A parlay is a bet where you take two or more plays and pair them all in one bet. A parlay loses if any of your wagers lose. Parlaying teams together changes the odds towards the bettors favor. Usually, if a play pushes in a parlay, it is removed from the wager and your payout odds are adjusted to reflect that play being removed. Odds on parlays are very enticing, but the win probabilities are much lower.
Below are examples of betting a parlay on each major sportsbook: