A parlay bet is a single bet that combines two or more individual bets into one wager. To help you get started, here are some key insights on parlay betting:ġ. However, like any form of betting, there are risks involved, and it's important to understand how it works before you start placing your bets. This type of betting allows you to place multiple bets on a single ticket, which can lead to bigger payouts than if you were to place each bet individually. Parlay betting is one of the most popular forms of sports betting, and it's easy to see why.