Parlay bets are by far the most popular of the exotic wagers, as they offer the potential of a big payoff from a small wager. Simply stated, a parlay is a collection of two or more teams that you place a wager on and all of them must match your predictions in order for you to win your bet. If you place a four team parlay, going 3-1 is no different than going 0-4. All of your bets must win, or at least push, for you to win.
There are basic types of parlays, those wagered against the point spread and those wagered against the money line.
The payoffs a bettor will receive should they win are quite different in the two. In parlays involving point spreads, the payoffs are fixed, while money line parlay payoffs are determined by the odds of each team.