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Meaning of parlay

par•lay

Pronunciation: (pär'lā, -lē), [key]
—v.t.
  1. to bet or gamble (an original amount and its winnings) on a subsequent race, contest, etc.
  2. 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.
—n.
  1. a bet of an original sum and the subsequent winnings.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.
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