Perhaps it is more accurate to say that the Palestinians HAD (past-tense) the same opportunity.
They could have declared Statehood simultaneously with Israel and carved off a slice of Old Palestine for themselves, and made that bid for Statehood 'stick', just as the Jews of Palestine did. But they didn't.
They could have negotiated a permanent division of Old Palestine between Jews and Muslims, as Equals or Near-Equals, with parity, at almost any time between 1948 and 1967. But they didn't.
They could have negotiated a permanent division of Old Palestine between Jews and Muslims, as the Lesser Partner, with a lesser outcome, at anytime between 1967 and the outbreak of Intifada I. But they didn't.
They could have pleaded with the Israelis to give them a second chance at a Lesser Outcome, at various stages along the way, between the outbreak of Intifada I and our present time. But they didn't.
They have missed so many chances and opportunities that they are now a "Standing Joke" and "Classic Model of What NOT to Do" in most political science and discussion and diplomatic circles.
They have repeatedly launched terror attacks outside their boundaries at innocent non-Jewish / non-Israeli targets over the past 40 years and more, and made many unforgiving enemies as a result, who might otherwise have proven more sympathetic.
They are brain dead in the contexts of Diplomacy and Public Relations.
They are a melange of blood lines, including both long-resident and recently-migrated ancestral stock from the surrounding region, and their claims to ownership and sovereignty are highly suspect, ancient and untraceable for the most part, and rendered obsolete by the events of the past 66 years and more, including Israeli victories on the battlefield, and there is no international momentum to overturn those battlefield decisions by coercive military measures from the UN et al, and there never will be.
The world at-large, beyond the domain of Islam, and certainly throughout much of The West, is bone-tired of their intransigence and stupidity and savagery, they've long-since burned through most of whatever goodwill that they once might have claimed, and they've pretty-much played out their hand, with no more trump cards left to play which are likely to do them the slightest good.
Their own neighboring Muslim states (Egypt, Jordan, Syria, Lebanon, Iraq, Saudi Arabia, et al) have pretty much washed their hands of them, having repeatedly wasted much blood and treasure on their behalf to no practical and useful end, to the point where some of those Muslim neighbors (Egypt, Jordan) are actually collaborating with the Israelis in connection with blockading and/or monitoring and containing the mad-dog Palestinians.
It's over.
It's been over for 66 years, by many reasonable criteria, and it's certainly been over for 47 years, given that the 1967 Six Day War put the Israelis in a very long-term ascendant and superior position over both the Palestinians and their Muslim neighbor-states.
There is no Arab cavalry coming over the hill to rescue the Palestinians this time.
It's time for the Palestinians to throw in the towel, pack their bags, and leave - for good; writing off old claims as un-enforceable and obsolete, and setting about the task of building new and happy lives elsewhere, in some place or another that actually wants and will accept some of them, and walking away from a hopeless situation.
It's all well-and-good to beat one's breast and to loudly shout 'Never surrender', but it will be quicker and easier and better for the Palestinians, to calm themselves, regain a measure of sanity, and begin negotiations for collective relocation assistance, from the Israelis, the UN, and their Muslim neighbors; which is about the only halfway decent Deal which they can probably and realistically negotiate at this very late stage in the game. In the end, the result will be the same. Best to get something for your trouble and some help relocating, on the way out the door, while the possibility for obtaining such assistance still exists.