A correlated parlay consists of two or more individual wagers accumulated onto one bet where the odds of one of the wagers will increase if another wager ends up winning. An intuitive example of a correlated parlay is taking a team to cover the spread for the first half of a game and taking the same team to cover the spread for the entire game. You can see why these two individual wagers are correlated – if a team covers the spread during the first half of a game, it’s more likely that the same team will also cover the spread for the entire game.