In a parlay bet, all selections must win. In a round-robin, two of three or one of three can win for a player to get a payout. A traditional parlay combines multiple bets into one wager. Parlay odds on a $100 bet: two-team parlay 2.6-1 ($360 payout), three-team parlay 6-1 ($700 payout), four-team parlay 11-1 ($1,200 payout), five-team parlay 22-1 ($2,300 payout).