What does Parlay mean in betting?

A Parlay is an accumulator, meaning a bet that combines several selections into one slip.

How does it work?

Every selection has to win. If even one result loses, the whole parlay fails. That is why the combined odds are higher than on a single bet, but the risk also rises sharply. In simple terms, a parlay is a bet that depends on getting several selections right at the same time.