A parlay in investment refers to a strategy where an investor combines multiple financial instruments or assets into a single investment. This approach can amplify potential returns, as the success of the entire investment depends on the performance of each individual component. However, it also increases risk, as a loss in any part can lead to an overall loss. In the context of sports betting, a parlay involves linking multiple bets together, where all bets must win for the investor to receive a payout. This concept is similar to investment strategies that seek to maximize returns through diversification, but it carries a higher level of risk due to the dependency on multiple outcomes.