Parlay

 WORD OF THE DAY

parlay / verb /PAHR-lay

Definition
1: to bet in a parlay
2a: to exploit successfully
2b: to increase or otherwise transform into something of much greater value
3a: 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
3b (broadly): the fresh risking of an original stake together with its winnings

Examples
"Since his pro debut in 1995, [Manny Pacquiao] has won world titles in a record eight weight classes and parlayed boxing fame into political clout."
— Morgan Campbell, The New York Times, 22 Aug. 2021

Post-Paramount, Gianopulos will surely figure out a way to parlay his savvy, decades of experience and strong ties in Hollywood into an innovative new endeavor.
— Claudia Eller, Variety, 16 Sep. 2021

Did You Know?
If you're the gambling type, you may already know that parlay can also be used as a noun describing a series of bets in which a person places a bet, then puts the original stake of money and all of its winnings on new wagers. 

But you might not know that parlay represents a modified spelling of the French name for such bets: paroli.
You might also be unaware that the original French word is still occasionally used in English with the same meaning as the noun parlay.
Be careful not to mix up parlay with the similar word parley, meaning "to discuss terms with an enemy."
Although the spellings are very close, parley comes from the Latin word for "speech."