Use the AllStar’s parlay calculator to quickly calculate the payout for your parlay , in whatever your preferred odds format is – American, decimal, fractional or implied probability.
How to Calculate Parlay Winnings using American Odds
What are American Odds?
There are different ways that sportsbook can display their odds on an event. In the US, it is common to see American odds. In American odds, the favorite appears with a minus sign and the underdog with a plus sign. The numeral illustrates the extent to which a favorite is favored to win, or an underdog is expected to lose.
Check out our short video explainer below with a few different examples for how to read American odds.
American Betting Odds Parlay Calculator
To illustrate how this works in a Parlay, let’s imagine that we want to bet on two separate events and we are picking the favorite in each event. This would be a relatively simple, 2-leg parlay.
We can calculate the odds for the parlay as follows:
- Start by convert the American odds for each selection into decimal odds using our betting odds converter.
- Now, multiply the decimal odds for each of the parlay legs together to get a multiplier.
- Multiply your bet amount with the multiplier.
- Finally, subtract your original stake to get the parlay winnings.
If both favorites are priced at -200 (1.5 in decimal format), then we parlay odds of 2.25, which is +125 in American odds.
So, if we put down a $100 stake on this parlay, we can expect winnings of $125 (payout $225).
Stake | $100 |
Odds for leg 1 | -200 |
Odds for leg 2 | -200 |
Decimal odds multiplied | (1.5 * 1.5) = 2.25 (+125 American) |
Return | $225 |
Winnings/Profit | $125 ($225 return minus $100 stake) |
How to Calculate Parlay Winnings using Decimal Odds
What are Decimal Odds?
Outside of the US, the standard way to display odds is in Decimal format.
As newcomers to betting, it’s usually considered easier to read Decimal odds because we can deduce the implied probability a little bit easier than American Odds.
Think of this when you’re trying to calculate the value in decimal odds: The odds represent what you would get back, including your stake, if you were to put down a single dollar.
Parlay Bet Calculator with Decimal Odds
It’s far easier to calculate winnings for a parlay if you are already used to Decimal odds. Imagine that we want to bet on two separate events and we are picking the underdog in each event. This would be a relatively simple, but quite risky 2-leg parlay.
We can calculate the odds for the parlay as follows:
- Start by multiplying the decimal odds for each of the parlay legs together to get a multiplier.
- Multiply your bet amount with the multiplier.
- Finally, subtract your original stake to get the parlay winnings.
If both underdogs are priced at 3.5, then we parlay odds of 12.25.
So, if we put down a $100 stake on this parlay, we can expect winnings of $1,125 (payout $1,225).
Stake | $100 |
Odds for leg 1 | 3.5 |
Odds for leg 2 | 3.5 |
Odds multiplier | (3.5 * 3.5) = 12.25 (+1125 American) |
Return | $1,225 |
Winnings/Profit | $1,125 ($1,225 return minus $100 stake) |
What is your Stake and how does it work in a Parlay?
Your stake refers to the amount you risk when you place a bet. If your bet loses, you can generally expect your stake to be kept by the sportsbook. Most professional gamblers are careful not to put all their eggs into one basket and manage their bankroll with discipline.
Stake in a parlay refers to the total amount you’re risking, regardless of how many legs you have in your parlay.
What is a Parlay Payout?
Payout refers to the total amount that the bookmaker will credit to your account balance if every leg in your bet wins. This includes your stake as well as your profit.
You can calculate this as ‘Stake x Parlay Multiplier’
What is the Parlay Profit?
Profit is calculated as the amount you win from your bet excluding your stake. You can calculate this as ‘Payout minus Stake’.
How are Parlays settled?
Generally speaking, all legs in your parlay need to win in order for your bet to win. It doesn’t matter how close you come, it only takes one leg to lose to bust your bet. Every time you add an extra leg to your bet, you multiply the odds and you also multiply your risk.
There may be some exceptions if certain legs in your parlay are pushed (for example, you bet on a fight that got cancelled). However, this can vary by bookmaker so you really should read the sportsbook rules from your favorite book to make sure.
What is the Vig in a Parlay?
What is Vig?
Every sportsbook will charge you a fee to place a bet with them, and this is known as “vig” – short for “vigorish”. Vig may also be called “juice” (or the cut, or the take) and in European-based sportsbooks, “margin” – but it is all the same thing.
Think of it as the price you have to pay a sportsbook to play.
Vig is built in to the odds, but it can be mathematically worked out – and often it pays to do so because some sportsbook will charge a lot more juice than others.
When it comes to Parlays, Vig actually increases with every additional leg you add to the parlay. So if it’s value you’re looking for, Parlays probably aren’t the place to look for it. But if it’s excitement you’re looking for – many-leg Parlays can provide plenty of that.