Homonym: Parlay (Investment)
A "parlay" is a type of bet in gambling where multiple wagers are combined into one. To win a parlay, all individual bets must be successful. This means that if one bet loses, the entire parlay is lost. Parlay bets are popular in sports betting, as they offer the potential for higher payouts compared to placing single bets.
In a parlay, the odds of each individual bet are multiplied together, increasing the overall odds and potential winnings. However, because of the increased risk, parlays are generally harder to win. Bettors often use parlays to maximize their returns on a smaller investment, but they should be aware of the risks involved.