To use or transform something desirable to gain a greater value or advantage, particularly in betting or business strategies
Examples:
He managed to parlay his skills into a thriving business.She hoped to parlay her small investment into a fortune.He used his charm to parlay a meeting with the executive.
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Parley
/ˈpɑːli/
A meeting where people discuss and negotiate terms, often between enemies
Examples:
The leaders agreed to a parley to negotiate terms.We called a parley to settle the dispute peacefully.Pirates gathered for a parley to discuss their next move.
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Ways to tell them apart:
Remember that parlay involves something being increased. You can think of laying (betting) again to grow your winnings.
Parley has an e like debate, which involves talking – this relates to conversations or negotiations.
Both words originate from French, but parlay is about gambling and increasing stakes, while parley is about discussion and negotiation.