verb

• (ambitransitive, gambling) To carry forward the stake and winnings from a bet on to a subsequent wager or series of wagers.
• (transitive, by extension) To increase (an asset, money, etc.) by gambling or investing in a daring manner.
  "Shall we parlay the value of our products?"
• (transitive, by extension, generally) To convert (a situation, thing, etc.) into something better.
  "They believe that if [Roy] Harris can maintain his standing among the leading heavyweights, they can parlay this rating with Texas enthusiasm and oil money into enticing Floyd Patterson into coming down and defending his heavyweight title against Roy."
• (intransitive) Alternative spelling of parley (“to have a discussion, especially one between enemies”).
  ""That is droll. Listen yet one time. You are very spiritual. Can you make a honorable lady of Her?" / "Don't be so malicious," says Mr. Bucket. / "Or a haughty gentleman of Him?" cries Madamoiselle, referring to Sir Leicester with ineffable disdain. "Eh! O then regard him! The poor infant! Ha! ha! ha!" / "Come, come, why this is worse Parlaying than the other," says Mr. Bucket. "Come along!""

noun

• (originally US, gambling) A bet or series of bets where the stake and winnings are cumulatively carried forward; an accumulator.
  "GARNETT. (Sharply.) Would someone mind telling a visitor the details of this Operation Snitch? / DENNIS. Kind of a three-horse-parlay, Cliff: Posenleben, Schweinhafen … (Eyes Prescott and Jenks.) And one other."