Sports betting offers you several ways to wager. If you are just getting started you are better off risking as small as possible. Parlays are the best bets to win big without taking unrequired risks.
These bets are also called the multipliers or accumulators in which you have a chance to win huge without wagering a large chunk of money.
We know that it seems too good to be true when in sports betting you are told that you can win big at minimum risk. But when we say there is low risk, we do not undermine the challenge involved in winning a parlay bet as compared to a straightforward bet.
But we are here to understand the nuisances of parlays and also elaborate on how a parlay calculator works. Although these bets are challenging as compared to other wagers, still with the right knowledge you can master parlays and become extremely profitable in the process.
What is a Parlay?
Parlay seems like a fancy term but in reality, it is a simple clubbing of multiple individual bets that are grouped and treated as one big wager.
The complication arises as you have to win every individual bet to win the entire bet. If you lose even one individual bet, then you lose the entire parlay bet.
You may be wondering why we would we want to club bet together?
Simply because sportsbooks are willing to pay you much more money for individual bets when grouped. As a large number of individual bets imply you will have to get the outcome of each bet right which
The reason is that the sportsbook will pay you out much more money for correctly picking multiple individual bets together. As the higher risk is involved to get each bet right the reward is also comparatively higher in this wager.
There are dozens of parlay odds calculators that provide you with the much-needed information to get things right but still, we want you to learn about the basics from scratch.
Let’s assume an example where you are betting on three games individually. Then we will compare them as a parlay too.
Assuming that you have a bankroll of $300 to wager on these three games and all of them are offering -110 Moneyline odds, here’s how the scenario will look like if you win on all the three games.
Outcome when all three games are picked correctly
Now in the above scenario if you bet on individual games and won all of them the total profit would be $272.73.
Now, what will happen if you will pick all three games as a parlay bet?
You might need the parlay odds calculator to do the simple calculation but we are going to make it simple for you.
Calculating Parlay Payouts
There are several ways to figure out what you will win when you bet a parlay. The easiest is to bet online. These sites have free parlay calculator that tells you what will be the potential payout will be. However, you have to keep in mind that the final payout will differ as online sportsbooks might sometime move the payout slight against or in your favour.
Also, there are many online parlay calculators that you can use. OddsMax also has a parlay calculator that allows you to know the final payout simply by putting in the different lines. Remember that some calculators give you the final payout while some offer the profits you will be making. OddsMax’s parlay calculator provides you with the final payout you will be receiving.
Now ever sportsbook has a different payout for parlays. Some sportsbooks like BetJoe offer you slightly betting odds than most of the sports betting industry.
Here’s a sample payout chart for parlays based on -110 odds.
No. of Teams Parlay Payoff
Based on this chart if we pick a parlay for the example above, i.e. three teams then we will get paid at 6 to 1.
Now let’s do some number crunching to understand how the final parlay payout will be calculated.
First step is to convert the Moneyline odds into decimal odds. We already have a detailed post on how to convert soccer odds so we will directly skip to converting the odds.
The decimal odds for each game will be 1.91. In order to calculate parlay payout will have multiple the decimal odds:
1.91 x 1.91 x 1.91 = 6.967
Now for the final step, we take this number and multiply it with the amount we are about to wager on the parlay (in our example $300). Furthermore, to know the potential payout, you subtract the principal bankroll from the payout.
Let’s put in the numbers:
6.967 x $300 = $2090.10 – $300 = $1790.10
As you can see, when you bet parlay the same scenario where you were earning $272.73 as profit when betting straightforward, you have the potential to earn a profit of whopping $1790.10 betting parlay.
We know this example will tempt you to wager parlay but we want to remind you again that, betting parlays is not simple, although risk involves is less as you bet lower bankroll in calculations it is a lot more complicated.