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Side bets like this can be used as Hail Mary should you have no other chance of catching up, but I would stay away otherwise. Let the other players erode their stacks making it. I would not even bother correlating when others make the bet. If your opponent wins the bet, there is no correlation that says that you have an increased chance of also winning it. If anything, the correlation is negative. In all cases (flush, straight, straight flush, 3 of a kind), your winning opponent is holding cards which would help you to also win the bet, so your chances of you also winning it are worsened. Your main bet, on the other hand, has a high positive covariance with that of your opponent which makes correlation an extremely powerful tool for that bet.
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