Question 1

What is a parlay bet and how does it work?

Accepted Answer

A parlay bet (also known as an accumulator or combo bet) combines multiple individual wagers into a single bet. For a parlay to win, all the individual selections within it must win. The appeal of parlays is the multiplied payout: the odds for each leg are multiplied together, creating potentially much larger returns than betting each leg separately. However, this comes with increased risk, as just one losing selection causes the entire parlay to lose.

Question 2

How are parlay odds calculated?

Accepted Answer

Parlay odds are calculated by multiplying the decimal odds of each individual leg together. For example, if you have three legs with decimal odds of 1.91, 2.10, and 1.75, the combined parlay odds would be 1.91 × 2.10 × 1.75 = 7.02 in decimal format. For American odds, fractional odds, or other formats, the individual odds are first converted to decimal, multiplied together, and then converted back to the desired format. This calculator handles these conversions automatically to show the combined odds in all major formats.

Question 3

Is it better to place a parlay or individual bets?

Accepted Answer

Whether to place a parlay or individual bets depends on your betting goals and risk tolerance. Parlays offer higher potential payouts but lower probability of winning. Mathematically, parlays typically have a higher house edge than individual bets due to the compounding of the vig (bookmaker's margin) across multiple legs. For most bettors seeking long-term profitability, individual bets are generally more advantageous. However, parlays can be appropriate when you've identified correlated outcomes that the bookmaker hasn't fully accounted for, or when you're specifically seeking a high-risk, high-reward betting opportunity with a small stake.

Question 4

How do I calculate the implied probability of a parlay winning?

Accepted Answer

To calculate the implied probability of a parlay winning, divide 1 by the decimal odds of the parlay. For example, if your parlay has combined decimal odds of 8.50, the implied probability is 1 ÷ 8.50 = 0.1176 or 11.76%. Alternatively, you can multiply the implied probabilities of each individual leg. If your legs have implied probabilities of 0.60, 0.55, and 0.50, the parlay's implied probability would be 0.60 × 0.55 × 0.50 = 0.165 or 16.5%. The difference between these two calculations often represents the bookmaker's margin (vig).

Question 5

What is expected value (EV) and how does it apply to parlays?

Accepted Answer

Expected Value (EV) is a mathematical concept that represents the average amount you can expect to win or lose per bet over the long run. For parlays, EV is calculated by: (True Probability × Potential Profit) - ((1 - True Probability) × Stake). A positive EV means the bet is profitable long-term, while a negative EV means it's unprofitable. Parlays typically have negative EV due to the bookmaker's margin being compounded across multiple legs. However, if you have accurate probability estimates that differ significantly from the implied odds, you may identify positive EV parlay opportunities. This calculator helps you determine EV by allowing you to input your own probability estimates for each leg.

Question 6

How many legs can I add to a parlay?

Accepted Answer

This calculator supports up to 10 legs in a parlay, which is sufficient for most betting scenarios. Most sportsbooks allow between 8-15 legs in a parlay, though some may offer more. However, it's important to note that each additional leg dramatically decreases your chances of winning. For example, even if each leg has a strong 60% chance of winning, a 5-leg parlay would have only a 7.8% chance of winning (0.6^5), and a 10-leg parlay would have just a 0.6% chance. For this reason, experienced bettors typically limit their parlays to 2-4 legs to maintain a reasonable probability of winning.

Question 7

What are correlated parlays and are they allowed?

Accepted Answer

Correlated parlays involve betting on outcomes that are statistically related to each other. For example, betting that a team will win the first half and also win the game, or that a player will score over 25 points and their team will win. These bets have a correlation because one outcome influences the likelihood of the other. Most traditional sportsbooks prohibit obviously correlated parlays. However, many now offer 'same-game parlays' or 'SGPs' where you can bet on correlated outcomes, but with adjusted odds that account for the correlation. If you can identify correlations that the bookmaker has underpriced, these can potentially offer value. This calculator can help you assess the value by comparing your estimated true probabilities with the implied odds.

Question 8

How do I hedge a parlay bet?

Accepted Answer

Hedging a parlay involves placing additional bets to guarantee a profit or minimize loss regardless of the outcome. This is most commonly done when you have a parlay with all but the final leg won. To hedge, bet against the final leg of your parlay with a stake calculated to secure a profit regardless of the outcome. The optimal hedge amount depends on the odds and your risk preference. A full hedge ensures equal profit regardless of outcome: Hedge Amount = (Parlay Payout) ÷ (Hedge Odds + 1). A partial hedge locks in some profit while still maintaining upside potential if your parlay wins. Our calculator can help you determine the potential returns of your parlay to inform hedging decisions. For complex hedging scenarios with multiple legs remaining, specialized hedging calculators are recommended.

Question 9

What does the Value Index mean in the calculator results?

Accepted Answer

The Value Index in the calculator is a ratio that compares the 'fair odds' (based on your estimated true probabilities) to the actual odds offered by the sportsbook. It's calculated by dividing the fair decimal odds by the actual decimal odds. A Value Index greater than 1.0 indicates positive expected value—the bet offers better odds than it should based on your probability estimates. For example, a Value Index of 1.20 suggests the bet has approximately 20% more value than it should. A Value Index less than 1.0 indicates negative expected value—the odds are worse than they should be based on your estimates. The Value Index helps you quickly identify whether a parlay offers good value according to your probability assessments.

Question 10

How do I convert between different odds formats?

Accepted Answer

This calculator automatically converts between all major odds formats. However, if you want to understand the conversion process: From American to Decimal: If American odds are positive, Decimal = (American/100) + 1. If negative, Decimal = (100/|American|) + 1. From Decimal to American: If Decimal >= 2.00, American = (Decimal - 1) × 100. If Decimal < 2.00, American = -100 ÷ (Decimal - 1). From Decimal to Fractional: Subtract 1 from the decimal odds, then express as a fraction and reduce (e.g., 2.50 becomes 1.50/1 or 3/2). From Fractional to Decimal: Divide the first number by the second, then add 1 (e.g., 3/2 becomes (3÷2)+1 = 2.50). These conversions are important for parlays because calculations are typically done using decimal odds regardless of your preferred display format.

Question 11

What are the most common mistakes when creating parlays?

Accepted Answer

The most common parlay betting mistakes include: 1) Adding too many legs—each additional leg dramatically decreases win probability; 2) Ignoring the increased house edge—the bookmaker's margin compounds across legs; 3) Chasing longshots—including very low probability outcomes just for higher potential payouts; 4) Neglecting correlations—not accounting for how outcomes might influence each other; 5) Same-game parlay overvaluation—these often have much higher house edges than regular parlays; 6) Focusing only on potential payout rather than expected value; 7) Not shopping for the best odds on each leg; 8) Risking too much of your bankroll on high-variance bets; 9) Overlooking hedging opportunities when most legs have won. This calculator helps you avoid some of these mistakes by providing comprehensive analysis of your parlay's true value.

Sports Parlay Odds & Payout Calculator - Calculate Parlays, Payouts & EV

Sports Parlay Odds & Payout Calculator

Sports Parlay Odds & Payout Calculator

Bet Details

Parlay Legs (2)

Leg 1 *

Leg 2 *

How It Works

Embed This Calculator

Simple Embed (Recommended)

Programmatic Embed (Advanced)

Widget Features

How to Use This Calculator

How to Use This Calculator

Step 1: Enter Stake & Configure Settings

Step 2: Add Your Betting Legs

Step 3: Calculate & Analyze Results

Parlay Summary

Value Analysis (if probabilities provided)

Legs Breakdown

Tips & Best Practices

Tips & Best Practices

Strategic Guidelines

Parlay Construction Strategy

True Probability Estimation

Related Calculators