Our parlay calculator makes it easy for you to calculate the payout you can look forward to if you compile a winning parlay bet. You will also see the parlay odds you should receive, which can help you determine whether your online sportsbook is offering you a fair price.
Below, we have provided a step-by-step guide on how to use this free parlay calculator, along with an example that illustrates the benefits you can unlock.
Up to $1,500 in Bonus Bets if Your First Bet Doesn't Win* *Bonus Bets Expire in 7 Days. One New Customer Offer Only. Add’l terms. 21+. Gambling Problem? Call 1-800-GAMBLER Use Bonus Code: TODAY
Parlay Calculator
Parlay Odds: This section highlights the cumulative odds you should receive on your parlay. The profit you earn from each winning leg will roll over to the next leg, causing the overall odds to compound. That is why parlays can deliver such large payouts if you succeed.
Implied Probability: You will also be shown the implied probability of your bet succeeding, according to the cumulative parlay odds. This can help you determine how much to risk on a particular parlay.
Parlay Payout: This section displays the payout you should receive if the parlay wins. You can adjust the parlay payout by changing the figure in the “Betting Amount” section.
How To Use the Parlay Betting Calculator
Follow these steps to use our parlay calculator:
Enter Dollar Amount
Enter the dollar amount you would like to wager on the parlay in the “Betting Amount” section.
Enter Odds of First Bet
Type in the odds available on your first pick in the “Team #1 Moneyline” section.
Enter Odds of Second Bet
Enter the odds on your second pick in the next box. You can then enter the odds on your third pick, if applicable.
Add Odds of Any Additional Bets (If Necessary)
If you want to place a parlay with more than three legs, click “Add Team Moneyline” and enter the odds on your fourth pick. Repeat as many times as you like.
Click Calculate
When you have uploaded the odds on each of your selections, click “Calculate.”
You will then be shown the cumulative parlay odds, the implied chance of the bet winning, and the payout you will receive if each leg is correct.
Note: This parlay calculator covers any bet types. It reads “Team #1 Moneyline,” “Team #2 Moneyline,” and so on, but you can enter the odds available on the spread, total, or prop bet instead if you prefer. For example, if you select three teams to cover the spread at odds of -110, just type “-110” into each section and hit “Calculate” to reveal the odds, implied probability, and parlay payout.
Parlay Calculator Example
Let’s say you are looking at the weekend’s NFL slate, and you like these four picks:
- Detroit Lions -6.5 vs. Tampa Bay Buccaneers (-110)
- Jacksonville Jaguars to beat Cleveland Browns (-160)
- New York Giants vs. Washington Commanders Over 2.5 points (-105)
- Arizona Cardinals +1.5 vs. LA Rams (-110)
If you have a budget of $20, you could simply place a $5 wager on each pick. You would earn a total profit of $16.99 if all four of your picks proved correct.
Alternatively, you could roll them into a four-leg parlay for $20. To figure out your potential payout, follow these steps:
- Type “20” into the “Betting Amount” section.
- Enter odds of -110 for Team #1, -160 for Team #2, and -105 for Team #3.
- Click “Add Team Moneyline” and then enter odds of -110 for Team #4.
- Hit “Calculate.”
The calculator will tell you that the parlay odds should be +1056, which gives the bet an implied 8.65% chance of success. You will also see that the $20 parlay should pay out $211.26 if all four legs are correct, significantly higher than the $16.99 profit available if you placed four separate $5 wagers.
Legal States for Parlay Betting
Parlay betting is now legal in more than 30 states. In most states, you can place parlays, same-game parlays, teasers, and round robins at online sportsbooks, although a few only permit in-person wagering at land-based sportsbooks.
Here are a few examples of legal states for parlay betting:
North Carolina
There are several regulated North Carolina sports betting apps, including Fanatics Sportsbook, BetMGM, and FanDuel. If you are interested in placing parlays at NC sportsbook apps, consult our parlay calculator to figure out the implied probability of your bet succeeding.
Kentucky
The Bluegrass State legalized online sports wagering in September 2023. Kentucky sports bettors fans can play parlay bets at KY online sportsbooks like BetMGM, bet365, and FanDuel Sportsbook.
Massachusetts
Parlays are popular at Massachusetts sports betting apps like DraftKings, FanDuel, and Caesars Sportsbook. Bettors in the Bay State can use our parlay calculator to figure out whether your MA online sportsbook is offering you a fair price on your parlays.
Parlay Calculator FAQ
A parlay is a single wager that combines multiple predictions. For example, you could create a parlay predicting that the Buffalo Bills, New England Patriots, and Tampa Bay Buccaneers will all win on a particular day. Each selection must be correct for the parlay to pay out.
You should use the parlay calculator to calculate the payout you would receive from a successful parlay. The calculator will also highlight the cumulative odds on the parlay and the implied probability of it winning. This tool also allows you to determine whether your sportsbook is offering you fair odds on a parlay bet.
Parlay betting simply requires you to combine two or more picks on separate sporting events into a single wager. For example, you could create a two-leg parlay featuring the Boston Red Sox and the Chicago Cubs both to win. Each leg of the parlay must be correct for the bet to succeed.
The profit you receive from each correct leg will roll over to the next leg. This causes your overall profit to snowball. You can also create same-game parlays, which combine multiple predictions on the same game.
The payout from a $100 5-team parlay will be $2,435.91 if you select five teams to cover the spread at odds of -110. Your payout will vary according to the odds available on each team, but our parlay calculator makes it easy to calculate your potential payout in any scenario.
Parlays carry a higher house edge than straight bets like the spread or the moneyline, so most sharp bettors avoid them. However, simple two-team parlays featuring a couple of moneyline favorites can be attractive. Compiling a longshot parlay with a large potential payout can also be fun, but those bets should be enjoyed in moderation.
Most online sportsbooks have a maximum payout of $1 million on all bets, including parlays and same-game parlays. That is the case at FanDuel, DraftKings, Caesars, and Fanatics, but you can win up to $5 million at bet365 and $10 million at BetMGM. However, bets may be restricted on an individual basis.
About the Author
