A parlay is a single bet that links together anywhere from 2 to 15 individual plays. The parlay can be comprised of a series of bets on a team, over/under bets, or any mixture of the two. For the parlay to be a winning wager, every one of its individual plays must win. If any of the individual plays is not a winner, then the entire parlay wager loses.
If, however, one of the individual plays is a “push,” then the parlay reverts to the next amount of teams. For example, a three play parlay would become a two play parlay; a two play parlay would become a straight bet, with corresponding reductions of the payoff.