Traditionally, when it comes to betting, punters simply picked the one match/event they wanted to bet on and proceed to place the wager. Everything was pretty simple as punters could easily calculate the potential payout by just looking at the odds for the team they are backing. However, things in the modern day are a little bit complex and complicated. This necessitated by the emergence of parlays. See all our Parlay Picks for today
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Parlays pile up a variety of matches/events on just a single ticket. Calculating the potential payout when there are a multiplicity of teams backed therefore becomes a daunting task. Well, to make life easier for punters, in this article we are going to share how punters can easily calculate parlay total odds hence payouts.
What is a Parlay?
To start things off, it’s important that we get everyone on the same page. As such, let’s explain what parlays are. Parlays simply refer to betting tickets that consist of numerous matches/events. If you have ever seen a betting slip with four, five, six or more matches/events, it means that you have already come across a parlay.
How to Calculate Parlay Total Odds
Each of the matches/events on a parlay slip will have its own odds. Owing to this, calculating the total odds for the whole slip may become a daunting task for many players. Worry not though if this is something that troubles you every time you think of placing parlay bets as we are going to explain how you can calculate the total parlay odds.
To understand how parlay total odds are calculated, we are going to make use of an example. Let’s say that on your parlay ticket you have three teams you are backing with the following odds:
Houston Dynamo: -150
New York Red Bulls: +170
LA Galaxy: -120
The first thing required when calculating the odds is to determine the multipliers for each game. To find the multipliers, you have to divide the total payout (risk + win) by the risk amount as follows:
Houston Dynamo -150 to win 100, so the total payout would be 4250
250/150 – 1.6666
New York Red Bulls -100 to win 170, so the total payout would be $270
270/100 = 2.7
LA Galaxy -120 to win 100, so the total payout would be 4220
220/120 = 1.8333
Having calculated the multipliers for all teams, the next step is to multiply the multipliers together to come up with the True Odds of the Parlay. This will be as follows:
1.6666 x 2.7 x 1.8333 = 8.2495
The result of 8.25 means that it is the expected return on your parlay. This includes the rick amount so the profit on its own would be approximately 7.25 for every $1 wagered on the above parlay.
The above illustrates the method of calculating parlay total odds. Though only three teams were used in the example, players ought to note that this method can be used even for parlays with ten or more events. For those who might not want to calculate parlay total odds manually, they can make use of online parlay odds calculators.
12 Team Parlay Odds
A 12 team Parlay is a Parlay consisting of 12 teams. These will typically be matches on the same day, as it makes it much more enjoyable to watch and follow than waiting until the next day. In order to calculate the 12 team parlay odds, you need to take the first odds and multiple it by the second. Then the thirds, fourth etc.
10 Team Parlay Odds
A 10 team Parlay is a Parlay consisting of 10 teams. In order to calculate the 10 team parlay odds, you need to take the first odds and multiple it by the second. Then the thirds, fourth etc.
15 Team Parlay Odds
A 15 team Parlay is a Parlay consisting of 15 teams. In order to calculate the 15 team parlay odds, you need to take the first odds and multiple it by the second. Then the thirds, fourth etc.