Free Parlay Calculator & Parlay Odds For Sports Betting
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What is a parlay in sports betting?
A parlay is a bet on two or more point spreads, over/unders or moneylines to increase the possible payout
The main reason to parlay bets is because the payout can turn into much more money than a single bet. For example, if you really like two teams to win, you can combine their moneylines into a parlay bet. Instead of betting one team at -150 to win and the other at -120, you could combine them. In a parlay, those odds would turn into +205, which means a $100 bet would pay out $305. If you bet $50 on each of those moneyline odds, the payout would be about $174.
The payout can grow as much as you want it if you keep adding bets, as a lot of sports betting sites allow up to 10-bet parlays or even up to 15. Of course, the more bets you add, the likelier it is the parlay doesn't succeed.
The problem with something like a 10-team parlay is that even if nine of those bets win, it doesn't matter if the 10th one loses. In order to win a parlay, all bets need to win (or push).
While you want every bet in a parlay to win, it's also possible that some of the bets push and you still earn some money. If you have three bets and one of them pushes, the parlay would turn into two bets, assuming those two are winners. Of note, not every sportsbook abides by these rules, though that's the most common method.
Parlay Odds Calculator
A parlay calculator helps bettors determine the total payout on a bet with multiple bets based on the odds of each individual wager.
How to Use This Parlay Calculator
Follow the steps below to find out how to use this parlay calculator. Be mindful that a parlay must have two legs.
Keep in mind that a parlay must have two legs. Follow the steps below to learn how to use this parlay calculator.
How to Use A Parlay Calculator
1. Enter the odds for each leg of your bet. Hit the "add bet" button if you have more than two legs. You can enter odds in either American, Decimal, or Fractional format.
2. Enter the amount that you want to stake on your parlay.
3. Once you're through, the parlay calculator calculates the potential payout.
What Is a Parlay?
A parlay is a type of bet in sports betting that includes multiple individual bets in one single wager. Each bet inside the parlay is called a leg. Because a parlay is one big bet, each leg of the parlay must win for the entire parlay ticket to settle as a winning wager. If even one bet loses, the entire parlay ticket will settle as a losing wager.
How Parlay Odds Are Calculated
Here is how to calculate parlay odds on the best sports betting apps:
- If you are using American odds, you must first convert them to Decimal odds. You can use our betting odds calculator for odds conversions as well.
- Multiply all of the Decimal odds together.
- Next, multiply the total Decimal odds by your bet's stake.
- Once you complete those steps, you will have your potential payout.
Parlay Calculator Examples by Sport
Here is an example of a parlay using NFL odds:
3-Leg NFL Parlay
- Cowboys -6.5 (-110)
- Bills moneyline (-150)
- Over 47.5 (+100)
- Wager: $100
How to Convert Odds Manually
Here is the step-by-step process to convert these odds manually:
- Convert odds to decimal:
- -110 converts to 1.91
- +100 converts to 2.00
- +100 converts to 2.00
- Multiply:
- 1.91 × 1.67 × 2.00 = 6.38
- Multiply by stake:
- 6.38 × $100 = $638 return
Pros & Cons of Parlay Betting
While parlay betting can be lucrative, it is also risky since all of the legs within a parlay must hit for your entire parlay ticket to settle as a winning wager. Here are the biggest pros and cons of parlay betting to help point you in the right direction on whether or not you should make these bets.
| ✅ Pros | ❌ Cons |
| Parlays can lead to much bigger winnings since the odds multiply with each added bet. | If just one leg of your parlay loses, the entire bet goes down with it. |
| Tying multiple games together adds extra excitement and drama to the betting experience. | The more bets you include, the harder it becomes to win the entire parlay. |
| You can bet a small amount for a chance at a huge payout, making it a low-risk, high-reward option. | The excitement of big wins can sometimes push people into placing riskier, less-researched bets. |
| Parlays give you the flexibility to mix spreads, moneylines, totals, and even different sports. | Understanding how parlay odds and payouts work can be tricky, especially for beginners. |
| Winning a parlay can feel extra rewarding if you've used your sports knowledge to build it. | Some sportsbooks limit how many legs you can include or restrict certain bet combinations. |
Parlay Betting Tips and Strategy
When you bet on parlays on sports betting sites, you are taking a risk since multiple legs must win for the entire parlay ticket to cash. However, with that risk comes a reward since parlays land a much bigger payout compared to straight bets.
Use these parlay betting tips and strategies to bet smarter:
- Be mindful of the risk versus reward ratio and only risk a fractional portion of your bankroll or a strict unit size.
- Stick to two or three-leg parlays for the best value. While you can get a larger payout with the more legs you add, the risk becomes greater in that scenario as well.
- Avoid parlays loaded with heavy favorites. While these tickets look like locks, anything can happen in sports, and one upset will cost your parlay ticket to settle as a loser.
- Take advantage of sportsbook promos since the best betting sites offer enhanced odds on multi-leg bets like parlay boosts, bet-and-gets, and parlay insurance.
- Using free tools such as a parlay optimizer can help making odds and line shopping easier.
Parlay Odds vs. True Odds Table
Bets | Odds | Implied Probability | True Probability | Fair Odds |
| 1 | -100 | 52.38% | 50% | +100 |
| 2 | +265 | 27.40% | 25% | +300 |
| 3 | +597 | 14.35% | 12.50% | +700 |
| 4 | +1228 | 7.53% | 6.25% | +1500 |
| 5 | +2435 | 3.94% | 3.13% | +3100 |
| 6 | +4740 | 2.07% | 1.56% | +6300 |
| 7 | +9140 | 1.08% | 0.78% | +12700 |
| 8 | +17500 | 0.57% | 0.39% | +25500 |
| 9 | +33500 | 0.30% | 0.20% | +51100 |
| 10 | +64200 | 0.16% | 0.10% | +102300 |
Parlay Odds Calculator FAQs
What is a parlay bet?
A parlay is a bet type where multiple single wagers are tied into one bet slip. Each single bet inside your parlay is called a leg. In order for your parlay bet to be graded as a winner, all of the legs must win. If even one leg loses, your entire parlay bet is settled as a loss.
How do I calculate a parlay payout?
You can calculate a parlay payout manually or use our parlay betting calculator to get the fastest result possible. To calculate the parlay payout yourself, convert each leg of the parlay's odds to decimal format and then multiply them together for the overall parlay odds. Finally, multiply the overall parlay odds by your stake to determine the payout.
What if I lose one of the bets in my parlay?
If one of the bets in your parlay loses, your entire parlay bet is graded as a losing wager. For a parlay bet to win, all of the single bets, or legs, inside of your parlay must settle as winners.
What if one bet in your parlay is suspended or cancelled?
If one of the bets, or legs, in your parlay is suspended or canceled, the odds of that wager are calculated at 1.00 odds.
Do sportsbooks boost parlay odds?
Yes, sportsbooks boost parlay odds with parlay boost tokens or odds boost promos. These are normally gained from ongoing bonuses and promos for existing users. Parlay boosts give you enhanced odds for a larger payout if your bet wins.
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