Parlay bets – also known as accumulated bets or multi bets – are among the most lucrative bets you can make in sports betting. You put your money into multiple selections, combine multiple wagers into one, and if some or all your selections win, you receive a much higher payout than if you placed each bet individually.
This makes betting parlays one of the more complex types of wagers. If you want to know how much exactly you are getting in return for your bet, a parlay calculator can be a useful tool.
Our parlay calculator is a simple tool that allows you to easily calculate the potential payout for any given parlay bet. All you have to do is enter the amount of money wagered plus the odds and number of teams in your parlay (up to 15). The calculator will then generate an estimated total return on investment (ROI) based on the provided data.
On top of that, our parlay calculator allows you to enter your odds in three different formats – American, fractional, and decimal. This makes it easy to switch between the three most popular sportsbook betting odds types without having to do any complex calculations.
What Is a Parlay Bet?
A parlay bet is a single wager that combines multiple bets into one. The potential payout of the bet can be much higher than if each individual selection was made separately, but so are the risks involved with such a bet.
For example, if you were to make two separate bets on the same game – one for Team A and one for Team B – your maximum potential return would be the sum of what you wagered on each individual bet. With a parlay, however, if both Team A and Team B win their respective games, you could receive much more than what you wagered on each selection individually, as the odds of both teams winning are combined.
What Is a Parlay Calculator?
Our parlay calculator is an online tool that helps you calculate the potential payout of any given parlay bet. All you have to do is enter the amount wagered among the odds (up to 15 selections), and the calculator will generate the total payout.
This is a great way to quickly check the potential return on any given parlay without having to go through all of the calculations by hand. It also allows you to enter your odds in three different formats, making it easy for bettors that use multiple sportsbooks with varying betting systems.
Why Should You Use a Parlay Calculator?
Using a parlay calculator is an efficient way to quickly check the potential payout of any given bet without having to do complex calculations by hand. It also allows you to easily enter your odds in three different formats, so you don’t have to worry about converting the odds from one system to another.
Needless to say, knowing your potential return on any given bet is essential in sports betting. So if you’re looking to get the most out of your money, using a parlay calculator can be an invaluable tool for creating and implementing a successful sports betting strategy.
Example Parlay Bet
- Odds Type: Fractional Odds
- Odds for Selection 1: 1/2
- Odds for Selection 2: 7/9
- Odds for Selection 3: 3/13
- Bet/Wager Amount: 100
- Total Payout: 328.21
- Odds Type: Fractional Odds – indicates that the odds are represented in fractional form. Fractional odds are a common way of displaying odds in the UK and other parts of the world.
- Odds for Selection 1: 1/2 – indicates that the odds for the first selection are 1/2. In fractional odds, this means that for every 2 units bet, the potential profit would be 1 unit.
- Odds for Selection 2: 7/9 – indicates that the odds for the second selection are 7/9. In fractional odds, this means that for every 9 units bet, the potential profit would be 7 units.
- Odds for Selection 3: 3/13 – indicates that the odds for the third selection are 3/13. In fractional odds, this means that for every 13 units bet, the potential profit would be 3 units.
- Bet/Wager Amount: 100 – indicates that the total amount of the bet or wager is 100 units.
- Total Payout: 328.21 – indicates the total payout that the bettor would receive if all three selections in the parlay bet were to win. The payout amount is calculated by multiplying the bet amount by the total odds of all three selections. In this case, the total payout would be 328.21 units.
American, Fractional, and Decimal Odds
When using a parlay calculator, it’s important to understand the different types of odds that can be used. The three most popular sportsbook betting systems are American (moneyline), fractional, and decimal.
- American – expressed as either positive or negative numbers, e.g., +50 or -20. Positive numbers indicate an underdog status, while negative numbers express favourite status.
- Fractional – often used in horse racing and other UK-based sportsbooks, represented with two sets of numerals separated by a slash (/). For example, 1/2 odds means that you will receive 2 units back on every unit wagered if your selection is successful. Or, in simpler terms, you will get £2 back for every £1 wagered.
- Decimal – largely used throughout continental Europe; expressed as a single number, usually with two decimal places; e.g., 3.00 odds means that you will receive 3 units back on every 1 unit wagered if your selection is successful.
