A parlay is a single bet that links together two or more individual wagers for a high payout. In order for the parlay bet to win, every one of the wagers must win.
So why make a parlay bet if it's a more difficult bet? Because the payouts are higher. A 2 team parlay might pay 13/5, a three team parlay might pay 6/1, a four team parlay might pay 10/1, and so on with the payouts getting higher with more teams.
The Parlay Calculator is a handy tool to calculate the payoff of parlay bets.
How do I use the Parlay Calculator?
- Fill in the Parlay Calculator Prices Column, so at least 2 fields must be filled in with money lines prices.
- Type in the Parlay Calculator amount($) field the amount you wish to risk
- Click the Parlay Calculator Calculate Button to obtain the result.
What are the valid prices allowed on the Parlay Calculator Price Fields?
You can type in prices from -99999 to +99999. You must include the + or - sign according the price.
Parlay Betting (2 to 8 teams)
A parlay is a bet in which you select 2 to 8 teams or totals. All selections must win or tie in order to win the wager. If any of the selections lose, your wager loses, regardless of the outcome or cancellation of the other games. If one or more selections is a tie, postponed, incomplete, cancelled or rescheduled for another day, then the wager reverts to the next lowest number.
For example, if you place a 5 team parlay and have 4 winners and a tie, your wager pays out as a 4 team parlay. If you place a 2 team parlay and one team wins and one ties, the wager becomes a straight bet.
The resulting wager will have the same risk amount with the win being calculated to reflect the odds of the remaining team (Example: On a two team $100 parlay with team A +110 and team B -110 if A ties and B wins the resulting wager will be a straight play on B risking $100 to win $91).
Calculating Parlay Payouts
|2 Team Parlay||Amount|
Payoffs are determined by a simple formula that changes the money line into decimal form:
STEP 1: Converting Money Line To Decimal
For each team in the Parlay Calculator, the money line is converted into decimal form using the following formula:
- For a negative money line (-125) you divide 100 by 125 -> 100/125 = 0.8
- For a positive money line (+130) you divide 130 by 100 -> 130/100 = 1.3
STEP 2: Add 1 to each of these values.
STEP 3: Find out the amount to be wagered (risked)
Now we can calculate the Parlay Calculator payout with the following formula:
|(Risk Amount||X||Price 1||X||Price 2)||-||Risk amount||=||PAYOUT|
Example: For a $100 parlay with:
|GIANTS -125 PADRES +130|
|$ 100||X||(1+100/125)||X||(1+130/100)||-||$ 100||=||PAYOUT|
|$ 100||X||1.8||X||2.3||-||$ 100||=||$ 314|
Use the same method for any number of teams.