A progressive parlay is a joint wager on multiple events, for example team sports or horse races.
Generally a progressive parlay involves a joint wager on four to twelve separate events.
[1] Should all the selected bets win, the bettor receives a relatively large payout, because of the sizable odds against this happening.
[1][2][3][4] The term has also been used for a long series of wagers on roulette or other gambling games, where the bettor attempts to rely on a "stream of luck".
If a bettor wishes to bet on a significant number of events without putting a substantial amount of his total bankroll at stake, parlays may represent an attractive option.