Parlay Calculator

Parlay Calculator

Parlay Bet

Parlay Definition

Parlay bets are one of the most popular options in public sports betting. 

When you are considering a parlay bet, the parlay calculator shows you the amount of the potential payout determined by the number of bets and the value of each bet.  The more bets you include and the bigger the underdogs, creates a bigger potential payout, but decreases your odds and increases your risk.

What is parlay bet?

Parlay bets are very popular, especially with novice bettors, as they have the potential for a high parley bet payout on a low bet amount since you get higher payouts than if you were to bet them individually as your bet accumulates like compound interest.  The reason the parlay bet payout is high is because these bets lower your odds of winning. 

Parlay bets must include at least 2 bets and all the “legs” of the parlay bet must win in order to cash. If any leg of the bet loses, you lose your original stake. If one pushes, the parlay bet payout gets reduced to the next lower number, so a 5 team parlay  bet would become a 4 team parlay bet, a 4 team parlay bet becomes a 3 team parlay bet, a 3-team parlay bet becomes a 2-team parlay bet and a 2-team parlay bet gets converted to a straight bet.

The more bets you include, and the longer the odds on each bet, the more potential for your parlay bet payout...and the lower your chances to cash in.  Use the parlay calculator above to see the parlay payout work for the bets you are considering, and remember that the sportbook has a much bigger advantage when you place a parlay bet.

How do you calculate a parlay?

See the parlay bet payout chart below to see how much a 2 team parlay pays versus what a 5 team parlay pays (typical of what you’ll see at most sportsbooks, so let the bettor beware if your book isn’t offering odds as least as good as these). The books also make money in the long run on parlays because they never pay close to the true odds. A two-team parlay (assuming all bets being 50/50 propositions) has 4 possible outcomes (Win-Win, Win-Lose, Lose-Win, Lose-Lose), so you should hit 1 out of every 4 times or odds of 3-1 against you, yet the standard payoff for a 2 team parlay is 13-5 (2.6-1). That’s a bargain compared to the much-lower odds we see the further we go down the chart. 

Should you make a parlay bet or not? 

Ask two gamblers and you’re likely to get two different responses:

The anti-parlay gambler will say something like: “Parlays are sucker bets.” Or “The sportsbooks don’t offer you true odds on any parlay.” Or “Losing parlay bettors built all those casinos in Vegas.”

The pro-parlay gambler will say something like: “You can bet a little to win a lot.” Or “If you’re on a hot streak, parlays maximize your profits.”

Of course, there’s truth on both sides.

Yes, sportsbooks usually do very well against most parlay bettors since most gamblers are going to end up being around 50% overall, so even a 2 team parlay is a losing proposition if you go 1-1. And it’s hard enough to win one game, let alone multiple games, so the books love to book all the parlays they can.

On the pro-parlay side, the payoffs are appealing, and you have a better chance of having a big score than you do by playing PowerBall or MegaMillions. And, as mentioned above, if you’re hitting a higher than normal percentage of your straight bets (at least 55% consistently), you could show bigger profits with parlays. The best approach is to bet parlays when your onto a trend or system that the oddsmakers haven’t adjusted enough for, so you’re getting an edge on individual bets and compounding that with parlays. An example was in 2019 when many VSiN followers were betting NHL 1st Period Overs and parlaying them.

Try the parlay calculator above to prepare for your bets this weekend and good luck!