How To Calculate Parlay Odds
- Learn The Longform Math Of A Parlay Bet
- Online Sportsbooks Feature Automatic Parlay Calculators
- Add Up The Odds And Payouts For Combination Wagers
It is thrilling to add bets together and risk a small amount of money for the prospect of a massive payout, but how do parlays work in regard to the calculations? If you’d like to know how to calculate parlay odds at the world’s greatest sports betting sites, this guide has been prepared for readers just like you.
Keep reading to learn how to figure out parlay odds by doing the longform math required. Once complete, you’ll be able to add up the odds and forecast the payouts you can expect to receive. We also provide links to the best online sportsbooks in this amendment to our sports betting how-to guides.
Best Parlay Betting Sites For 2024
| Site Name | Current Bonus | Age | U.S. | Visit Site | |
|---|---|---|---|---|---|
 |  | 50% Max $1,000 | 18+ |  | Visit Site Review |
| 2 |  | 125% Max $3,125 | 18+ | | Visit Site Review |
| 3 |  | 50% Max $250 | 18+ | | Visit Site Review |
| 4 |  | 100% Max $1,000 | 18+ | | Visit Site Review |
| 5 |  | 50% Max $1,000 | 21+ | | Visit Site Review |
| 6 |  | 50% Max $500 | 21+ | | Visit Site Review |
What Is A Parlay?
The classic parlay definition is the probability of several events occurring. This is most easily explained using the prediction of dice rolls or coin flip results. As you add more occurrences, the math tells us that the probability of guessing correctly decreases exponentially.
It works the same way when you parlay sports betting odds. The likelihood of success decreases with each leg you add. The reason gamblers do this is because of the large payouts. You can place a small wager and earn a much larger sum.
Sportsbooks are willing to put up such large stakes because of how seldom parlays win.
Key Terms
- Leg – A term used for each wager that is added to a parlay. All legs must win for the parlay to win.
- Push – When a point spread or an over/under total hits exactly. This typically results in the removal of the leg from a parlay. While this is not graded as a loss, it does decrease the overall odds and the resulting payout.
- Teaser – This is a parlay where the sportsbook gives you either points or moneyline odds that you can apply to any legs you wish. This lets you move the lines so you can get an easier win, but it does reduce the odds and the total jackpot. You can apply it all to one leg or spread it around. Once everything is finalized, it works like a normal parlay.
- Pleaser – A pleaser works exactly the same as a teaser but instead of moving the lines in your favor, legs are adjusted to benefit the sportsbook. This gives you a chance at a larger cash win, but the odds of winning are reduced.
How To Calculate A Parlay For Dummies
If you’re only here to find out how to quickly make a combination bet, you’re in luck because each of the gambling sites included in our online sportsbook reviews have a parlay odds calculator included.
Each time you click on a different set of odds, they will be added to your running bet slip and can be added to a parlay if allowed by the sportsbook. This slip appears on screen anytime you select any odds, a point spread, or an over/under.
Using the slip, you can add and subtract legs to see how the probabilities change. You can also enter the amount of your bet and watch the payouts alter as you add and remove legs. When you’re ready to enter your parlay, submit the bet at the bottom of the slip.
Here are a few examples of college football, tennis, and MLB picks and parlays that we put together at Bovada Sportsbook.
How Are Parlay Odds Calculated? – Long Form
Calculating parlays involves converting each set of odds into the implied percentage chance of success, multiplying these results together, and then converting the outcome back into odds.
While this is the basic math on how to get this done, each sportsbook may vary in their calculations based on juice/nectar, specific parlay rules, or other terms and conditions. This is why the odds can differ from your personal calculations.
For this example, we’ll use the following NFL parlay picks to make a three-leg parlay.
- Jacksonville Jaguars +145 (@ Miami Dolphins)
- Atlanta Falcons -130 (vs. Pittsburgh Steelers)
- Baltimore Ravens +130 (@ Kansas City Chiefs)
How To Get Odds From A Point Spread Or An Over/Under
Since calculations for parlays are made using moneylines, point spreads and over/under probabilities will need to be converted into odds. Online sportsbooks will list the odds of covering a spread or finishing over or under a line in parenthesis next to the spread or total.
These odds can be inserted into any of the equations above to learn the probability of the parlay’s success and the amount you’ll get paid if you win. The sites we link to in this guide will automatically calculate any parlay combination of moneylines, spreads, and over/under bets in the wager slip.
The Best Parlay Apps
Each of the online sports betting sites that we suggest to our readers can be pulled up using a mobile web browser on an iPhone, iPad, or Android. The same parlays available at the desktop sportsbook sites can be submitted on any current mobile phone, with service in all US states.
Domestic sportsbook apps do offer parlays but can only be used inside the state they are regulated in and require a download. The sports betting apps we prefer don’t need to be downloaded, and memberships allow for parlay bets to be made in any state they allow activity within.
If you add too many legs, you do run the risk of running out of active screen space, causing you to toggle up and down to see the entire bet slip. This isn’t an issue with tablets, as the larger screen sizes grant you more than enough room to put together a 12-leg parlay on the go.
