# Parlay Calculator

## Fixed Odds Multi-Game Sports Betting

In sports betting a parlay bet is a single wager on the outcomes of several matches. The odds of each match, called moneyline odds, are pre-determined by oddsmakers or the gambling establishment. Bets on underdogs (often called simply "dogs") are denoted by a positive number greater than 100. Odds of exactly 100 indicate that neither team is favored to win of the other. Bets on favorites are denoted by negative numbers, usually starting with -110 and going more negative from there. You can use the parlay calculator below to compute the payout of a parlay bet. The formula is explained below the calculator.

### Parlay Wager Payout Calculator

 Team # Moneline Team # Moneline 1 7 2 8 3 9 4 10 5 11 6 12

Bet: \$      Payout: \$

### How to Calculate a Parlay Payout

For each bet on a favorite, the payout factor is

(Moneyline + 100)/Moneyline        (ignoring the minus sign)

And for each bet on a dog, the payout factor is

(Moneyline + 100)/100

The total payout factor for a parlay bet is the product of all the individual factors for each game, minus 1. Multiply this number by the amount of the wager and you get the payout for a winning parlay.

Example: Ron makes a parlay bet on the outcome of four games that whose money line odds are -120, 160, -110, and 130. The payout factors for each individual match are

-120: (120+100)/120 = 11/6
160: (160+100)/100 = 13/5
-110: (110+100)/110 = 21/11
130: (130+100)/100 = 23/10

The total payout factor is

(11/6)(13/5)(21/11)(23/10) - 1 = 19.93 (exactly)

If Ron makes a wager of \$100 and all of his predicted outcomes are correct, he nets \$1993. If any one of his predictions fails to occur, he loses the entire bet.