But if you get it right, you are up for a very nice payday!įor many players, a parlay is purely recreational and a chance to have a bit of excitement hoping for the big win to come in. In other words, if you lose your bet on any of the games, you lose your entire bet. In order to cash out, all the bets have to be won. In simple terms, it is one bet made up of two or more smaller bets. When you employ parlay, a series of smaller parlays are created from a larger list of teams or players instead of placing a separate bet for each game or round within an event. One way to place bets would be to place a stake on each individual game. Most parlay bets are made on sporting events and tournaments, and online sports betting sites will feature it as an option.