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US Gambling Sites / Betting Guide / Parlay Calculator: How to use Parlay Odds Calculators

Parlay Calculator: How to use Parlay Odds Calculators

Publish Date: 24/01/2024
Fact checked by: Drew the DFS Guy

Parlay betting is one of our favorite ways to bet. It’s exciting and accessible, offering potentially huge returns without needing to break the bank. It also provides plenty of reasons to find excitement in any sporting event.

However, there can be no doubt – especially in the case of larger parlay bets – that working out the details of your risks and returns can make your head spin. But there’s simply no need anymore. Our parlay betting calculator is here to do all the hard work for you. In just a couple of clicks, you’re good to go.

What is a parlay calculator?

Before we introduce our calculator, we thought we should first explain exactly what we mean by parlay bets. That way, no one reading this goes forward misunderstanding exactly what parlay betting calculators are, well, calculating.

What are parlay bets?

The good news here is that the math may be complicated but the concepts aren’t. And those concepts stay the same whether we’re talking about Bet635, Caesars or FanDuel parlay bets. A parlay is a single bet made up of multiple selections.

For starters, you only require a single stake, no matter how many selections you pick. Secondly, unlike multiple single bets, all of your risk and reward is in one potential very lucrative parlay basket.

So, with parlay bets, if any selection loses, your entire bet loses. On the other side, the odds of each selection are also collected, offering often very large payouts if all of your selections are successful.

So, what do parlay calculators do?

Parlay betting calculators simply help you assess that risk and reward, so you can make smarter bets that suit you. They can provide insight on what are often dazzling returns.

However, it’s important to be realistic about the odds here. The bigger the return, the less likely you are to win, at least in theory. Just keep that in mind when coming up with your bets and remember that when it comes to parlays, you can actually get substantial rewards without staking an enormous amount in many cases. It’s one of our favorite things about this kind of betting and our handy calculator can be invaluable when choosing yours.

Why a parlay calculator is a great addition to your betting experience 

Now that we understand parlay betting, it’s time to understand our calculator. See, the problem with those huge returns is that they can be tough to calculate exactly because there are so many selections to take into account.

It’s multi-layered, complicated math, which can really put a damper on things when you just want to place a bet and enjoy your favorite sports. That’s where our calculator comes in. It does all the hard work for you. All you need to do is tell it some basic information.

How to use our parlay calculator

You’ll need to tell the calculator:

  • Your stake
  • The size of your parlay (meaning how many selections you’re choosing)
  • The odds

The latter includes the odds of each selection, which you’ll have to input correctly to get the right results. It also includes the odds format, with the option of American, fractional and decimal odds.

With that all done, we’ll tell you how much you’ll be paid out should your parlay bet come out a winner. That way, you can decide whether or not this particular parlay bet is worth your while.

And that’s all there is to using our parlay sports calculator. It works the same for all kinds of parlay bets too, from football parlays to mixed martial arts parlays. It should only take a few seconds to use and then you’ll be fully informed on the ins-and-outs of your parlay bet. If you want to use it again, just reset and put in the new information.

Why you need to start using a parlay calculator today

If you’re interested in parlay sports betting, we highly recommend our parlay betting calculator. It’s built so anyone can benefit from it, regardless of which bookmaker they’re using or whatever markets or sports they bet on.

In addition, the calculator has been designed to be as broadly accessible, user-friendly and accurate as possible. That means it’s suitable for newcomers and experienced bettors alike. We suppose there might be the odd person with an impeccable mathematical mind who can work out their potential returns in a blink of an eye, but for the rest of us mere mortals interested in parlay betting, a calculator will surely be of great help.

Top tips for using the parlay bet calculator - all you need to know

So, our parlay betting calculator is all about being easy to use, no matter what specifics you want to use it for. But what are the top reasons to utilize this calculator? To satisfy your curiosity, here’s five top reasons to start calculating your accumulator bets.

Parlay math is complicated

This one is really simple, we know, but it’s the thing which unites everyone using our calculator. The math involved in large bets of this type can be really complicated. It’s easy to make a mistake or to misunderstand something. In fact, even if you can figure it all out accurately and quickly, it’s almost certainly not going to be as fast as simply using a calculator.

It also provides a comprehensive look at all relevant factors which might not be clear through a bookmaker. So, accuracy and speed win out here.

You’ve never used parlay bets before

If you’re new to parlay betting, you may not have much of a frame of reference as to what kind of returns you could expect. If that’s the case, then using our calculator is a great way of seeing what different parlay bets may look like without needing to sign up to anything or put any kind of stake down.

You want to check your bet slip

When you put together a parlay bet, the returns should be clear on your bet slip. However, if you suspect that there may be a mistake or miscalculation in your returns, you can check those returns against our calculator to see if they’re accurate.

You’re comparing bookmakers

Knowing which bookmakers are providing the best odds can be tricky, even when talking about single bets. When you add multiple selections to the mix, things get so complicated that it feels nearly impossible to know if you’re getting the best deal. That’s not the case when using our calculator, as we show you exactly how much you’d get if you win using the same selections.

It helps you make a decision on your wager

Ultimately, the reason most people use parlay betting calculators is to take in all the information and decide whether that wager works for them. If you want a tool to make your parlay betting decision easier, we can help with exactly that. 

Do we offer any other calculators?

It’s not just parlay betting calculators we offer. In fact, we have a wide range of tools to help you wrap your head around all different kinds of betting considerations. Just think of us as your one-stop-shop for all your betting calculator needs, including the following.

  • Betting odds calculator: Need help in understanding more about your odds generally, not just in terms of parlay betting? Our general betting odds calculator has you covered.
  • Odds value calculator: Check this out to understand the implied value of your odds in real terms.
  • Betting odds converter: If you prefer one type of odds over another, this will convert them into an option you understand in no time, whether that’s decimal, fractional or American odds.
  • Hedging calculator: Hedge betting to reduce risk or improve profitability can be a smart strategy, but it’s also a complex one. Or at least it was complicated before our dedicated hedge betting calculator.
  • Sports betting hold calculator: Understanding the hold is vital in understanding the objective quality of your odds and bookmaker of choice. That’s why we’ve provided a calculator to make uncovering their quality so much easier.
  • Spread to moneyline converter: For those betting on American markets, this calculator is vital in understanding how the spread should convert to a moneyline, so you can better spot the best markets.

Conclusion: Helping you enjoy parlays even more

Above all else, we hope our calculator unveils any misunderstandings, confusion or doubt around potential parlay bets. We think these bets are one of the most strategically intriguing and downright fun ways to bet out there. So, we want as many people as possible to enjoy them.

All we’re doing with this calculator is making it easy for you to get informed and dismantle the idea that parlay betting is only for experienced gamblers.This parlay betting calculator was built for everyone, to help all kinds of sports betting fans enjoy parlays and their favorite sports even more.

Our top US Sportsbook Sites for Parlay Betting

Bet365
1.
Favicon
4.7/5
First Bet Safety Net up to $1000 OR Bet $5 and Get $150
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BetMGM Sportsbook
2.
Favicon
4.7/5
Up To $1500 in Bonus Bets Paid Back if your First Bet Does Not Win
Virginia
Players from Virginia accepted
Min. Deposit: $10
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FanDuel Sport
3.
Favicon
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Players from Virginia accepted
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Caesars
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DraftKings Sport
5.
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Parlay betting calculator FAQ 

❓How does your parlay calculator work?

However handy a parlay calculator may be conceptually, it doesn’t matter all that much if you can’t actually use it. Well, the good news here is that our parlay calculator is made for every kind of bettor to use, regardless of experience level. Plus, we’ve also provided a comprehensive guide to everything you need to know about how it works, alongside tips on how to make the most out of it.

👍Is a parlay calculator right for me?

Our parlay calculator guide doesn’t just go through the practicalities; we’ll also discuss whether we think this calculator is right for you and why. That, alongside all the other great information about our calculator, will mean that anyone who decides it’s a helpful tool for them can get started right away with calculating their parlay bets.

➕Do you have any other betting calculators aside from the parlay calculator?

While we’re extremely proud of our parlay calculator - so proud, in fact, that we’ve created a whole page dedicated to helping everyone get the most out of it - we’re aware that such tools don’t exist in a vacuum. That’s why, if they’re available, we’ll also be discussing any other relevant calculators that may be of interest to you.

Top Betting Sites
Top Betting Promos
Bet365
Bet365
Bet365 Review
4.7/5
BetMGM Sportsbook
BetMGM Sportsbook
BetMGM Sportsbook Review
4.7/5
FanDuel Sport
FanDuel Sport
FanDuel Sport Review
4.6/5
Bet365
Bet365 Promo
First Bet Safety Net up to $1000 OR Bet $5 and Get $150
T&Cs apply
4.7/5
At bet365 we don't do ordinary, that's why if you sign up now you'll get the choice of two great New Customer Offers, the First Bet Safety Net up to $1000 or Bet $5 and Get $150 in Bonus Bets. Deposit required. Bonus Bets wager excluded from returns. T&Cs, time limits and exclusions apply. Gambling Problem? Call 1-800-Gambler 21+
BetMGM Sportsbook
BetMGM Sportsbook Promo
Up To $1500 in Bonus Bets Paid Back if your First Bet Does Not Win
T&Cs apply
4.7/5
FanDuel Sport
FanDuel Sport Promo
Bet $5 Get $150 in Bonus Bets if your bet wins
T&Cs apply
4.6/5
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