But get it right and your cash balance will thank you. The odds are higher because the chances of your Parlay landing become less likely with each leg you add. It goes without saying that Parlays are high risk, high reward. Each individual bet is called a 'leg' and for your NFL Parlay to cash, all legs must come in. Parlays combine multiple individual bets into one single wager at bigger odds. But if you’re new to the game, it’s important to understand exactly how a parlay works in general.