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, but they also come with increased risk. For example, a bettor might combine bets on different games or events, such as football, basketball, or soccer. If the bettor successfully predicts the outcomes of all selected events, they can win a larger sum than if they had placed each bet individually. However, the challenge lies in the need for all selections to win.