What are Parlay Bets?
A parlay calculator helps bettors combine multiple selections into one wager, significantly increasing potential payouts. Parlay bets require all selections to win for success, making them high-risk, high-reward propositions.
These combination bets account for over 60% of online sports wagers in some US states. Parlay bets offer enhanced odds compared to individual wagers but a single incorrect prediction results in total loss.
How to Use a Parlay Calculator?
Using a parlay calculator to determine your potential returns on parlay bets is straightforward.It involves four steps:
Step 1: Set Your Stake Amount
Begin by choosing your selections from your preferred sportsbook. Parlay bets are flexible, you can combine selections from different sports and markets.
Step 2. Input Individual Odds
Now enter the individual betting odds for each selection (A.K.A leg) into the designated ‘Bet #’ rows within your parlay calculator. These odds, provided by your chosen sportsbook, form the foundation of your potential returns.
Note: While many basic calculators limit you to five or ten parlay legs, our parlay calculator can accommodate 20+ selections. Simply click the ‘+Add’ button to include additional legs in your bet.
Step 3. Enter Your Stake Amount
Input your total wager amount in the ‘Bet Amount $’ box. This represents the sum you’re prepared to risk on your parlay bets. You can experiment with different stake amounts until you find the perfect balance between risk and potential reward.
Step 4. Review Your Results
Your parlay calculator will instantly compute and display the following information:
- To Win($): Your net winnings after deducting your initial wager
- Potential payout ($): The total amount you’ll receive if successful (including your original stake)
You can decide whether to proceed with your parlay bets or adjust your selections for a more favourable risk-reward ratio.