Double Chance Betting Tutorial

Understanding Double Chance Betting

Double chance betting allows punters to bet on two of the three potential outcomes in a sports match, enhancing their chances of winning but often at the cost of reduced odds. This tutorial breaks down what double chance betting is, its benefits and drawbacks, and how it compares to single chance betting.

The Concept of Double Chance

A double chance bet is a popular form of sports betting where a bettor can cover two of the three possible outcomes in a match. For instance, in a football game, one can bet on Home Win or Draw, Away Win or Draw, or Home Win or Away Win. This type of bet increases the probability of success as it lessens the risk by covering more outcomes.

In essence, double chance betting provides a cushion against uncertainty. If the performance of a weaker team fluctuates, betting on them plus a draw offers more security. This type of bet is widely available in sports like football, basketball, and hockey.

Pros and Cons

Pros:

• Reduced Risk: Double chance betting minimizes risk by covering two outcomes.
• Suitable for Unpredictable Matches: Useful in closely matched games where the outcome is uncertain.
• Increased Winning Chances: Enhances the possibility of winning compared to traditional bets.

Cons:

• Lower Payouts: The odds are generally lower due to the reduced risk.
• Complex Bets: May appear complex to novice bettors.
• Limited Market: Not all bookmakers offer a comprehensive range of double chance bets across various sports.

While the increased chances of success are appealing, the trade-off is often a lower return on investment. Bettors should weigh these factors based on their risk tolerance and betting strategies.

Comparing Single and Double Chance Odds

The difference between single and double chance odds is notable. In single betting, one bets on one possible outcome (Home Win, Away Win, or Draw). In contrast, double chance betting covers two outcomes, enhancing the likelihood of winning.

Example of a Football Match:

• Single Bet:
  • Home Win: 2.10
  • Draw: 3.60
  • Away Win: 3.00
• Double Chance Bet:
  • Home Win or Draw: 1.40
  • Away Win or Draw: 1.50
  • Home Win or Away Win: 1.35

This table shows that the odds for double chance bets are lower compared to single bets. Despite the reduced odds, the increased likelihood of winning can make double chance bets an attractive option, especially for those seeking consistent returns over higher-risk, higher-reward bets.

Whereas you can only select one of the three possible outcomes on a 1X2 bet, a double chance bet lets you cover two of the three possible outcomes. A double chance bet allows you to simultaneously cover:

• Home Team and the Draw
• Away Team and the Draw
• Home Team and Away Team

This table shows that the odds for double chance bets are lower compared to single bets. Despite the reduced odds, the increased likelihood of winning can make double chance bets an attractive option, especially for those seeking consistent returns over higher-risk, higher-reward bets.

Betting Options and Variations

Double Chance Betting offers several options that cover different combinations of outcomes in a sporting event, reducing risk and increasing the chances of winning. Here are the main betting options available.

Home Team and Draw (1X)

In the Home Team and Draw (1X) variation, the bettor predicts that either the home team will win or the match will end in a draw. This is especially useful when:

• The home team is strong but prone to drawing games.
• The bettor wants to avoid wagering on a specific match outcome.

It’s a safer bet if the home team has a strong home record. Betting odds for 1X are usually lower since two out of three outcomes favor the bet.

Away Team and Draw (X2)

The Away Team and Draw (X2) option allows the bettor to back either the away team winning or the match ending in a draw. This bet is ideal when:

• The away team has shown strong performance recently.
• The match is expected to be closely contested.

It can be a strategic bet in cases where the away team is playing well. Odds for X2 can vary but often offer moderate returns due to the wider scope of winning possibilities.

Home Team or Away Team (12)

The Home Team or Away Team (12) bet eliminates the draw from the possible outcomes. This means the bettor is betting on either team to win. This option is suitable when:

• Both teams are closely matched.
• The bettor believes a draw is unlikely.

This type of bet generally provides higher odds compared to 1X or X2 because it excludes the draw, narrowing the win conditions. It’s a popular choice when a decisive result is expected in the match.

How Odds are Calculated for Double Chance Bets

Calculating odds for double chance bets involves understanding both the bookmaker’s margins and the status of the match. This ensures bettors can make informed wagers and understand their potential returns.

Understanding Bookmaker Margins

Bookmakers include a margin in their odds to guarantee profit. For double chance bets, the margin is spread across the combined outcomes.

For example, if Team A’s win odds are 2.50 and Team B’s win odds are 3.00, the double chance bet might offer reduced odds around 1.75. These odds include the bookmaker’s margin which ensures they make money regardless of the outcome.

Calculating these odds involves dividing the return by the total implied probability. Bettors must compare these odds to those available for single bets to find the most value.

The Influence of Match Status on Odds

Match status, such as current form and injuries, significantly affects double chance odds. Bookmakers adjust odds based on real-time information about the teams and players.

For instance, if a key player is injured, the odds for their team’s win or draw might be increased, affecting the double chance odds. Similarly, a team on a winning streak will have lower odds, making double chance bets on that team less profitable.

To maximize potential returns, bettors should stay updated with the latest team news and match developments. Monitoring these factors helps in understanding the odds and making better betting decisions.

Double Chance Betting Example

Even though we played out a double chance betting scenario earlier on, we want to make sure that you fully understand double chance in betting. We will now give you a detailed picture of double chance bets in action using an NHL game featuring the Boston Bruins and the Pittsburgh Penguins. This time, however, we’re going to mix in a couple of curveballs to take care of any lingering questions you might have.

Perhaps the fact that NHL games cannot end in a tie raises some confusion? We’ll clear that up by letting you know that NHL double chance bets are graded based on regulation time outcomes. As a result, the possibility of a tie at the end of regulation time always exists. The wager is immediately closed after the third period ends.

With that behind us, we may encounter another issue. For instance, you can’t find the double chance betting option listed on your bookie’s betting menu. In our version of the story, our Canadian internet bookmaker is happy to consider any wager proposals we may have. This means we must first figure out the odds of our desired outcome.

For our purposes, we’ve decided to back the Bruins and the tie. Let’s calculate those odds!! We’ll do it using the 3-way odds and the same formula as we used above. The 3-way odds on our example match are:

• Boston Bruins: 2.55
• Tie: 4.10
• Pittsburgh Penguins: 2.25

So, to figure out what the double chance odds are for covering Boston and the tie, we apply our formula:

(Boston Odds X Tie Odds) / (Boston Odds + Tie Odds)

= (2.55 X 4.10) / (2.55 + 4.10)

= 10.46 / 6.65

= 1.57

With the odds figured out, it’s time to contact our bookmaker and propose our double chance wager. The bookie will do a quick calculation and offer the odds. There’s a pretty good chance that the online sportsbook rep will offer 1.57 odds on this particular proposition. In our fictional version, we’ll assume that they do and we accept.

We’re all set to stream the live action and watch the 60 minutes tick away. If Boston wins, so does our bet. If regulation time runs out and the game goes into overtime, then we also win our bet. A Pittsburgh regulation-time victory is the only thing that can sink us.

Pros and Cons of Double Chance Betting

Double Chance Betting Odds

You know how to calculate the odds for double chance bets. That’s great, but you still need to shop around for the best odds. On top of that, it behooves you to take advantage of enhanced odds, free bets, and anything else that can make your sports betting more profitable.

Even the most minor discrepancy in the 3-way odds can give you can give you an advantage with double chance bets. This is one of the reasons why savvy sports bettors use multiple Canadian bookmakers. It enables them to shop for the best odds. It should go without saying that they have access to loads of bonuses too.

Getting the best odds means that your bets earn more money. All of those quarters and loonies add up over time which increases your chances of being profitable.

Double Chance Betting Offers and Promotions

Bonuses and promotions play integral roles in many successful betting strategies. You can quickly generate a positive account balance by claiming a no-deposit sign-up bonus. The best Canadian online sportsbooks will then reward you handsomely when you make your first deposit. Add in the reload bonuses and Canadians can claim loads of free bets, risk-free bets, and bonus cash. Don’t let the value of a good VIP and loyalty rewards program go unnoticed. These serve up even more bonuses and benefits for double chance bettors.

We should advise you to check out the terms and conditions of any bonus offer you want to claim. You need to know what your obligations are.

Common Mistakes in Double Chance Betting

Overestimating the Probabilities
Many bettors overestimate the likelihood of the outcomes in double chance bets, assuming that because two out of three possibilities are covered, they’re guaranteed to win. This can lead to unwarranted confidence and unwise betting.

Ignoring the Reduced Payouts
While double chance bets increase the likelihood of success, they also reduce potential payouts. Bettors often fail to account for these lower returns, focusing too much on the higher probability of winning and less on the smaller gains.

Misunderstanding Bet Types
Incorrectly interpreting the bet types, such as 1X, X2, and 12, can lead to placing the wrong bets. It’s essential to understand what each combination covers:

• 1X: Home win or draw
• X2: Away win or draw
• 12: Win by either team

Failure to Compare Odds
Bettors sometimes neglect to compare odds across different bookmakers. This can result in missing out on better odds available elsewhere, which can significantly impact long-term profitability.

Chasing Losses
A common pitfall is trying to recover losses by placing further bets, especially in double chance betting. Continuously doubling down after losses can quickly lead to significant financial setbacks.

Lack of Research
Not conducting thorough research on the teams and matches before placing bets can negatively affect outcomes. Factors like team form, injuries, and historical match data are crucial for making informed double chance bets.

Keeping these common mistakes in mind can help improve betting strategies and outcomes.

FAQ: Double Chance Betting

How do I place a double chance bet?

Log into your sportsbook and select the betting menu for the game you want to bet on. Once you make your double chance selection, it will automatically be added to your betslip. You can then enter the wager amount and hit the “Submit” button.

Is it possible to make multi-bets using double chance?

Yes. You can place a double chance wager among your parlay picks. Simply add the double chance selection to your betslip and then add the rest of your selections.

Can I cash out a double chance bet that hasn’t been settled?

While the rules vary from bookmaker to bookmaker, you’ll likely find that you can cash out active double chance bets. Some bookies only offer full cashback while others give you the option of full or partial cash out.

Can I use a mobile device for double chance betting?

Of course you can! Simply download and install the site’s betting app or use your mobile browser. You can log in, place your double chance wager, and then follow the action on a live stream.

Should I expect to win all of my double bets?

No. Even though you have the theoretical edge by covering 66.7% of the outcomes, there is always that one single possible outcome that can destroy your double chance bet.

Responsible Gambling

The best Canadian online sportsbooks are committed to responsible gambling. When you open a new account, you will have access to loads of helpful tools. Take a self-assessment questionnaire and set spending limits. If you need it, then you can take a time out or take part in temporary exclusion. You can self-exclude permanently too. These bookmakers also give you contact information for a variety of groups like Gamblers Anonymous. Always remember to keep your gambling under control.