What is a parlay? A parlay in sports betting is when a bettor makes multiple wagers (at least two) and ties them together into the same bet. If any of the bets in the parlay loses, the entire parlay loses. However, if all wagers win, the bettor gets a bigger payout. Related articles How do I place a Parlay bet? Why can’t I play? What type of bets are offered at FireKeepers Sportsbook? What happens if the odds change while I'm placing a bet? How do I make a deposit?