Parlaying is a term used to describe the act of turning a small amount of money into a larger sum by betting on a series of events. However, there are many synonyms that can be used in place of the word parlaying. Some of these synonyms include placing a bet, wagering, gambling, staking, or risking. These words all convey the same meaning as parlaying, but they are used in slightly different contexts. Regardless of the word used, it is important to remember that betting always involves some degree of risk, and it is crucial to gamble responsibly and within one's means.