Sports Betting: How to Bet Parlays Do You Know How to Bet Parlays? Nick M Do/Getty Images Parlays are by far the most popular of the exotic wagers, as they offer the potential for a big payout on a small wager. Simply stated, a parlay is a collection of two or more sides or totals that you bet on and all of them must win in order for you to win your bet. If you place a four-team parlay, going 3-1 is no different than going 0-4. All of your bets must win, or at least tie, in order for you to win.