A parlay is a single wager whose result is entirely dependent on the result of at least two initial wagers. Each of these underlying wagers must be winners for the parlay to win and the more teams you have on the bet slip, the higher the parlay payout you will receive. If one or more of the teams from your bet loses, then you lose the bet regardless of the results or cancellation of the other teams. The parlay often offers you a chance to win bigger payouts by risking more. So, if you want to rake in more rewards as you back your favourite teams, a parlay is the way to go.

For the most part, parlay odds can be confusing when you are trying to figure out the total odds or even calculating the overall parlay payout of all the teams in your bet slip. And that’s where the parlay calculator comes in. It makes your work easier by simplifying the calculation of the odds so that you don’t have to keep scratching your head in a bid to figure things out.

One good thing about the parlay calculator is that you can customize it to fit your specific bets depending on the calculations you are making. However, before you can use the parlay odds calculator effectively, here are some of the important terms you should first understand:

**Odds offered**– the odds the parlay offers at a given time.**Number of games**– this is the number of different underlying games indicated in the parlay.**Risk/Win amount**– the desired stake or risk, and once you modify the drop-down menu on the calculator, it will calculate the potential win or odds.**Mathematical odds**– these are the odds that imply the zero possible charge on the parlay,**Win Amount/True Parlay Risk**– this is the win dollar amount based on the odds.**True parlay odds**– the odds representing the initial wagers.**Premium paid over true parlay odds**– the top-up amount paid as a percentage of parlay amount over the given underlying bets.**Premium paid over mathematical odds**– is the total amount charged on a bet.

All the above terms should be at your fingertips if you are to use this calculator in the right way. Here’s a quick look at how to use this betting odds calculator.

## How to Use the Parlay Calculator

Using the parlay odds calculator is pretty simple. All you have to do is enter the odds of each of your bets, and the tool will figure out the total payouts. You need to type in the money line all of your bets then go ahead and enter the amount of money you would like to stake. Once you click the “calculate” button on this betting odds calculator, it will be able to show you how much to expect if all the teams in your parlay win.

How simple is that? Start using the parlay payouts calculator to quickly and easily wager on multiple outcomes at a go!