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: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.