Merriam-Webster Collegiate Dictionary - parlay

 I. transitive verb  Etymology: French paroli, noun, ~, from Italian dialect, plural of parolo, perhaps from paro equal, from Latin par  Date: 1828  1. to bet in a ~  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