What is parlay meaning?

Parlay is a type of sports betting where multiple bets are combined into one single bet. In order to win a parlay bet, all of the individual bets in the wager must be correct. Parlays can include bets on different games, sports, or events, and can result in larger payouts than if each individual bet was placed separately. The more bets that are included in the parlay, the larger the potential payout becomes, but the likelihood of winning decreases. Parlay bets are popular among sports bettors because of the potential for a big win with a small initial investment.