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Double Chance betting is a rather new type of sports betting. It is a variation of the traditional moneyline or match winner bets which are placed on one single event to happen. Double chance bets, however, cover multiple events.
Manchester United is playing against Bolton Wanderers.
These are the best odds we could find: Manchester United to win: 1.20 Draw: 6.50 Bolton to win: 12.50
Placing a bet on Manchester United doesn’t seem too exciting. You would only win $20 if you place a $100 bet. That’s not much of a value bet.
If you have a feeling that Bolton might make something happen at the Old Trafford, you might be inclined to place a bet on the draw or a Wanderers victory. That means, you would have to place either one bet or two bets if you want to include both potential outcomes of this match.
Now, here is where double chance betting comes into play. Double chance betting allows you to place a bet on both, a draw and a Bolton Wanderers victory. You are basically betting that the Wanderers are not going to lose against Manchester.
Double chance betting is absolutely perfect if you are going to place bets on an underdog. By doing so you will benefit from both potential upset events as previously mentioned in the example.
The majority of sports bettors decide to go for this betting option if they think that the favorite might not win against a much weaker team. They basically cover two of three potential outcomes of a match with a single bet and receive the same return on a victory or draw.
From the above example, you can derive a general rule for calculating stakes. If we label the total amount of money bettors want to risk with TOTAL, odds for Home Win with HOME and odds for Draw with DRAW, then:
Stake on Home Win = DRAW * TOTAL / (DRAW + HOME)
Stake on Draw = TOTAL – Stake on Home Win
If you want to just compare odds, to get effective decimal odds, you need to divide the return by the stake.
For the example above, the £100 staked returns £130.70 (profit is £30.70), therefore the decimal odds are 130.7/100 = 1.307.
The formula to calculate effective odds can also be worked out from the equations above:
HOME * DRAW * TOTAL / (DRAW + HOME)
Therefore after dividing your return with TOTAL, the odds appear to be:
Effective Odds = DRAW * HOME / (DRAW + HOME)
The equations for the other two Double Chance markets (Draw or Away win and Home win or away win), where AWAY stands for Away Win odds, are as follows:
Stake on Away Win = DRAW * TOTAL / (DRAW + AWAY)
Stake on Draw = TOTAL – Stake on Away Win
Effective Odds = DRAW * AWAY / (DRAW + AWAY)
Stake on Home Win = AWAY * TOTAL / (AWAY + HOME)
Stake on Away Win = TOTAL – Stake on Home Win
Effective Odds = HOME * AWAY / (HOME + AWAY)
Bettors should arm themselves with as much ammunition needed to seek out the best value for their bets. Understanding how to calculate Double Chance stakes and odds on the 1X2 market will allow bettors to work out were the best value lies and give an alternative to betting Double Chance with other bookmakers or an Exchange.
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