Parlay & Parley

Parlay means to bet successfully, to exploit, or to increase something into another item of greater value: “His long experience as a Branch Manager in a reputed bank has prompted him to parlay into setting up his own business house.”

Parley on the other hand, means a meeting to discuss points or issues of difference; to discuss subjects in such a meeting: “India has often sent feelers to Pakistan to parley over the Kashmir problem.”