So our bet has an implied probability of 8.77% - meaning, theoretically speaking, there’s an 8.77% chance that this four-team parlay will hit. Here’s the equation to determine implied probability:ġ00 / (1040 + 100) * 100 = 8.77 (after rounding to the nearest hundredth) Now that we know the odds of our four-team parlay (+1040), we can calculate the implied probability of the parlay winning. 100 / (decimal odds – 1) = American odds Let’s Do Some (More) Math For decimal odds ranging from 1.01 to 1.99, use this formula to convert to American odds: Important note: The above formula is for decimal odds that are 2.00 or greater (for our example, our decimal odds are 11.4). So the true American odds on this parlay are +1040 Now let’s convert 11.4 to 1 into American odds using this formula: This equals 11.4, so your true odds are 11.4 to 1 (meaning, for every $1 you wager you stand to win $11.40). So what are your true odds? For ease of math, let’s drop the 27 cents and take 114 (potential win amount) and divide it by 10 (your wager amount). Using the formulas in the above section, we know the potential payout for this parlay (not including the initial $10 bet) is $114.27 Odds for Team D: -105 (decimal odds: 1.95) Odds for Team C: -170 (decimal odds: 1.59) Odds for Team B: +140 (decimal odds: 2.40) Odds for Team A: -150 (decimal odds: 1.67) Let’s use this example of a four-team, $10 parlay: Then we’ll use those true odds to determine the implied probability of winning your parlay. Now that you know how to calculate how much money a parlay would potentially pay, let’s discuss how to figure out the true odds of a parlay. Implied Probability of a Moneyline Parlay So your actual winnings (profit) on this two-team parlay would be $145 ($195 – $50). What’s important to note is this amount includes your original $50 bet (which you get back if you win). This is the total amount you would receive if you won a $50 two-team parlay with odds of +130 and -150. So using the above example:ģ) Now multiply the above answer (3.9) by your bet amount ($50). So if you have a two-leg parlay of +130 and -150, the corresponding equations to convert to decimal odds would be:Ģ) Next, multiply these decimal odds by each other. If the American odds are negative (-110, -220, -650, etc.), use this formula (disregard the negative symbol that precedes the numeric odds): If the American odds are positive (+110, +130, +400, etc.), use this formula: To do this, let’s go back to ninth-grade algebra. Here’s the step-by-step process, using a hypothetical $50 wager:ġ) Convert the American odds from each leg of your parlay into decimal odds. Fortunately, it’s not high-level trigonometry. Understanding how to calculate parlay odds requires doing some math. What follows is a tutorial on how parlay odds are calculated and tips for maximizing parlay wagers. A parlay is a combination of two or more wagers into a single bet, with potential payouts increasing substantially as more “legs” (teams/players) are added to the betting slip. Parlays are one of the most popular ways that sports bettors add excitement to sporting events. Here is a list of our partners who offer products that we have affiliate links for. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. Second, we also include links to advertisers’ offers in some of our articles these “affiliate links” may generate income for our site when you click on them. This site does not include all companies or products available within the market. The compensation we receive for those placements affects how and where advertisers’ offers appear on the site. First, we provide paid placements to advertisers to present their offers. This compensation comes from two main sources. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective.
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