say it: PAHR-lay
parlay is a noun and verb meaning "a series of wagers in which the winnings from one wager are used as a stake for the subsequent wagers". It carries 2 recorded senses.
a series of wagers in which the winnings from one wager are used as a stake for the subsequent wagers
Forms marked · are formed by the regular rule rather than recorded in the source data. English keeps a few hundred irregulars and the rest follow the pattern, so the rule is right far more often than not — but it is a rule, and the mark says so.
Definitions, synonyms and semantic relations for parlay come from Princeton University’s WordNet. The pronunciation comes from the CMU Pronouncing Dictionary. Commonness is measured against a corpus of everyday English. Full sources and licences.