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? What should I know about the withdrawal process? How do I bet on a Total or Over/Under? What is a Spread bet or Spread betting? What are future bets?