Making informed decisions with precision is a key factor within the world of matched betting, as having the wrong odds or stakes could be the difference between an effective and unsuccessful matched bet. To ensure that any bets or matched bets are placed correctly, there has been a whole arsenal of dedicated tools that can easily be used to determine any potential returns accurately.
One betting odds calculator that falls under this bracket is the parlay calculator, which allows bettors to make strategic choices regarding combining multiple selections.
What Is A Parlay?
To understand how a parlay calculator can be used effectively, understanding what a parlay as a whole is of paramount importance. A parlay is another term used for accumulator, with these types of combination bets featuring two or more separate legs within a single bet slip. For a parlay bet to be deemed a winner, all selections within the bet slip need their predicted outcomes to be correct.
However, one of the defining elements of a parlay is that it combines the odds of all selections and combines them. As a rule of thumb, the more parts there are to a parlay, the higher the odds are, as the chances of all chosen options winning are less likely.
How Does A Parlay Calculator Work?
The parlay odds calculator is used to determine a parlay’s potential returns. The specific one we have here at OddsMonkey requires a couple of key inputs, and it can accurately calculate the theoretical returns based on this information.
The first step of using a parlay calculator is to input the stakes you wish to use for your parlay. From here, you can select what type of parlay you aim to place, ranging from a simple double to a twentyfold, which applies to the accumulator calculator. Depending on your preference, there is also an option to select your odds format; however, should you need to convert one format to another, a betting odds converter is available on site.
After all of these setup steps have been input, you can now begin to add the odds of each selection within your chosen parlay. The final thing left to select with the parlay calculator is the outcome of each leg of the bet slip, with a drop-down menu allowing you to choose from win, loss, placed, dead heat or void. As you may expect, some of these options tie in more closely with horse racing betting, with an each-way toggle integrated into this calculator should it be applicable to your parlay.
From here, the parlay calculator can use all of this information to determine any potential returns a parlay could generate and highlight the overall profit based on the stake chosen.
Benefits Of Using A Parlay Calculator?
Now that we have detailed exactly how a parlay calculator works, we can explain the various benefits this tool offers and why you should use it if you are a bettor who uses parlays. As we have already discussed, this calculator is incredibly easy to use, exemplified by its overall layout. The whole thing is uncomplicated and user-friendly for all levels of bettors!
However, the parlay odds calculator’s biggest benefit is its unrivalled accuracy. The precision this offers in terms of the calculated returns is invaluable, elevating the overall effectiveness of any strategies you may be applying. This can help streamline any calculations, negating the need for manual ones and saving a lot of time.
One benefit of a parlay calculator that may not immediately spring to mind is its ability to identify value bets. For example, if you have done thorough research into certain matchups and the odds could be perceived as favourable, combining them into a single parlay could increase the odds. When using the calculator in tandem, this could identify any potential returns, with it working conversely by highlighting poor value vets, which could also highlight potential risk.
Who Can Use The Parlay Calculator?
When it comes down to who can use a parlay calculator, the answer is simple: anyone. Whether you are a casual bettor who places a multi-fold bet every now and again or a more seasoned sports bettor, the benefits this tool offers can be reaped by anyone remotely involved in sports betting.
However, one audience sector that could benefit the most from the parlay odds calculator is matched bettors. This has become one of the more innovative and popular side hustles in recent times, with this strategic approach to betting covering all potential outcomes of an event by placing counteracting bets. This could lock in margins of profit, especially when utilising a free bet or promotion to cover a portion of the matched bet.
More Betting Calculators at OddsMonkey
As a whole, the parlay calculator is a useful tool boasting a range of qualities and specialised utility. It is just one of the many calculators we have here at OddsMonkey, which can be said for many others.
Suppose you prefer the matched betting approach as a whole, as we have already discussed. In that case, the matched betting calculator is arguably one of the key pieces of software that you could potentially make use of in order to ensure that both your back and lay bets are value correctly in order to lock in some profits via the use of your free bets.
However, if parlays and accumulators are’t your preferred type of bet, then the single bet calculator may be more suited, with this breaking down the potential returns of just a single selection as opposed to multifold betslips. This is just one of the many alternatives on site, with all options having the same ease of use as the parlay calculator we have already discussed.
