n. (gambling) - 1. A wager and its winnings from a previously successful bet used for additional betting. 2. A type of bet, usually wagered on pro team sports, where all teams picked must all win in order to collect a fixed wager.
v.- to bet in such a manner (or just gambling in general)
2 Teams 13/5
3 Teams 6/1
4 Teams 11/1
5 Teams 20/1
6 Teams 40/1
7 Teams 75/1
8 Teams 150/1
9 Teams 300/1
10 Teams 700/1
By Wandis
Parlay
In betting terms a parlay is used to take winning's from a previous bet and add them to a new bet. A better term to describe this would be to "Press your Luck".
Dealer: What do you want to do with your winnings?
Me: I want to press it. (parlay)