While parlays offer the chance to turn a small stake into a big payout, understanding how they work and their potential rewards is crucial for success. Become a parlay pro – use the free parlay calculator from Lines.com and learn how to calculate payouts yourself!
In simple terms, a parlay bet is a single slip (or wager) comprising two or more wagers on one or more sporting events. To illustrate, imagine staking $100 on the Los Angeles Lakers to defeat the Bolton Celtics in a matchup. That’s a SINGLE bet.
If you combined that bet with one or more predictions from that same game (or another game) and then staked that same $100 on that combo, you’d essentially be creating a parlay bet.
These kinds of bets usually carry a higher payout because they combine different individual wagers (or leg) into one bet. They also tend to be riskier than single bets since bettors must correctly predict each leg in order to win the parlay.
This means that if one game or one leg is incorrect, the entire bet loses.
Another name for parlay bets (one that more accurately reflects their structure) is MULTIPLE bets.
Check out our guide for the Best Sports Betting Apps
Calculating the payout on a parlay can be challenging, especially when you’re working with American odds. In this section, we’ll provide step-by-step guides on how to calculate Parlay payouts using decimal and American odds.
Step 1: The first step involved in calculating parlay payouts is multiplying the odds for each leg in that bet.
As an example, imagine a three-leg parlay with the following odds:
To get the total odds for this parlay bet, you’ll have to multiply the odds for all three bets together. The product of all three odds in this parlay is 12.25.
Step 2: In the next step, we multiply the total odds (12.25) by our wager. So a $100 bet would result in a total payout of $1225; 100 x 12.25.
It’s worth noting that the total payout and net profit on a parlay are different things. Nevertheless, calculating the net profit on a multiple bet is as simple as deducting the original wager from the potential winnings or total payout, which in this case would be $1225 – $100 = $1125
Step 1: Convert the odds to decimal format.
For positive American odds, divide the number by 100 and add 1 to the result. To illustrate;
The procedure for converting negative odds is quite similar. Just switch the positions of the numerator and the denominator in the formula above, disregarding the minus sign attached to the numeric value.
For example:
Step 2: After converting all the legs of your parlay bet from American odds to decimal odds, simply multiply them together to find the total payout.
Step 3: For the final step, multiply the product of all the odds by your stake. If the overall odds on your parlay amount to 15 and you stake $50, your potential payout should be $750 ($50 x 15).
Manually carrying out these processes can take a considerable amount of time. If you’re looking for a quicker and more efficient way to calculate the potential payout on a parlay bet, consider trying out our Parlay Calculator.
Our parlay odds calculator is easy to use. Simply follow these steps:
Step 1: Input your odds. The +/- buttons beside the odds field let you choose your preferred American odds format. Click the minus button for negative odds and the plus button for positive odds.
Some betting sites provide different odds format options. It depends on the one you prefer. American, decimal, fractional odds, and implied probability can be calculated.
Step 2: Input the amount of money you want to stake. The odds calculator shows the amount of money you would win and the total payout you would receive.
You can stake any value you like as long as your bankroll can handle it.
Now that you have a grasp of the fundamentals of a parlay bet and its payout calculation, let’s explore the diverse range of bet types that can be combined into one.
Prop betting is a wager based on the occurrences and non-occurrences of an event. These incidents may not pertain to the event’s outcome, unlike points spread, futures or totals.
Unlike straight bets, point spread bets don’t just predict the winner, but by how much they’ll win or lose. In essence, the point spread predicts the margin of victory, allowing bettors to wager on whether the favored team will win by more points than the spread, or if the underdog will lose by fewer points.
Totals or over/under betting is when you wager on the two teams’ combined score in any game. A bet on the over means there is a probability that both teams will combine to score more goals, points, or runs than the total listed.
Conversely, an under bet means you think there will be fewer goals or points than the total listed.
A futures bet is used to make long-term bets. The outcome of the bet is not decided till the distant future. It is used to wager on an event, series, or award that will finish in the future.
BETTING ODDS FORMATS
The three most important betting odds formats are American, decimal, and fractional odds. A betting odds calculator can calculate these formats. The sportsbooks in Asia may also quote Hong Kong, Indonesian, and Marlay odds.
The American odds are also identified as moneyline odds. The American odds usually start with a plus (+) or a minus (-).
It states the amount of profit you would earn from a $100 bet if your wager is successful. For example, an American odds of +120 would win $120 on a successful $100 bet.
You would also get your stake returned for a successful bet, so your return would be $220.
It indicates the amount you would need to wager to get a $100 profit. For example, American odds of -120 means that you must wager $120 to earn a $100 profit. You would get your stake returned if your bet wins so that your return is $220.
You can wager any amount you like. If one of the teams has a negative odd and the opposition team has a positive odd, the negative one is the favorite while the positive one is the underdog.
Decimal odds are mostly used outside of the United Kingdom, United States, and Ireland. It states the potential profits you should expect on your bet amount if your bet is successful.
It includes the amount of profit earned and your stake. A decimal odd makes it easier to know your returns on a parlay. You can use a parlay calculator to make conversions in decimal and American odds.
For example, decimal odds of 2.50 means that you would enjoy a return of $2.50 for every $1 you wager. That is $1.50 profit and $1, which represents your stake.
It is used mainly in the United Kingdom and Ireland. They are also known as traditional odds.
Fractional odds are quoted as a fraction showing the potential amount paid out relative to a given stake. The first number (numerator) is the amount you would win by risking, while the second (denominator) is your stake. A fraction odd of ⅘ means earning $8 profit for every $10 you stake.
Fractional odds of ⅘ is equivalent to an American odds of -125 and a decimal odds of 1.80. If the fraction is less than one, it is known as odds-on. An odds converter can make this conversion.
The implied probability is a factor that is important in deciding whether to place a bet or not. The implied probability correlates to the probability of an event needing to occur to justify any odds.
It is the probability of a team winning. This applies to sports betting, horse racing, casino bet types, and other forms of wagers.
Bettors are generally trying to find instances where the actual probability is greater than the implied probability odds. This represents an attractive bet. For instance, a +200 American odds is equivalent to a probability of 33.33%.
For someone who is new to the world of sports betting, it can be overwhelming and confusing. The different formats used to represent the probability of an outcome can sound bewildering in some circumstances.
A betting calculator is a software used to convert the format of one odd to another. This helps in identifying the rewards and risk ratio before placing a bet.
The main reason for a bet calculator is to make better decisions. Rather than making numerous calculations to understand a bet, one can use these calculators and converters at once.
The calculator can support the different kinds of odds. It can help to quickly know the amount of a profit you will make based on your bet amount when you place a bet
The San Diego Padres visit Chase Field to take on the Arizona Diamondbacks on June 14th, 2025, at 7:15 pm. The current moneyline has the Padres at +126 and the Diamondbacks at -149, with a spread of -1.5 (-164) for Arizona. Both teams are looking to gain ground, with the Padres holding a record of 38-29 and the Diamondbacks at 34-34. Check out The Edge AI sports betting tool for the best bets on this matchup. Manny Machado leads the Padres with a .320 batting average, 10 home runs, and 39 RBIs, while Josh Naylor is the standout for the Diamondbacks, hitting .302 with 8 home runs and 45 RBIs. Both players are crucial for their teams’ offensive success. There are no reported injuries impacting either squad, which could play a role in this tightly contested game. Recent matchups have favored the Diamondbacks, winning three of the last four encounters against the Padres, adding another layer of intrigue to this game.
The New York Yankees visit Fenway Park to face the Boston Red Sox on June 14th, 2025, at 7:15 pm. The Yankees hold a record of 42-25, while the Red Sox sit at 34-36. For the latest betting odds, check out The Edge AI sports betting tool for moneyline, spread, and over-under options. Aaron Judge is a key player for the Yankees, boasting a .392 batting average with 25 home runs and 59 RBIs. On the other side, the Red Sox will miss Alex Bregman due to a right quad strain, but Rafael Devers is still a force with a .276 average and 14 home runs. Recent matchups favor the Red Sox, who have won the last three encounters against the Yankees, including a victory at home just a week ago. This game could be tightly contested, especially with the Yankees’ strong record and the Red Sox’s home field advantage.
The Cleveland Guardians visit T-Mobile Park to face the Seattle Mariners on June 14, 2025. The Guardians hold a record of 35-33, while the Mariners are at 34-34. Current betting odds show the Guardians at +110 on the moneyline and the Mariners at -132. Check out The Edge AI sports betting tool for the best bets on this matchup. Key players to watch include José Ramírez for the Guardians, who has a .327 batting average with 12 home runs and 33 RBIs, and J.P. Crawford for the Mariners, boasting a .286 average with a .396 on-base percentage. Both players are crucial for their teams’ success. As of now, there are no reported injuries for either team. In recent matchups, the Mariners have won two of the last three encounters against the Guardians, adding some intrigue to this game.
The San Francisco Giants visit Dodger Stadium to face the Los Angeles Dodgers on June 14th, 2025, at 10:10 pm. The Giants hold a record of 40-29, while the Dodgers are slightly ahead at 41-28. Check out the current betting odds with the Giants at +148 on the moneyline, the Dodgers at -178, and an over/under set at 9.0. The Edge AI sports betting tool is a great resource for finding the best bets. Key players for the Giants include Heliot Ramos, who has a .295 batting average and 11 home runs, and Wilmer Flores, contributing 51 RBIs. The Dodgers feature Freddie Freeman, boasting a .347 average and 9 home runs, along with Will Smith, who has been solid with a .324 average and 6 home runs. The Giants will miss Matt Chapman and Patrick Bailey due to injuries, which could impact their lineup. In recent matchups, the Giants have won two out of their last three games against the Dodgers, making this an intriguing contest.
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