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What is a Correlated Parlay?
A correlated parlay is a type of parlay bet in which the outcome of one betting leg is likely to positively impact the other.
In any parlay, two or more bets are tied together, meaning that if one of the wagers loses, the entire bet grades as a loss. With a correlated parlay, you are effectively doubling down with multiple bets that directly or indirectly affect one another.
It's important to note that correlated parlays are not widely available at many of the best betting apps, because they involve a lot of exposure for bookmakers. When creating a parlay, you might find certain restrictions regarding the specific bets that can be included.
Correlated Parlay Examples
To give an example, if you wanted to create a correlated parlay for an NFL game between the Green Bay Packers and Chicago Bears. In this case, the Packers (-13.5) are heavily favored while the point total over/under sits at 46.5.
A correlated parlay would involve betting on the Packers to cover the spread and taking the over with the assumption that the Packers would need to score a lot of points to cover such a big spread.
Other correlated parlay bets might include:
- Betting on the point spread for the first half and the point spread for the entire game. If the favorite team covers the spread in the first half, they are set up well to cover for the full game
- Betting on halftime results and end-of-the-same-game results in any sport where the team that is ahead at halftime is more likely to win the game
- In baseball, betting on a pitcher props such as strikeouts, hits allowed, and outs recorded and parlaying it with the team to win. A strong start from the starting pitcher is more likely to yield a win for the team.
Where Can I Place a Correlated Parlay Bet?
Correlated parlays can be appealing to sports bettors because they offer the potential for higher payouts and allow bettors to construct their parlays with greater confidence.
However, most sportsbooks do not accept correlated parlays with legs that are directly tied to one another, so you may need to think outside the box.
Overall, correlated parlays can be a high-risk, high-reward betting strategy that requires careful consideration and understanding of the potential correlations between different bets.
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