A parlay is a single bet that links together two or more individual wagers for a high payout. In a parlay, each individual bet within the combination must win for the overall bet to win. If any one of the bets loses, the entire parlay bet is lost.

Parlay bets can involve various types of bets, such as point spreads, moneylines, totals (over/under), or any combination thereof, depending on the sport and the bookmaker's offerings.

Parlays offer higher potential payouts than placing each individual bet separately, but they also come with higher risk due to the requirement for all selections to be correct.