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Sports Betting Calculators
A parlay is a single bet that links two or more contest bets (sometimes known as “legs”) together into one singular, definitive bet.
26 August 2022
Table of content
What is a Parlay Calculator?
A parlay is a single bet that links two or more contest bets (sometimes known as “legs”) together into one singular, definitive bet. Each “leg” or individual bet in the parlay must win for the bettor to win their award; even a single loss on the wager will cause the bettor to lose out on their entire award.
Alternatively, bettors could experience a “push” on one or more of their contest legs, which occurs when the final score total ties with the point spread total they bet on. While this tie outcome doesn’t constitute a loss, it also doesn’t constitute a win, and the better will simply be refunded the stake money (or vigorish) they placed on the leg(s) of that wager.
As such, parlay bets are often higher risk than isolated moneyline or spread bets, but the tradeoff is that they’re also higher reward than singular bets. If you would like to try your luck at beating these odds, but don’t know where to begin, then review this in-depth betting guide to understand everything you should know about parlay betting as a prospective online sportsbook user.
How Do Parlay Bets Work?
As stated previously, parlay bets ostensibly entail consolidating multiple bets into one single wager. This could entail betting on multiple games or contests, or placing multiple bets on one contest. For example, if you wanted to bet on the point spread margin of a game, the overall point total of the game, and who the winner or loser of each game would be, you can totally do so, and group them as a parlay.
When a sportsbook approves your parlay, each leg that wins can be leveraged to become a bigger wager with the next one. Single stakes can be added up to accumulate into exponentially greater stakes than you would have otherwise. Often, most sportsbooks will cap the default vigorish charge at -110. This means that for every $100 you’ll want to make off your parlay, you’ll have to place a $110 stake on your bet.
As far as how this translates to payout, the house will usually pay you back the $100 award, as well as your $110 stake per leg. When you factor this into the context of parlay betting, the earning potential can be exponential. To calculate how exponential this possible payout could be, you should follow these 4 steps:
Convert the odds on your lines into decimals.
Multiply those odds together to get the overall parlay odds.
Subtract your initial vigorish stake.
Viola, you have an estimate of your potential parlay winnings!
Depending on the size of your parlay, this might be an easier process said than done, especially if this is your first time ever using a sportsbook. That’s where online parlay calculator tools come in handy, like our own. Even if you aren’t the most math-literate person in the world, it’s easier to give parlay betting a shot than ever!
But which platforms are the best for online parlay betting play?
How Do You Make Parlay Bets?
Online or offline, prospective bettors have a load of ways to potentially play if they want to. As of 2021, the country currently enjoys:
14 states with legal online sportsbook platforms
A multitude of online iGaming options overall
Legal online sports betting in the District of Columbia
Some of the best online casino services in the industry
Thanks to a landmark 2018 Supreme Court ruling, effectively any state can enjoy having a legal sports betting market if they want to. Obviously, these decisions can continually evolve, and the legal sports betting industry is only expected to keep expanding in the years to come; this is just currently where it stands.
Understandably, you might currently have apprehensions about going to a live in-person casino right now; even though vaccines have done a lot to wane the severity of the problem, COVID still remains an ongoing, persistent, and continuous problem. Moreover, even if your state offers safe, legal gambling services, your nearest casino could still be located fairly far away.
A number of reasons could motivate a bettor to prefer online sportsbooks over physical, brick and mortar sportsbooks, but what should they do after they find their preferred online sportsbook service? Before placing any stake on your parlay bet, keep the following do’s and don’ts in mind:
DO Cash Out Your Welcome Bonus: To incentivize new bettors and gamblers, many online casinos offer generous no-deposit welcome bonuses for first-time players. Take advantage of these perks as best as you can, but be aware that you may have to meet certain playthrough requirements to take advantage of them.
DO Read The Fine Print: The last thing you want to do is accidentally break the house rules, so review the terms and conditions as carefully as you can to ensure that you’re playing within the rules and regulations.
DO Know What You’re Getting Into: As parlay bets are higher risk, being familiar with the games you’re betting on is an even higher priority than it is with single isolated wagers. Always approach parlays with some level of familiarity to the sport you’re betting on.
DON’T Wager More Than You’re Comfortable Losing: This is a universal precaution you should take with any gamble or investment you make, but especially gambles as risky as parlay bets.
DON’T Get In Over Your Head: Parlay bets can be so suspenseful that entire thriller movies like Uncut Gems have literally been written around them. To mitigate your loss risks, consider just starting with two or three leg parlays, and not placing any more stakes than that.
DON’T Neglect Even One Leg: All it takes to send all of your stake money down the drain is one bad leg. Besides wagering only what you’re comfortable wagering, you should also only wager on areas that you’d be comfortable wagering on.
Best Online Sportsbooks
Once you’re comfortable placing parlays, it’s time to pick your preferred online sportsbook platform. There are plenty of great iGaming sports betting services on the market, services like:
Besides finding these great sportsbooks, you’ll also want to find deals, discounts, and bonus codes at the best online sportsbooks, and OddsSeeker can have you covered with all three. Sign up for our mailing list today to learn more!
Sports Betting Strategies
Want to bet like the best of them? Read these detailed strategies written by expert sports bettors to help
you understand the sharpest ways to bet!