parlayPARLAY meaning: 1. to use or develop money, skills, etc. in a way that makes more money or leads to success: 2. to…. Learn more.Conversely in a parlay, you still wager on two teams but with the orinal spread and with better payout odds (usually 3:1). Teasers and parlays can be played with 2,3,4,5 teams or more.