[pahr-ley, -lee]
verb (used with object)
to bet or gamble (an original amount and its winnings) on a subsequent race, contest, etc.
Informal. to use (one's money, talent, or other assets) to achieve a desired objective, as spectacular wealth or success: He parlayed a modest inheritance into a fortune.
a bet of an original sum and the subsequent winnings.

1820–30, Americanism; alteration of earlier paroli < French < Neapolitan Italian, plural of parolo, perhaps derivative of paro equal < Latin pār; see pair Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
parlay (ˈpɑːlɪ)
1.  Brit equivalent: double up to stake (winnings from one bet) on a subsequent wager
2.  to exploit (one's talent) to achieve worldly success
3.  a bet in which winnings from one wager are staked on another, or a series of such bets
[C19: variant of paroli, via French from Neapolitan Italian parolo, from paro a pair, from Latin pār equal, par]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

1701, term in the card game faro, from Fr. parole, from It. parole (Neapolitan paroli) "words, promises," pl. of parolo (see parole). Meaning "exploit to advantage" is from 1942.
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
What the markets appear to have done in the euro's first five months is to make a parlay backing its descent.
Cobb was the first professional athlete to parlay his earnings, modest by contemporary standards, into millions.
Other supermodels who became internationally famous have been able to parlay their celebrity into brands.
They keep tabs on what is happening on the street, and parlay this information into arrests or more comprehensive investigations.
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