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 of all legs are multiplied together. Parlay bets can include various types of wagers, such as point spreads, moneylines, or totals in sports like football, basketball, or baseball. Bettors often use parlays to increase their potential winnings while accepting a higher risk, as the likelihood of winning decreases with each additional leg added to the bet.