parlayA parlay is a single bet that links together two or more individual wagers for a hh payout. A two-team parlay mht pay 135, a three-team parlay mht pay 61, a four-teamparlay pronunciation: par leI [or] par li [or] par leI parts of speech: transitive verb, noun features: Word Combinations . part of speech: transitive verb: inflections: parlays, parlaying, parlayed: