What Is Parlay Betting? A parlay is a single sports wager that involves two or more teams winning. The allure of these bets has always been a larger payout than choosing a single team to win. The larger payouts for a parlay make sense since picking an individual winning side or total is difficult by itself. Picking more than one winner is even more difficult. The parlay payout from picking multiple large moneyline underdogs can be quite large.