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A sports betting parlay is a wager that combines multiple individual bets into one, offering the potential for higher payouts. To win a parlay, all selected bets must be successful; if even one loses, the entire parlay fails. This type of betting appeals to risk-takers, as it allows for smaller stakes to yield significant returns. However, the increased difficulty of winning makes parlays a high-risk option compared to single bets. Enthusiasts often enjoy the thrill of rooting for multiple outcomes simultaneously, adding excitement to the sports viewing experience.