A parlay bet is a type of wager that combines two or more individual bets into one. The appeal of a parlay is that the potential payout is much higher than placing each bet separately. However, the trade-off is that all the individual bets within the parlay must win for the parlay to pay out. Here’s how you can place a parlay bet:

1. **Choose Your Sportsbook**: First, you need to decide where you want to place your bet. This could be an online sportsbook, a mobile betting app, or a physical sportsbook at a casino or racetrack.

2. **Select Your Bets**: Look through the available betting options and choose two or more events you want to bet on. These can be from the same sport or different sports. Common types of bets included in parlays are point spreads, over/unders (totals), moneylines, and props.

3. **Decide on Your Parlay Structure**: Decide how many legs (individual bets) you want in your parlay. You can have as few as two legs, but many sportsbooks will allow parlays with up to 10 or even more legs.

4. **Place Your Bets**: Once you’ve selected your individual bets, you’ll let the sportsbook know that you want to parlay them. In an online or mobile sportsbook, there will typically be an option to combine your selected bets into a parlay. In a physical sportsbook, you’ll tell the ticket writer that you want to place a parlay and specify which bets to include.

5. **Choose Your Stake**: Decide how much money you want to risk on the parlay. Remember that the potential payout for a parlay is calculated by multiplying the amount of your bet by the odds of each individual bet in the parlay.

6. **Confirm Your Parlay**: Double-check that all the selections and the stake are correct before finalizing your bet. Once confirmed, you’ll receive a ticket with your bet details if you’re at a physical location, or a confirmation on your screen if you’re betting online or through an app.

7. **Wait for Results**: Now it’s time to wait for all the events in your parlay to play out. If all your selections win, your parlay wins. If any one of your selections loses, the entire parlay loses.

8. **Collect Your Winnings**: If your parlay is successful, you can collect your winnings. Online and mobile sportsbooks will typically deposit your winnings directly into your account, while physical sportsbooks will give you a ticket that you can cash out.

Remember that parlays are riskier than single bets because the more bets you include, the less likely it is that all of them will win. However, the potential rewards can be substantial, which is why parlays are a popular choice for bettors looking for a big payout from a small stake. Always gamble responsibly and ensure you understand the terms and conditions of the sportsbook where you’re placing your bets.