Parsons was considered the top gambler, known as the "Great American Faro Banker", and held control over illegal gambling in the city for more than two decades.
A native of New England, Parsons originally arrived in New York City with the intention of starting his own business.
He lost the small fortune he had brought with him, several thousand dollars, in a gambling house soon after his arrival.
Parsons also refrained from publicly appearing at his establishments, allowing John Frink to handle the day-to-day operations, and never gambled after his first experience.
His operations were continued by Zachariah Simmons, supported by the Tweed Ring, who ran illegal gambling and the "policy rackets" during the post-Civil War era.