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The free parlay calculator is the perfect tool for you to determine the value of your parlay bet on every sport. When you are considering a parlay bet, the parlay calculator shows you the amount of the potential payout determined by the number of bets and the value of each bet.
The more bets you include and the bigger the underdogs, creates a bigger potential payout, but decreases your odds and increases your risk. Parlay bets are very popular, especially with novice bettors, as they have the potential for high payouts on a low bet amount since you get higher payoffs than if you were to bet them individually as your bet accumulates like compound interest. The reason they have high-payouts is because these wagers lower your odds of winning.
If any leg of the bet loses, you lose your original stake. Use the parlay calculator above to see the parlay payout work for the bets you are considering, and remember that the sportbook has a much bigger advantage when you place a parlay bet.
The best way to calculate the payout on your parlay bet is to use the free parlay calculator above or enter your bets into the sportsbook app where you plan to place your bets and enter your game selections. When placing a parlay bet make sure to shop around and calculate the parlay with multiple sportsbooks as the odds and payout can vary greatly. The books also make money in the long run on parlays because they never pay close to the true odds.
Odds Paid. That reduces to 1. So American odds convert to 1. To calculate the return on a bet using decimal odds, multiply the wager by the odds. The favorite in a game is the team with the higher implied probability of winning. Favorites win more often overall, but pay out less on a win compared to underdogs. When making a parlay bet, combining multiple underdogs can produce potentially huge payouts, but the implied winning probability of such a ticket is low. The Gaming Today Parlay Calculator allows you to take any number of moneyline bets, input them into the calculator, and see both the payout odds and implied probability of winning.
Implied probability can be derived from any moneyline number. So a American odds bet translates to a The implied probability of any bet, including parlays, can be used by astute bettors to find value in a sports wager. Finding value means making bets on teams that have a better chance of winning on the field versus what the implied probability indicates. When trying to find value in a parlay bet, you must evaluate whether all of the bets on the tickets have a better chance of winning than the implied probability of the entire ticket.
Keep in mind, however, that all of the bets on a ticket have to win for the parlay to win. The Parlay Calculator will help you determine the expected payout for a given moneyline parlay bet. Parlay bets are a single bet that links together two or more individual wagers and are dependent on all of those bets winning.
Parlays have higher payoffs than placing each individual wager since the difficulty of winning it is much higher. If any of the bets in the parlay lose, the entire parlay loses. The math calculating a parlay gets more difficult with each new bet, but if you understand how moneyline calculations work , it becomes just a matter of a couple of extra steps. To calculate the payout we need to evaluate each set of odds into decimal odds, multiply the result, and subtract a factor of 1.
Remember from the moneyline calculator article, that negative odds and positive odds need to be evaluated differently. Here is what that looks like:. Next, we multiply the three results and subtract 1 from the total, and multiply by the Bet Amount:. The implied probability of the above occurring is In the above case, the push is removed entirely from the outcome and the odds adjust accordingly. Below is a basic parlay chart for odds for each bet:. Sportsbooks set the lines on each game to produce enough bets on both sides of the line to allow the house to make money.
To balance that out, the sportsbook sets lines that encourage plenty of bets for both the favorite and the underdog. If too much money starts to come in on one side of a bet, the sportsbook will adjust the line in hopes of prompting more bets on the other side. Note that the house sets betting lines in a way that allows the sportsbook to take vig, aka house cut.
A change in federal laws in prompted the current boom period of the US sports betting industry. Many states offer both retail and online sports wagering legally. In states with both physical and mobile sportsbooks, online wagering produces the majority of overall bets.
DraftKings Sportsbook offers a selection of sports that yields almost infinite ways to put a parlay ticket together. The Gaming Today Parlay Calculator can be used as a valuable tool to evaluate the best ways to assemble a parlay ticket from the vast selection of wagers at DraftKings Sportsbook. FanDuel Sportsbook represents another major player in the legal US online sports betting market.
Much like its competitors on this list, FanDuel Sportsbook allows bettors to combine several different kinds of bets on a parlay. PointsBet offers many different ways to put together parlays, including the Single Game Parlay.
The Single Game Parlay allows you to combine moneyline, totals, and point spread bets from a single game into a parlay ticket. New Jersey, Pennsylvania, Nevada, and Colorado host some of the biggest legal online sports betting markets in the US.
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