For those that like to bet on sports, correlated parlays are
the ideal betting concept. This is because they typically have a positive
long-term outlook. Therefore, if you consistently placed these bets, you would
guarantee a profit. Thus, this sports betting tutorial will teach you How to
Bet Correlated Parlays to increase your betting profits.

According to gambling experts, correlated parlays are like a
machine that always prints money. However, finding and betting on these parlays
is very challenging. Usually, anything that seems too good to be true is. This
is because sportsbooks are a lot smarter these days and always look for
anything that will decrease their profits. It’s the evolution
of sports betting.

Let’s first define what we’re talking about. What is a
correlated parlay and how do we bet correlated parlays?

What Is a Correlated Parlay?

As a sports bettor, we should understand that a parlay is a
group of bets wagered as a single bet. Each of the individual bets must win in
order for the parlay to win.

The idea behind a correlated parlay is to group bets that go
together. If one of the things happens, then the other is likely to occur. An
example better explains this concept.

Take an NBA basketball game, for example. Let’s say you have
Celtics favored over the hawks. The Celtics are a 15-point favorite. The game
total is set at 40. This doesn’t happen often, which is one reason why basketball
betting is so hard.

If you are betting on the Celtics to cover at a bookie pay per
head sportsbook, it would make sense that the game total goes Over. There
is a better than average chance if Hawks covers the pointspread they are going
to score a bunch of points in the process.

A smart bettor could parlay the two bets – Celtics -15, Over
40 – and win a higher profit than if the two were wagered separately. That’s
how you bet correlated parlays.

Bet Correlated Parlays for Long-Term Profits

To bet correlated parlays and ensure long-term profits, you
have to understand some basic math. Otherwise, there is a good chance that you
will lose your wager. Thus, it is understandable as to why bookies would have
parlays available in their basic
sportsbook software.

There are four possible outcomes when you wager on a
two-event parlay.

·        
Win both

·        
Lose first, Win second

·        
Lose second, Win first

·        
Lose both

The probability of winning the parlay is 25 percent (1 in
4). If the sports betting odds on either side of a point spread bet are set
properly, there should be an even chance of a win or loss. That means each
outcome here has a 25 percent probability.

Accordingly, to show a profit here you would need to get
odds of +300 (3/1) or better to break even. Two-team parlays usually payout at
+260 (2.6/1) and are usually not a great bet because you lose money in the
long-term.

The change in odds with Correlated Parlays

However, when you bet correlated parlays, the percentages change. Let’s
say in our Celtics versus Hawks example there is still an even chance of ending
up on either side of the spread. However, if the favorite covers, the total is
much more likely to go Over.

The Celtics would have to cover by 16 points. There aren’t
that many scores where Celtics win by 16 and the total goes Under. As a result,
we might find that there is an 80 percent chance the game total goes Over. Make
sure you have a top-tier sportsbook to find the best lines.

Overall, this would mean that there is a 40 percent chance
that the game will go Over and the favorite will cover. That means that 40
percent of the time you parlay the favorite and the over you are going to win.

If you made a $100 parlay bet 10 times, you would expect to
win four of them. The total profit on those wins would be $1040 ($260 x 4). The
six losses would cost you a total of $600. That means your profit would be
$440.