A parlay calculator is a tool which can be used to work out returns from a parlay bet. The total profit and loss can be worked out by inputting the odds taken, the number of selections and their outcomes into the parlays odds calculator.
What is a Parlay Bet?
A parlay is a bet that involves numerous outcomes in which winnings are accrued via accumulative series of bets. Furthermore, these outcomes only return a profit only when all parts win.
A parlay calculator can also be known as an accumulator calculator, a term which is more traditionally used in Europe.
How to Use a Parlay Calculator (also known as Accumulator)
A Parlay Calculator is a useful tool for sports bettors who want to calculate the payout potential of a Parlay bet. The total profit and loss can be worked out via the calculator by inputting the odds taken, the number of selections and their outcomes.
To use the Parlay Calculator you need to:
- Determine the individual bets you want to include, which teams and which market.
- Enter the odds in one of the 3 available formats – Decimal (3.0), American (+200) or Fractional (2/1),
- Enter the amount of money you want to wager.
- Then check the potential parlay payout by entering the outcomes using the drop-down tabs included in the “parlay bet calculator”.
How many bets can I work out in a Parlay Calculator
The number of bets that you can work out on a parlay depends on the number of individual wagers or selections you include in the parlay. A parlay is a type of bet that combines multiple individual bets into a single wager. In a parlay, each individual bet is called a “leg.”
To determine the number of bets in a parlay, you multiply the number of selections or legs together. For example:
- If you have a 2-leg parlay, you have 2 bets: you could use our 2 pick parlay calculator, also called a double.
- If you have a 3-leg parlay, you have 3 bets: also called a treble, you will be able to work out 3 team parlay bets on our treble calculator.
- If you have a 4-leg parlay, you have 4 bets.
- And so on.
Each leg or selection in a parlay must be successful for the entire parlay to win. If any of the individual bets within the parlay loses, the entire parlay is considered a loss.
It’s important to note that the potential payout for a parlay increases as the number of bets in the parlay increases, but so does the level of difficulty in winning the bet.
Factors to Consider When Using a Parlay Odds Calculator
In order to use the parlay calculator effectively you need to consider several factors such as:
- The number of outcomes of this calculator can include anywhere from 2 to 20 selections. We have also developed a 2 team parlay calculator in case that is the number of outcomes you want to calculate.
- You also need to consider the types of bets, as the layout will differ if you change a moneyline selection to a prop bet for example as odds will differ.
- The wager also needs to be considered as well as the Sportsbook rules. While parlays are available across all sports, many companies don’t allow selections from the same event added to the same parlay.
Furthermore, the selections must be mutually independent, meaning the outcomes don’t directly impact the chances of other selections in your bet.
For example:
You wouldn’t be able to place a 2-pick parlay on Connor McDavid to score 1st and the Edmonton Oilers to win the match as 2 separate selections as 1 of these outcomes would severely impact the chance of the other outcome winning.
That doesn’t mean you couldn’t place this bet, as most companies price these up as specials or within separate markets. They would in this case, however, factor the related contingency aspect in and offer a lower price than if the 2 were added separately.
Other factors to consider while using the parlay calculator are whether any of the selections were non-runners/void. In this case, you would choose the non-runners/void option in the outcome dropdown box and the calculator would recalculate assuming the selection wasn’t included in the original bet. This might apply especially in sports such as horse racing, but also it is applicable to many other types of sports.
For example, if you had a 5-team parlay across matches in the NHL but 1 match had been called off but the remaining fixtures went on as normal, the 5-team parlay would then become a 4-team parlay, similarly, a 3-team parlay would then become a 2 team parlay, etc.
Understanding Odds and Lines
One of the main benefits of the parlay calculator is that it improves your understanding of odds and how the outcomes change in relation to what price odds you take from the company.
This is particularly interesting in a parlay with many selections as the accumulating effect can create large payouts for minimal stakes by taking higher odds.
Benefits of Using a Parlay Bet Calculator
Some of the main benefits of using a parlay calculator are:
- Ability to make informed decisions and potentially increase chances of winning
- Accurately calculate potential payouts from a variety of parlays
- Quickly calculate potential parlay payouts
- Ability to change selections to better compare which bet to take
- Access new returns after an event is made void for unforeseen circumstances
Calculating Payouts for Different Sports
A benefit to using the parlay odds bet calculator is that it can be applied to any sport as the tool is based purely on the odds and their outcomes and how these affect payouts rather than being specific to any sport.
This means it can be successfully used across all sports.
For example, whether it’s a moneyline parlay on soccer, a total bet on basketball, or even a cross-sport parlay, the Parlay bet calculator can effectively calculate potential returns.
Football parlay/accumulator calculator
In football you could input a variety of markets into the Parlay calculator, for example, you could include spread, moneyline or total bets (over/under).
You can do a parlay for just 1 of these markets or combine them. You can use the parlay calculator to access different combinations and make an informed decision about which bet you want to take.
Ice Hockey parlay/accumulator calculator
In Ice hockey, you can apply a variety of markets such as the moneyline, point spread (puck line) and totals (over/under).
You can do a parlay for just 1 of these markets or combine them. You can use the parlay calculator to access different combinations and make an informed decision about which bet you want to take.
Tips for Using a Parlay Odds Calculator
When using this type of calculator, it is important to assess if the odds entered are all correct, the right type of markets are chosen and you use a reliable parlay calculator in order to accurately obtain potential payouts.
You should also consider the risk-reward ratio of each of your bets and make sure to double-check your calculations.
By following these tips you can make effective decisions about your parlay bets and potentially increase your chances of winning.
Managing Risk and Bankroll
By using the Parlay bet calculator you can assess the different options you have, for example, with a 10-team parlay 1 selection being changed to another could make a huge difference in returns. Therefore you can plan your bet effectively before placing it, and assess how much you want to wager versus how much the potential payout is.
Therefore the calculator will increase your risk and bankroll management skills.
Choosing the Right Bet Types
In each sport, there are a variety of different markets. You can apply a variety of markets such as the moneyline, point spread and totals (over/under).
For example, in horse racing, it is very well known that one of the most used types of bets is lucky 15 (check our lucky 15 calculator).
But in the case of the Parlay, you can do a parlay bet for just 1 of these markets or combine them. You can use the parlay calculator to access different combinations and make an informed decision about which bet you want to take.
Conclusion: Why a Parlay Odds Calculator Can Help You Win More Bets
To conclude, a parlay odds calculator can be used for various sports in different ways to assess different combinations of bets, obtain accurate payout calculations and optimize your risk to reward.
It allows you to make informed decisions about your parlay bets and potentially increase your winnings by allowing you to try out different selections and assess how they alter the payout.
You could also find our overall betting odds calculator where you can select different types of bets to calculate.
