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Parlay Calculator 2024: Calculate Your Potential Winnings Accurately

Last Updated on 05.04.2024
Fact checked by: Jackson T. Pierce

Parlays let you combine up to 10 or more bets into one, which can make figuring out the odds a bit complicated. Luckily, a free parlay calculator makes it easy for you.

All you need to do is choose your odds format (American, decimal, or fractional), enter the odds for each selection, and enter how much you’re wagering in total. Hit the calculate button, and then you’ll see the potential payout. It’s that easy.

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Parlay calculator



A quick overview of parlay betting

If you need parlay betting explained to you, it’s when you combine multiple smaller bets, called legs, into one big bet. You will need to put at least two selections together, though you can combine 10 or more at most sportsbooks. Why do this? Well, it’s all about the payout. Bundle those bets together, and you could potentially win way more than betting on each game individually.

But here’s the kicker: it’s riskier. To win from a regular parlay, every single one of your bets needs to come through. Miss just one, and it’s game over, you win nothing. That said, there’s a bit of a safety net with something called progressive parlays, which allow you to miss a pick or two (even four if you’re dealing with a 11-12 leg parlay) and still walk away with some winnings. You will find progressive parlays at some of my recommended sites, which are well known for having the best sportsbook promotions, such as DraftKings.

Advantages
  • Higher potential payouts
  • Combine up to ten selections or more
  • Great for knowledgeable bettors
Disadvantages
  • Higher risk of losing

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How a parlay odds calculator works

It’s easiest to work with decimal odds when calculating parlay odds. Just multiply the decimal odds of each leg, and you will get the overall odds for your parlay. Let’s break it down with an example.

Imagine you’re combining two bets into one parlay. Suppose bet number one is at odds of 2.00 (even money) and bet number two comes in at 3.50 (+250 in American odds). How do you figure out your odds for the parlay? Just multiply the odds of each bet together, like so:

Bet amount (decimal odds)ResultAmerican odds equivalent
2.00 x 3.507.00+600

If you’re starting with American odds, you’ve got an extra step because you can’t just multiply them directly. You’ll need to convert those American odds into decimal format first. The easiest way to do this? Use my free parlay calculator. It’s a free tool that does the math for you, converting and calculating everything so you don’t have to stress over it.

Converting American odds to decimal odds

If you want to know how to convert American odds to decimal odds yourself instead of using the parlay payout calculator, you can do this in a few simple steps. American odds come in two types: positive (+) and negative (-). Each type has its own method of conversion, but don’t worry, both are straightforward.

Positive American odds:

  • Take the American odds number (ignore the plus sign) and divide it by 100. For positive odds of +300, you’d divide 300 by 100, which gives you 3.
  • Then, add 1 to the result. So, 3 + 1 = 4.

This means the decimal odds are 4.0, so if you bet $100, your return is $400 (your original bet plus $300 in profit).

Negative American odds:

  • Ignore the minus sign and take the number of the odds. Divide 100 by this number. For negative odds of -200, it’s 100 divided by 200, which equals 0.5.
  • Then, as you would for the positive odds, you also add 1 to the result. So, 0.5 + 1 = 1.5.

This means the decimal odds are 1.5. So if you bet $100, you’ll get $150 back (your original stake plus $50 in profits).

Sports betting parlay calculators vs bet slips

At first glance, bet slips at parlay betting sites seem to have it all. You add selections to your bet slip, enter how much you want to bet, and it tells you how much you could win. It’s straightforward and designed to make betting a breeze. So, why bother with a parlay bet calculator?

Here’s the thing: bet slips have their limits. They’re great for the basics, showing you the potential payout for the odds the sportsbook currently offers. But what if you want to mix things up? Say you’re curious about how different odds, maybe some that aren’t even listed yet, could affect your parlay. Or perhaps you’re looking to enter odds from different sportsbooks to see which combination gives you the best potential return. That’s where a parlay calculator comes in.

You can add as many legs as you want, play around with the odds, and adjust your stake to your heart’s content. It’s the ultimate tool for planning ahead and strategizing. Also, let’s not overlook the educational value. If you’re relatively new to betting or to parlays specifically, using a parlay bet calculator is a fantastic way to learn the ropes. You can see firsthand how odds affect payouts, how adding or removing legs from your parlay changes your potential winnings, and get a feel for the kind of strategies that might work best for you.

Conclusion: Use my free parlay calculator to your advantage

My free parlay calculator is an essential tool for anyone looking to dive into parlay betting. Sure, bet slips act as their own parlay calculators for available lines at a specific sportsbook, but they have their limits. Want to explore beyond the basics, mix odds from different books, or see how changes to your parlay affect your payout?

That’s where my calculator comes in handy. It’s not just about doing the math; it’s about giving you the freedom to experiment and strategize without restrictions. Whether you’re a newbie learning the ropes or a pro refining your strategy, this tool is free and user-friendly, making it easy for you to make well-informed betting decisions.

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Parlay calculator FAQ

πŸ”Ž How does the parlay calculator work?

Simply enter the odds for each leg of your parlay, choose your odds format (American, decimal, or fractional), and input your total wager. The calculator does the rest, showing you the potential payout based on the combined odds of your selections.

πŸ‘€ Is the parlay calculator free to use?

Yes, all of my betting calculators are free to use. My free parlay calculator provides you with clear calculations on potential payouts. Perfect for helping you make informed decisions.

🧐 How do I calculate parlay odds?

My parlay bet calculator makes it easy for you to see the potential payout for any possible parlay. Alternatively, you can do the math yourself by multiplying the decimal odds of each leg in the parlay.

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