A parlay odds calculator is a common tool used by many sports bettors looking to make vegas parlay bets. They allow the bettor to input the odds for each part of the parlay wager in order to provide a rapid calculation of the bet.
We will explore the use of a parlay calculator and how to input the odds of other bets, as well as providing clear examples. Let’s take a look!
What is a Parlay?
A parlay is simply a type of bet that can be placed, in which multiple bets are connected together to create higher odds and a higher payout than on a single bet.
The higher odds and multiple bets only add to the risk of the bet, as all elements of the bet must succeed in order to win. Meaning, even if one game loses, then the parlay is forfeit. The more games you add to a parlay, the bigger the payout.
Sometimes understanding a type of bet is made a lot easier by looking at an example of this bet in action.
- For example, say a bettor wants to stake $100 on a three-team parlay with the Mavs +150, Bucks +100 and Pistons +203. If all three of these teams win, the $100 bet pays out at a staggering $1,515.
This is an example of how a bettor can turn a $100 bet into a monster payout, without wagering on really high odds. By combining these three small wagers, with favorable odds, the bettor is able to create an excellent parlay.
Are Parlay Bets Fair?
Bettors are often suspicious of these types of bets as the odds are all wrapped together. There is the standard vig applied, but beyond that parlays are a totally viable option to bettors.
Parlays are often good bets, but they’re not for the sharps, as the sportsbook always gets the upper hand. Sportsbook providers will have an algorithm, which calculates the parlay instantaneously, meaning parlays are calculated in the same way each time. It is widely understood that this method of betting favors the house, as the vig leans in the sportsbooks favor. Making the calculations is beyond the basics of betting, but we’ll touch on this next.
How to calculate a Parlay Payout
As a bettor playing the odds at their favorite sports, they will place a unit on a parlay and the sportsbooks will automatically calculate the parlay payouts. Alternatively, they can use a free parlay calculator to make the calculations on their own.
Imagine you’re using a standard NFL parlay calculator, the math calculations looks like this:
- Convert the American odds to decimal odds.
- Multiply the decimal odds together to get your multiplier.
- Multiply the multiplier by your stake.
- Subtract your original stake to get the parlay odds.
So let’s put this into a sports context, if you’re parlaying the Jets, Chiefs and Ravens at -110 (1.91 decimal), your math would look like this:
- 1.91 x 1.91 x 1.91 = 6.97
- 6.97 – 1 = 5.97
While it’s rare for a sportsbook provider to include a Vegas parlay calculator on their website, there are many online which can be used quickly to check the vig and value in the odds. Be sure to check back with this page for all your parlay needs!
Setting up a parlay is quite easy at most sportsbooks. While it will vary between them, generally speaking, it involves moving a number of single bets in your bet slip, and then selecting which type of multiple bet that you wish to make. These bets should be viable for parlays, of course.
At this point, the best sportsbooks will calculate your payout for you based on which type of multiple bet you are placing. This way you can see in an instant how changing your risk will affect your payout. This can be handy when the parlay is already available, but sometimes you will want to calculate your payout before the bets are all available.