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Double chance betting: tips and strategies to win more money

Find out more about the double chance bet

In the world of sports betting, bettors are constantly on the lookout for strategies and options that will allow them to maximize their winnings and reduce risk. One of these options is the double chance bet, which offers an enticing alternative for those who wish to cover more than one possible outcome in a sporting event.

In sports such as football or handball, where there is a possibility of a draw, the double chance bet becomes especially attractive. This bet type allows the punter to choose two of the three possible outcomes: a win for the home or away team (no draw, essentially), or a win + a draw for either of the sides. By covering two-thirds of the possibilities, the risk of losing the bet is therefore reduced. However, this also means that the potential winnings will be reduced compared to a straight bet on a specific outcome.

In this article, we will explain what it is and how best to use it.

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What does double chance mean?

The double chance bet is a popular wager type in sports betting as it allows the bettor to cover 66.67% of the possible outcomes of a sporting event in a single bet. Instead of having to choose between either the home team, away team or the match ending in a draw, you’ll be able to combine whichever two of the three options that you want.

Let's imagine a football match between Real Madrid and FC Barcelona. In this situation, the bettor wants to back the Catalans to get a result. They can therefore place a double chance bet on Barcelona which means their wager will win if Barca run out victors or if the match ends in a draw. The only way that our bettor’s wager will lose in this situation is if Barcelona should suffer a defeat to Real Madrid.

The double chance bet type is attractive for those users who wish to reduce the risk by covering more than one possible outcome. However, it is important to note that by choosing this option, the potential winnings are also reduced compared to a straight bet on a specific outcome. It is essential to carefully evaluate the odds and perform a thorough analysis before placing any bet, whether you’re opting for a double chance or any other available option.

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The odds on offer

Odds play a key role in double chance betting, as they reflect the bookmaker's perceived probability of each of the possible outcomes occurring. They assign specific odds to each double chance option, which determines the potential winnings in the event of a successful bet.

Let's take a football match between Tottenham and Manchester United as an example. Suppose a bookmaker sets the following odds for the double chance: Tottenham win or draw 1.50, Manchester United win or draw 2.00, Tottenham win or Man United win 1.80. These odds indicate that the bookmaker considers that there is a higher probability of Tottenham winning or drawing compared to a win or a draw for Manchester United.

Lower odds are generally associated with a higher perceived probability by the bookmaker, which means that the potential winnings are lower. On the other hand, higher odds indicate lower chances of the outcome occurring, but translates into higher potential winnings in the event of a successful bet. However, it is important to keep in mind that odds do not always reflect the actual probability of an outcome occurring, and there may be discrepancies between odds and actual probabilities.

To maximize profits in all types of betting markets, it is essential to compare odds offered by different betting sites. By carefully analyzing odds and assessing the value of odds before and during a sporting event, valuable betting opportunities can be identified.

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Tips to improve your win rate with this bet

First, conducting a thorough evaluation of the teams is critical. Thoroughly research how the team is performing and the players involved in the sporting event you wish to bet on. Weigh their recent form, head-to-head history, injuries and any other relevant factors. For example, if you are betting on a football match between Burnley and Crystal Palace, consider whether any key players are injured and if there are any external factors, such as the state of the pitch, that could affect the outcome. Be sure to look at the statistics and underlying numbers of each team’s recent performances. This will give you a good idea as to what kind of performance you can expect from the two sides.

Once you have gathered enough relevant information, keep an eye on the odds offered by the different bookmakers. Compare the odds for each outcome of the double chance and look for discrepancies that may indicate a potential value bet opportunity. For example, if you find a bookmaker offering higher odds for the home team to win or draw compared to other bookmakers, it may be an opportunity to take advantage of.

Also, keep in mind that bankroll management is essential in sports betting. Set a specific budget for your bets and do not deviate from it. Control the size of your bets in relation to your bankroll and avoid betting large sums on a single bet. Proper money management will help you avoid significant losses and allow you to participate in long-term betting.

Finally, stay up-to-date on the latest news and events related to the sport you wish to bet on. Last minute injuries, lineup changes or any other unexpected factors can have an impact on the outcome. Stay informed and adapt your betting decisions accordingly.

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Double chance bets offer bettors the ability to cover more than one possible outcome in a sporting event, reducing the risk of loss. However, it is essential to thoroughly evaluate teams, compare odds and properly manage your bankroll to maximize profits. Thorough research, looking for value in odds and risk management are key pillars of successful double chance betting. Keeping up to date on the latest news and sporting events is also essential to making informed decisions. By following these tips and strategies, you can increase your chances of winning more money on your double chance bets.

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