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 potential payouts compared to placing each bet separately. For example, if you bet on three different games, you can combine them into one parlay bet. The odds of each game are multiplied together, increasing the potential return. However, the risk is also higher, as the chances of winning decrease with each additional leg added to the parlay.