A parlay bet is a type of wager that combines multiple individual bets into one single bet. To win a parlay, all the individual bets, known as "legs," must be successful. This means that if one leg loses, the entire parlay is lost. Parlay bets are popular because they offer higher payouts compared to placing each bet separately, as the odds multiply together. Parlay bets can include various types of wagers, such as point spreads, moneylines, or totals, across different games or events. They are commonly used in sports betting, where bettors might combine outcomes from games involving teams like the New England Patriots or the Los Angeles Lakers.