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 Why can’t I play? How do I place a Parlay bet? What happens if the odds change while I'm placing a bet?