Parlay betting can amplify your winnings by combining multiple bets into one, but it requires strategic planning. To maximize your returns, focus on selecting bets with favorable odds and a higher probability of success. Consider mixing favorites with underdogs to balance risk and reward. Additionally, limit the number of legs in your parlay; while more selections can lead to bigger payouts, they also increase the risk of losing. Finally, stay informed about team statistics and recent performances to make educated choices, enhancing your chances of hitting that lucrative parlay jackpot.