parlay vs wager

parlay and wager both are nouns.

Word	Noun	Adjective	Verb	Adverb
parlay	Yes	No	Yes	No
wager	Yes	No	Yes	No

As nouns, wager is a hypernym of parlay; that is, wager is a word with a broader meaning than parlay:

parlay: a series of wagers in which the winnings from one wager are used as a stake for the subsequent wagers
wager: the act of gambling

Other hypernyms of parlay include bet.

parlay (noun)	wager (noun)
a series of wagers in which the winnings from one wager are used as a stake for the subsequent wagers	the act of gambling
	the money risked on a gamble

parlay (verb)	wager (verb)
stake winnings from one bet on a subsequent wager	maintain with or as if with a bet
	stake on the outcome of an issue