sports wager. Finding value means making bets on teams that have a better chance of winning on the field versus what the implied probability indicates.
When trying to find value in a parlay bet, you must evaluate whether all of the bets on the tickets have a better chance of winning than the implied probability of the entire ticket. Keep in mind, however, that all of the bets on a ticket have to win for the parlay to win.
What Is A Parlay Calculator?
The Parlay Calculator will help you determine the expected payout for a given moneyline parlay bet. Parlay bets are a single bet that links together two or more individual wagers and are dependent on all of those bets winning.
Parlays have higher payoffs than placing each individual wager since the difficulty of winning it is much higher. If any of the bets in the parlay lose, the entire parlay loses. Any plays in that “pushes” or ties, then the parlay eliminates that bet from the parlay and is recalculated based on fewer bets in the parlay.
How The Gaming Today Parlay Calculator Works
The math calculating a parlay gets more difficult with each new bet, but if you understand how moneyline calculations work, it becomes just a matter of a couple of extra steps. Let’s take a set example.
Bet 1: -110
Bet 2: -150
Bet 3: +100
To calculate the payout we need to evaluate each set of odds into decimal odds, multiply the result, and subtract a factor of 1. Remember from the moneyline calculator article, that negative odds and positive odds need to be evaluated differently. Here is what that looks like:
Bet 1: (-1*-110+100)/-1*-110 = 1.909
Bet 2: (-1*-150+100)/-1*-150 = 1.666
Bet 3 (100+100)/100 = 2
Next, we multiply the three results and subtract 1 from the total, and multiply by the Bet Amount:
(Bet 1 * Bet 2 * Bet 3 -1) * Bet Amount = Parlay Payout
Which looks like:
(1.909 * 1.666 * 2 -1) * $100 = $536.08
Not a bad result, but don’t be fooled: the multiplication here is also consistently multiplying the risk. The implied probability of the above occurring is 13.59%. Those odds would look like a +536 longshot bet. Now let’s look at the event where Bet 2 is a push:
Bet 1: (-1*-110+100)/-1*-110 = 1.909
Bet 2: (-1*-150+100)/-1*-150 = 1.666
Bet 3 (100+100)/100 = 2
(1.909 * 2 -1) * $100 = $281.80
In the above case, the push is removed entirely from the outcome and the odds adjust accordingly. Below is a basic parlay chart for -110 odds for each bet:
This graph shows the profit as the number of bets in a parlay increase, based on a total $100 bet.
What Is Line Movement?
Sportsbooks set the lines on each game to produce enough bets on both sides of the line to allow the house to make money. If 100% of bets come in on the favorite of a given game, for example, the sportsbook loses massively if the favorite wins.
To balance that out, the sportsbook sets lines that encourage plenty of bets for both the favorite and the underdog. If too much money starts to come in on one side of a bet, the sportsbook will adjust the line in hopes of prompting more bets on the other side.
Note that the house sets betting lines in a way that allows the sportsbook to take vig, aka house cut. For example, totals bets often set the line at -110 on both sides, though a true even money bet would set the odds at +100 for both the under and the over.
The Legal Online Sports Betting Industry In The US
A change in federal laws in 2018 prompted the current boom period of the US sports betting industry. Many states offer both retail and online sports wagering legally.
In states with both physical and mobile sportsbooks, online wagering produces the majority of overall bets. DraftKings Sportsbook, FanDuel Sportsbook, and PointsBet have emerged as three of the top online sports betting platforms in the US market.
3 Best Online Sportsbooks In The US
DraftKings Sportsbook offers a selection of sports that yields almost infinite ways to put a parlay ticket together. DraftKings Sportsbook operates in Michigan, New Jersey, Colorado, Illinois, Indiana, Pennsylvania, New Hampshire, Iowa, Tennessee, Virginia, and West Virginia.
The Gaming Today Parlay Calculator can be used as a valuable tool to evaluate the best ways to assemble a parlay ticket from the vast selection of wagers at DraftKings Sportsbook.
FanDuel Sportsbook represents another major player in the legal US online sports betting market. Much like its competitors on this list, FanDuel Sportsbook allows bettors to combine several different kinds of bets on a parlay.
Using the Parlay Calculator, you can compare the parlay odds at FanDuel Sportsbook to what the same ticket would pay out at DraftKings or PointsBet. Bettors in Michigan, Virginia, New Jersey, Colorado, Illinois, Indiana, Pennsylvania, Iowa, Tennessee, and West Virginia can access FanDuel Sportsbook’s mobile platform.
Operating in Michigan, New Jersey, Illinois, Indiana, and Iowa, PointsBet presents one of the most unique platforms in the legal US online sports betting industry.
PointsBet offers many different ways to put together parlays, including the Single Game Parlay. The Single Game Parlay allows you to combine moneyline, totals, and point spread bets from a single game into a parlay ticket.
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Gaming Today Parlay Calculator FAQ
Yes. The overturn of the Professional and Amateur Sports Protection Act (PASPA) in 2018 cleared the way for states to decide their own individual sports betting laws.
States that choose to legalize sports betting can opt to allow retail and/or online sports betting. New Jersey, Pennsylvania, Nevada, and Colorado host some of the biggest legal online sports betting markets in the US.
Always. The Gaming Today Parlay Calculator presents a critical tool that should always be used to evaluate the overall payout odds and implied winning probability of a parlay.
Parlay tickets involve complicated odds calculations and potentially massive payouts. With that kind of money on the line, bettors would do well to crunch the numbers of any parlay bet through the Parlay Calculator.
Yes. The Gaming Today Parlay Calculator is a legal tool, and you can rest assured that sharp bettors across the country are using it to evaluate any parlay they might be thinking about making.
Each sportsbook has a team of bookmakers, aka oddsmakers, that evaluate where the sportsbook should set the lines on each game. To make money, sportsbooks must choose lines that bring in an appropriate amount of money on each side of the bet.
The public can affect the movement of a line. After the bookmakers set a line, the line will move if too much money starts coming in on one side of the bet.
Favorites are the team or athlete which the sportsbook presents as having the higher implied probability of winning a game or match. Favorites are denoted with “-” odds when using American odds notation and pay out at less favorable odds compared to underdogs.
Underdogs have a lower implied probability of winning and are denoted with “+” American odds notation. Underdogs win less often than favorites, but the payouts are better.
DraftKings Sportsbook, FanDuel Sportsbook, and PointsBet represent three of the top-tier online sportsbooks in the US. All three of these platforms offer a comprehensive menu of domestic and international sports.
The huge selection at each of these sportsbooks yields almost infinite ways to combine bets into a parlay ticket.