A Parlay is a multi way bet, where you’re betting that all your chosen teams will win in order for the bet to pay off. The appeal of a parlay is that the pay offs can be big relative to the amount of teams that win. For instance, a four team parlay might pay off at something like 10 to 1. If three of the four teams win, but one loses, you lose the bet. Most sports books have parlay cards which are scan forms that you can fill in the bubble to pick your teams.