While any bet involving two or more selections qualifies as a parlay, there are several different types of parlay betting options. Even if only one selection in the parlay loses, the whole bet will be settled as a loss. In order for a parlay to be settled as a winner, all of the selections on the bet slip must be correct. This increases the odds and potential return of a single wager. When making a parlay bet, the odds of each selection are multiplied together. For bettors with a greater appetite for risk, parlays are a great way to boost their odds and increase their profits.Ī parlay bet combines two or more selections into a single bet. In the simplest terms, a parlay is when multiple bets are put together to generate a bigger payout. What is a progressive parlay in sports betting?