What is a parlay odds calculator?
Parlay betting, which may also be known as a ‘multiple’ or ‘accumulator’, is a single wager comprising of several bets, with payouts determined by a bookmaker’s free parlay calculator. Once the bettor enters a wager amount, a parlay calculator determines the amount that will be won in the event of every bet within the parlay being won.
All or some, depending on what the bettors chooses while using a parlay odds calculator, must come through for a payout. Just about any combination is possible, although bookmakers may have their own in-house restrictions and caps on a potential payout.
Certain bookmakers may already have a pre-set accumulator with enhanced odds to offer customers, which the bettor can choose to wager on as a separate bet. Some of the free bets available at the moment may also take the form of a special pre-set parlay, commonly as a free sign-up offer with enhanced odds, meaning that a parlay odds calculator has already been used.
Using a parlay calculator is a simple exercise, and there are several ways you can do it, although bookmakers utilize a parlay odds calculator to determine the payout amount, meaning that all you need to do is enter your wagers and overall stake. The steps to using a betting odds calculator are:
1. Select your betting market and note down the odds for each selection.
2. Enter the odds for each bet within the parlay, line by line.
3. Enter your wager and press “calculate”, or the appropriate action button.
Although online betting is the quickest way, a teller at a land-based casino or bookmaker can take only a few seconds longer to calculate the potential payout. If wagering in-play, the online bookmaker’s calculator can see odds fluctuate drastically, and a warning message will appear. You will be required to accept the new odds in order to place the in-play wager.
If you are unable to access the internet or a teller at a land casino or betting shop / terminal, but know the odds of each bet you want to include in the parlay bet, you can use a regular calculator to multiply them and determine the potential payout.
For example, if you were wagering on soccer games with a parlay odds calculator, and put five results into the parlay bet, this is how you would calculate them:
• Nuggets to win (2.30)
• Hawks to win (3.50)
• Raptors to win (3.30)
• Bulls to win (1.90)
• Lakers to win (2.40)
Multiplying all of the numbers in brackets on a regular calculator would give you 121.1364. Rounded up to two decimals on a parlay calculator, that gives a potential payout of $121.64 from a $1 bet, for a profit of $120.64.
To convert from American odds to decimals, all you need to do is divide the American value (e.g. +1800) by 100 (to get 18) and then add one (19). The fractional value is 19.0, which you can enter into your regular calculator. Or just select decimal odds on our drop down menu above.
If using an online betting odds calculator, this process is much simplified. When entering multiple bets, you will be given not only the odds for the whole parlay, but also for each type of multiple. For instance, if you entered the same five selections as shown in the example you would see the following list above ‘Accumulator’:
• Doubles (x10)
• Trebles (x10)
• Four-fold (x5)
Unlike the accumulator, where all selections must prevail for a payout, only a certain number of selections need to. However, the amount wagered is automatically multiplied to cover all selections. For instance, the ‘four-fold’ parlay bet has five possible winning combinations, so the wager is five times that of a regular accumulator or parlay.
Newer types of bet, which have come about through the evolution of spread betting and fantasy sports, have also emerged in more recent years. Some sites provide a round robin feature, whereby multiple parlays can be placed simultaneously, and you back every possible combination.
By selecting ‘Round Robin’ where possible, you will see a breakdown of the number of teams involved in the parlay calculator and the amount wagered. Meanwhile, a teaser bet enables bettors to add points to the spread of an outsider (or ‘underdog’) or subtract points from the betting favourite, but for a lower overall payout. This is an example of how teasers work:
• Home outsiders +1.5 to +2.5 handicap teased to +7.5 to +8.5 = 78% of original payout.
• Away favorites -7.5 to -8.5 handicap teased to -1.5 to -2.5 = 80% original payout.
A minimum of two teams must be selected to validate the bet, and the spread must be covered completely for a payout. More information on these types of parlay bets, and how they are used in relation to a parlay odds calculator, can be found here.
Parlay betting is an exciting way to place wagers, offering a very customizable experience for the bettor. Payouts can be potentially massive, with knowledge and creativity key to success in this type of wagering, and using a parlay calculator is a vital part of calculating risk, strategy and reward.
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