Parlay Calculator: Free Parlay Odds Calculator for Sports Betting

A Parlay Calculator is designed to determine a parlay bet’s potential payout and implied win probability. Sports bettors should use it to calculate the odds for any combination of bets on a parlay ticket.

A parlay bet is a high-risk, high-reward option that combines multiple bets into one all-or-nothing wager. They can present much longer odds than single-event wagers while also offering much larger payouts. You need all outcomes (legs) to be successful in order to win a parlay bet. Miss one, and your whole parlay is done.

To use the Parlay Odds Calculator, enter the total bet amount and the American odds for each betting market. You’ll learn the potential profit and payout for this multi-leg wager.

Parlay Payout Calculator

Gaming Today’s Parlay Calculator uses American odds.

If your selected bets feature decimal or fractional odds, enter them into this Odds Calculator to convert them into American odds.

Here is an example multi-sport parlay on three teams that would turn a $100 bet into nearly $1,000 if the three teams win their respective games.

$100 Parlay Bet:

  • Boston Celtics: -110
  • Dallas Stars: +220
  • Los Angeles Dodgers: -125

Parlay Bet Payout: $999.64

So, how did we get here?

Parlay payouts are calculated by converting American odds into decimal odds, multiplying the bets’ decimal odds together, and multiplying the combined odds by the wager amount.

In the example above, the equation with decimal odds looks like this:

Celtics (1.909) x Stars (3.2) x Dodgers (1.8) x $100 = $1,099.64 (total payout including $100 wager).

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What is a Parlay Bet?

A parlay takes multiple wagers and combines them into a single bet slip. The Parlay Calculator will help you determine the expected payout for that combination of outcomes.

Parlay bets offer higher payouts than single-event wagers because the difficulty of winning them is much higher. For a parlay to cash, all bets on the ticket must win. If even one leg of a parlay loses, the entire ticket is a loser.

The top 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 (also known as legs in parlay betting) into a single ticket qualifies as a parlay wager.

If any of the bets in the parlay lose, the entire parlay loses. If a leg results in a tie — or “push” — then that bet is eliminated from the bet slip and the parlay’s odds are recalculated based on the other bets in the parlay. A push will reduce the total odds (and payout) for a winning parlay.

How Does a Parlay Calculator Work?

A parlay calculator multiplies the decimal odds for each betting market together before multiplying the total odds by the wager amount.

The odds on a parlay bet are calculated similarly to moneyline odds, and most North American 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.

The math of calculating a parlay gets more difficult with each new leg, but if you understand how a moneyline calculator works, it becomes just a matter of adding a couple of extra steps.

How Parlay Odds Are Calculated

The implied probability of winning any bet, including parlays, can be used by astute bettors to find value in a sports wager. Finding value means placing 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. Remember, however, that all bets on a ticket have to win for the parlay to cash.

Positive Odds

To calculate “+” American odds, take the odds number and divide by 100, then multiply that by the size of the bet.

For instance, a $50 bet at +150 odds is calculated as 150/100 (which yields 1.5), multiplied by $50 (1.5 x $50 = $75). A winning $50 bet at +150 odds would return $125 total to the bettor ($75 profit plus the original $50 bet).

Negative 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 x $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).

Parlay Odds Calculator: Example Bet

  • Bet 1: -110
  • Bet 2: -150
  • Bet 3: +100

To calculate the parlay payout, we first need to convert each set of odds into decimal odds, multiply the result, and subtract a factor of 1. Negative odds and positive odds need to be evaluated differently. Here is what that looks like:

  • Bet 1: (-1 x -110 + 100) / -1 x -110 = 1.909
  • Bet 2: (-1 x -150 + 100) / -1 x -150 = 1.666
  • Bet 3: (100 + 100) / 100 = 2

Next, we multiply the decimal odds for each leg of the parlay, subtract a factor of one, and multiply the total odds by the wager amount:

(Bet 1 x Bet 2 x Bet 3) x Bet Amount = Total Parlay Payout (including parlay wager amount).

Which looks like:

(1.909 x 1.666 x 2 -1) x $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 x -110+100)/-1 x -110 = 1.909
  • Bet 2: (-1 x -150+100)/-1 x -150 = 1.666
  • Bet 3 (100+100)/100 = 2

(1.909 x 2 -1) x $100 = $281.80

In the above case, the push is removed entirely from the outcome, and the odds are adjusted accordingly.

Should I Place Parlay Bets?

Statistically, you are better off placing multiple standalone bets on the events you enjoy. Sportsbooks routinely keep much of the money they take in on parlays because the bets aren’t easy to win.

If you want to try parlay betting, consider two- or three-leg parlays. A small parlay win still offers a pretty good payday, and you want your budget to last.

A parlay bet with more legs than a caterpillar can create a lot of excitement. Remember, the odds of winning 8- to 10-leg underdog parlays are closer to a lottery ticket win than to a coin flip. Parlays present the ultimate high-risk, high-reward situation.

Parlay Calculator FAQ

How do I calculate a parlay payout?

Parlay payouts are calculated by converting the odds to decimal odds, multiplying the decimal odds for each leg together, and then multiplying this number by the wager amount. With Gaming Today’s Parlay Calculator, you can input as many bets (legs) as you’d like and quickly calculate the payout odds as well as the implied probability of winning your parlay.

Are parlays a good bet?

Parlays can be a fun type of bet, but they’re not always a good wager if you want to make your gaming budget last. Parlays are considered high-risk, high-reward bets because they’re typically more difficult to hit — and offer higher payouts — than single-event wagers.

How do I win a parlay bet?

The best strategy is to keep the number of legs in your parlay limited to a low number. A single missed leg ends your hope for a win and it’s unlikely that even the most experienced bettors will successfully hit six, seven, or eight legs in a parlay bet.

The payout might be lower, but a parlay built with clear favorites will also increase the likelihood of becoming a winner.

How much does a $100 parlay pay?

A $100 parlay payout will vary and depend on the odds at your sportsbook. Use Gaming Today’s free Parlay Calculator and other sports betting tools to help with math and probabilities.

When should I place a parlay wager?

Live betting is becoming more popular but for a traditional parlay, you should select and stack the legs of your bet before the first event begins.

What is a four-team parlay?

A four-team parlay calls for correct guesses on four different outcomes (legs) . Two-leg and three-leg parlays have better odds of winning because fewer outcomes can go wrong.

Why do parlays pay so much?

Each sportsbook has a team of bookmakers, oddsmakers, or market analysts who specialize in being right more often than the betting customer. With parlay bets, you are challenging their expertise multiple times in the same bet. So, when you beat the house in several events, the odds and payout for that high-risk, high-reward parlay is going to be greater.

About the Author
Emma Carlin

Emma Carlin

Senior Writer
Based in Washington, D.C, Emma Carlin is a senior writer at Gaming Today. She has spent most of her career in public relations, writing and producing content for professional teams and athletes. In her downtime, you can find Carlin at D.C. United or Washington Capitals games.

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