parlayparlay pronunciation: par leI [or] par li [or] par leI parts of speech: transitive verb, noun features: Word Combinations . part of speech: transitive verb: inflections: parlays, parlaying, parlayed:You can spread your Parlay bet across days, weeks, or even months. Parlay bets are incredibly versatile, so you can combine all kinds of wagers on one slip. Understanding betting Parlays .