Most wagers on football matches can end in one of three possible results. The game can either be won, lost, or end in a draw for each team. A punter looking to make a wager on the result has an equal chance of getting interested, win, or lose on average. With three outcomes or betting possibilities, the punter’s chances of winning are narrower than a punter’s chances of losing. Bookmakers are incentivized to give punters a betting edge to minimize risk through double chance bets.
Double Chance Bets
As the name implies, a double chance bet or double chance wager gives a punter two chances of winning a wager. Unlike regular bets, punters can bet on more than one, i.e., two outcomes of a football match. Thus, a punter can make a double chance wager on any two possible three results. A punter can place a double chance bet between Chelsea and Arsenal for Arsenal to not win. If Chelsea wins or ends in a draw, then the punter wins. If Arsenal wins, then the punter loses the wager. The punter can also place a wager for Chelsea to not win and win the bet if it ends in a draw or Arsenal wins. New punters are generally advised to play a double chance wager on games they feel unsure about as an extra hedge.
Features Of Double Chance Bets
Some of the features of double chance bets include making wagers on matches with a possibility of ending in a draw, access to lower odds, the rule to have drawing, access to limited betting markets, and draw no-bet types.
Possibility Of a Draw Result
A double chance wager works better in games with a high possibility of a draw result. This is because the teams with frequent draw results always have a higher probability of ending a match in a draw. For example, if a punter places a double chance wager on a game between Bolton Wanderers and Liverpool, then a punter is unlikely to have a draw result play out. If a draw is unlikely, then a punter stands to win less, making a double chance wager.
No Bets On Win And Loss
Punters can’t make wagers on two results, such as a win or a loss. One of the double chance bet picks needs to be a draw result paired with either a win or a draw for a particular team. A game will most likely end in either a win or loss, with a draw result occurring less frequently. Thus, sportsbooks are incentivized to offer draws as part of a double chance wager.
Punters receive lower odds for double chance wagers than regular wagers made on either only a win, loss, or draw. Therefore, a double chance wager is considered a low-risk strategy. Because punters have a low risk of losing the bet, the potential winnings are also limited in line with the level of risk. Most evenly matched games include the semi-finals and finals of Cups and tournaments and games between teams in the top leagues.
Limited Betting Markets
Punters have access to minimal betting markets on double chance bets. Double chance wagers are popular among low-scoring sports with a higher probability of draw results. Some of the games punters can make double chance wagers on include football, rugby, throwball, chess, beach football, racing, polo, and other sports. However, punters are unlikely to find double chance betting markets in games such as golf, basketball, cricket, jockey, and other sports with multiple outcomes.
Draw No Bet
A draw-no-bet is a type of double chance bet. If it ends in a draw, then a punter can expect their wagered amount to be refunded because draws count as no bets, as the name implies. The difference between a draw no bet and a double chance bet is that an appeal is considered a win in the latter, and the draw is void. The odds for a draw no bet wager are also lesser than the odds and payout for a regular bet on a match outcome.