1. A method for encoding an input sequence of bins, using a computing device, to produce encoded data, the method comprising: parsing, with the computing device, the input sequence into subsequences of bins, each subsequence of bins being associated with a respective one of a predefined number of probability estimates; parallel entropy coding, with the computing device, the subsequences of bins to generate subsequences of codewords, wherein each subsequence of codewords is associated with its respective one of the predefined number of probability estimates; and interleaving, using the computing device, the subsequences of codewords to form an encoded sequence by determining from a context model a first probability estimate, forming an ordered set of phrases, the first phrase in the set containing at least a portion of a codeword from the subsequence of codewords associated with the first probability estimate, each of the remaining phrases containing at least a portion of a codeword from the subsequence of codewords associated with a respective probability estimate, wherein the respective probability estimate is identified based on the first probability estimate, and repeating the determining and the forming until all the codewords from the subsequences of codewords are interleaved into sets of phrases, wherein the encoded sequence comprises a concatenation of the sets of phrases, and wherein the respective probability estimates associated with each of the other phrases are identified without dependence upon the subsequence of bins encoded as the codewords of the first of the phrases.