The global online sports betting market runs on the 1X2 odds, but does it offer bettors the most of betting? Double Chance betting can be a better option to both the Draw No Bet option and conventional three-way market since it covers various end results.
What is Double Chance betting?
Basically, Double Chance betting offers you the choice to bet on two results in a sole game and removes the third alternative—this indicates you can bet on either the away team and the draw or the home team and the draw. Draw No Bet, on the other hand, provides fewer chances on your selection to win and just refunds the money staked on a bet if the match draws.
Bookmakers will often provide a draw or win market, but can you get better worth by using your own Double Chance chances from the 1X2 odds?
How to calculate Double Chance odds
Experts have established that by using Double Chance, there will be 2 out of the 3 possible results that will guarantee your bet is successful. As a result, odds are significantly less as compared to normal 1X2 odds. We can consider a hypothetical scenario to assist explain Double Chance betting more evidently.
For instance, you wish to bet on Manchester City to defeat Chelsea at odds of 1.971. On the other hand, you think Chelsea might upset the chances and score a draw but a 0.5 Handicap is not available—something that might allow you to cover that alternative. Other bookmakers provide Chelsea to win or draw at 1.25, is that better value as compared to what normal betting platforms offer?
Chances for the draw are at 3.880, and you are ready to risk $100 for this bet. Users who wish a Double Chance bet must bet portion of their $100 share on Manchester City to win, and the rest of the stake on the draw. Clearly, only one of these bets will win but we need the same profit in either scenario.
Therefore, here is the formula for calculating the Double Chance. If we label the total money bettors wish to risk with TOTAL, odds for a draw with DRAW, and odds for a home win with HOME, then:
Stake on home win = DRAW x TOTAL / (DRAW + HOME)
Stake on draw = TOTAL – Stake on home win
Now that you have the formula, start betting now.