What is a parlay? Parlay A parlay, or combo bet, is a selection of 2-12 bets linked together. Winning the parlay requires all of the individual bets winning- even one losing bet can deem the parlay a loss. Of course, more risk, more payoff, so when you add more bets to your parlay, you increase your potential payout. Suppose the New York Giants (-3) are playing the Philadelphia Eagles.