Parlay

Parlay is a term in English that functions as both a noun and a verb with two principal senses: negotiation or conference between adversaries, and a gambling term describing the carry-over of winnings into a new bet.

In the sense of negotiation, the standard spelling is parley, with parleying as the verb form. The verb parlay is also used in some contexts to mean to negotiate or bargain; the word’s etymology traces to the Old French parler, “to speak,” with the idea of speaking terms during a discussion. Historically, parley (and its variants) denotes a formal conference between opposing sides to discuss terms of truce, surrender, or settlement.

In gambling, parlay refers to extending a successful wager by using the winnings as capital for another bet, often at a higher stake. A parlay bet compounds potential reward and risk, since a loss on the new stake can negate earlier gains. The term is common in casino slang and sports betting and is generally avoided in formal financial writing.

Usage notes:

- Parley remains the standard form for a diplomatic or wartime negotiation; parlay is often encountered in casual or slang usage for negotiation.

- The gambling sense is distinct and widely used in wagering contexts, where “parlayed” describes carrying forward winnings into a subsequent bet.

See also: parley, parleying.