A parlay is a type of sports bet where you combine multiple individual wagers into a single bet. The catch is that all of the individual wagers must be correct for the bet to win. If any of the individual wagers in the parlay is incorrect, the entire bet is lost.

Quick hitters on parlay betting:

1. Increased payout potential: Parlays offer the potential for higher payouts compared to individual wagers, as the odds multiply with each added selection.
2. Combining multiple bets: You can mix different types of bets, such as point spreads, moneylines, totals, or prop bets, across different games or events.
3. Higher risk: Parlays come with higher risk since all picks must be correct. A single wrong prediction means losing the entire bet.
4. Higher variance: Parlay betting has higher variance, meaning bigger swings in results. It can lead to significant winnings with a string of correct picks or wipe out the entire bet with one wrong pick.
5. Betting limits: Sportsbooks have maximum payout limits on parlays, so be aware of the rules and limits before placing a bet.
6. Parlay insurance: Some sportsbooks offer partial refunds or bonuses if one leg of the parlay loses, reducing the risk.
7. Customizable odds: Parlay bets allow you to create custom odds by combining multiple bets, but remember that the odds of winning decrease with each added pick.
8. Research and strategy: Thorough research, statistical analysis, and careful decision-making are crucial for successful parlay betting.

Approach parlay betting with caution, manage your bankroll wisely, and understand the increased risk involved. Responsible research, strategy, and knowledge of individual wagers can improve your chances of success.