The parlay calculator allows you to input the odds for each leg of your parlay to quickly calculate the payout of your bet.
What is a Parlay?
A parlay is a wager type in which multiple bets are linked together to create a greater payout. But since it’s treated as one big bet, every game in a parlay must win for the bet to win. If even one game loses, the parlay loses.
Sportsbooks give you bigger and bigger payouts for adding more games to a parlay.
How Do I Calculate a Parlay Payout?
Sportsbooks automatically calculate parlay payouts for you, or you can use our parlay calculator above.
Here’s how the math works.
Convert the American odds to decimal odds using our odds converter.
Multiply the decimal odds together to get your multiplier.
Multiply the multiplier by your bet amount.
Subtract your original stake to get the parlay odds.
So if you’re parlaying three teams at – 110 in American odds, your formula looks like this, since – 110 in decimal odds is 1.91.
1.91 x 1.91 x 1.91 = 6.97
6.97 – 1 = 5.97
In American odds, 5.97 is +597, meaning this parlay pays nearly 6-1.
Here’s a slightly more complicated example.
Let’s say you want to bet three heavy favorites on the moneyline because you’re confident each team will win, but not sure if they’ll cover the spread.
So you bet Packers -300 against the Lions, Patriots -200 vs. the Jets, and Eagles -150 at the Redskins.
Our formula looks like this after converting to decimal odds:
1.333 x 1.5 x 1.667 = 3.33
3.33 – 1 = 2.33
2.33 = +233
So this parlay on the Packers, Patriots and Eagles to all win pays +233.
Am I Getting Fair Odds on a Parlay?
The true probability of a two-team parlay with both prices at -110 should convert to odds of +300. But you’re only getting +260. Three teams at that price should be +700. But you’re only getting +600.
Parlays are not always bad bets, but you’re never getting a fair shake from a sportsbook.