To bet (an original wager and its winnings) on a subsequent event.
To maneuver (an asset) to great advantage: parlayed some small investments into a large fortune.
A bet comprising the sum of a prior wager plus its winnings or a series of bets made in such a manner.
American Heritage(R) Dictionary of the English Language, Fifth Edition. Copyright (c) 2011 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.