Parlay Probability Calculator

Parlay betting involves combining multiple bets into one wager, where all selected outcomes must win for the bet to pay out. The overall probability of winning a parlay is lower since each event must be successful, but the payout is usually much higher.

Explanation

In this calculator, the probability for each event in the parlay is input as a percentage. The combined probability is calculated using:

\[ \text{Parlay Probability} = \left(\prod_{i=1}^{n} \frac{\text{Event Probability}_i}{100}\right) \times 100 \]

Example Calculation

If you have three events with probabilities of 60%, 75%, and 80%, the parlay probability is:

\[ \text{Parlay Probability} = \left(\frac{60}{100} \times \frac{75}{100} \times \frac{80}{100}\right) \times 100 = 36\% \]

Importance and Usage Scenarios

Understanding parlay probabilities is essential for sports bettors, as it helps them gauge the risk and potential reward.