parlay

from The American Heritage® Dictionary of the English Language, 5th Edition.

• transitive verb To bet (an original wager and its winnings) on a subsequent event.
• transitive verb To use to great advantage or transform into something better.
• noun A bet comprising the sum of a prior wager plus its winnings or a series of bets made in such a manner.

from The Century Dictionary.

• See parley.

from the GNU version of the Collaborative International Dictionary of English.

• transitive verb To wager the winnings plus the initial stake of one bet on a subsequent wager, or to engage in a series of such increased wagers.
• transitive verb To exploit success in one endeavor so as to achieve greater success in subsequent endeavors.
• transitive verb Fig., to transform a gain into something of greater value.
• noun The act of betting the winnings from a prior bet, plus the original stake, on a subsequent bet; the second or later such bet in a series; also, a series of such bets, with the stakes for later bets coming from the winnings of earlier bets.

from Wiktionary, Creative Commons Attribution/Share-Alike License.

• verb transitive To carry forward the stake and winnings from a bet onto a subsequent wager.
• verb by extension To increase.
• verb To speak about peace. To have peace talks. See also: pow-wow.
• verb transitive To convert into something better
• noun Such a bet or series of bets.

from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.

• verb stake winnings from one bet on a subsequent wager
• noun a series of wagers in which the winnings from one wager are used as a stake for the subsequent wagers