A parlay bet consists of two or more individual wagers linked together into a single ticket and is dependent on all those wagers winning. The benefit of a parlay bet is that there are higher payoffs than placing each individual bet separately. Parlay bets are available for the same sport as well as cross sports. With some exceptions, a parlay of wagers from the same event is often not allowed.
For example, if you wagered a 2-team parlay for $100 on the Denver Broncos (-270) and the New Orleans Saints (-152) your payout would be $227.19 if both of those teams won.