A parlay is a popular betting strategy that combines multiple wagers into a single bet, allowing bettors to increase potential payouts. To win a parlay, all individual bets must be successful; if any bet loses, the entire parlay is lost. This high-risk, high-reward approach appeals to many gamblers, as it offers the chance for substantial returns from a relatively small stake. However, the difficulty of winning all components makes parlays less predictable than single bets, adding an element of excitement and challenge to sports betting.