1. What is Parlay Odds?

Parlay odds represent the combined odds of multiple bets where all selections must win for the parlay to pay out. It's calculated by multiplying the decimal odds of each individual bet and then subtracting 1.

2. How Does the Calculator Work?

The calculator uses the parlay odds formula:

Where:

• \( Odds1, Odds2, \ldots \) — Decimal odds for each individual bet

Explanation: The formula multiplies all the individual decimal odds together and subtracts 1 to give the combined parlay odds.

3. Importance of Parlay Odds Calculation

Details: Calculating parlay odds helps bettors understand the potential payout and risk of combining multiple bets. While parlays offer higher potential payouts, they also carry greater risk since all selections must win.

4. Using the Calculator

Tips: Enter the decimal odds for each bet (minimum 1.01). You can add more odds fields as needed. At least two odds are required for a parlay.

5. Frequently Asked Questions (FAQ)

Q1: What's the difference between decimal and American odds?
A: Decimal odds represent the total payout (stake + winnings), while American odds show how much you need to bet to win $100 or how much you win from a $100 bet.

Q2: Why subtract 1 in the parlay formula?
A: Subtracting 1 gives you the profit multiplier, excluding your original stake. The total payout would be (parlay odds + 1) × stake.

Q3: Are parlays a good betting strategy?
A: Parlays offer higher payouts but lower probability of winning. They're higher risk than single bets but can be exciting for bettors.

Q4: What's the maximum number of bets in a parlay?
A: This depends on the sportsbook, but most allow up to 10-15 legs in a parlay.

Q5: How do bookmakers calculate parlay odds?
A: Bookmakers use the same multiplication method but may apply a slight margin to the combined odds.