I. ˈpär-ˌlā, -lē transitive verb
Etymology: French paroli, noun, parlay, from Italian dialect, plural of parolo, perhaps from paro equal, from Latin par
Date: 1828
1. : to bet in a parlay
2.
a. : to exploit successfully
b. : to increase or otherwise transform into something of much greater value
II. noun
Date: 1904
: a series of two or more bets so set up in advance that the original stake plus its winnings are risked on the successive wagers ; broadly : the fresh risking of an original stake together with its winnings