What is Double Chance Bet in Sports Betting?

Have you ever wondered how to increase your chances of winning in sports betting without significantly risking your bankroll?

This guide explores double-chance bets, a popular option allowing you to cover two out of three possible outcomes in a single wager. Mastering the art of two-way staking can be a game-changer for both novice and experienced bettors alike. 

According to Paddypower, this option was the favorite for 24.2 percent of matches and proved successful 27.8 percent of the time.

To fully grasp the potential of this market, let’s first understand what double chance bets are in sports betting and how they differ from others.

🔑 Key Takeaways

  • A dual option wager covers two out of three possible outcomes in a single wager.
  • Over 60% of online sports bettors have placed a two-way bet.
  • This betting strategy has lesser risk and offers you low payouts.

Definition of a Double Chance Bet

So, what does a double chance bet mean? It is a unique wagering option that allows you to cover two out of three possible outcomes in a single bet.

According to BetFair’s sports betting glossary, this type of bet effectively increases your probability of winning by combining two outcomes, such as a home win or a draw, or an away win or a draw.

Dual outcome wagers offer a safety net for bettors, minimizing potential losses. The option is best for closely contested matches or when you’re not entirely confident in predicting a single outcome.

How Double Chance Bets Work

The mechanics of two-outcome wagers are straightforward yet effective. Basically, it allows you to pick an either/or option.

Let’s consider a real-life double chance bet example from an upcoming MLS match: Atlanta United vs. FC Cincinnati wins, a dual outcome bet would have allowed you to cover two of the following outcomes:

  1. Atlanta United wins or the game ends in a draw
  2. FC Cincinnati wins, or the game ends in a draw
  3. Atlanta United wins or FC Cincinnati wins

To illustrate the potential outcomes and their associated odds, let’s take a look at this table:

Single OutcomeOddsDouble Chance BetOdds
Atlanta United wins+115Atlanta United wins or Draw-275
FC Cincinnati wins+190FC Cincinnati wins or Draw-163
Tie+250Atlanta United wins or FC Cincinnati wins-400

When comparing single outcome and double chance bets, the differences in risk and potential payout become clear. A $100 bet on Atlanta United winning at +115 odds would yield a total payout of $215 if successful.

However, the same $100 staked on Atlanta United winning or the match ending in a draw at -275 odds would only result in a $136.36 payout.

The single outcome bet offers a significantly higher potential return but comes with increased risk. If Atlanta United fails to win, the entire stake is lost. On the other hand, the double chance betting option provides a safer alternative, as the bettor wins if Atlanta United either wins or the game ends in a draw. This increased probability of winning comes at the cost of a lower potential payout.

Why Opt for Double Chance Bets?

Staking on two outcomes offers a compelling option for sports bettors seeking to minimize risk. This strategy is beneficial when working with teams with equal strengths or when you can’t be entirely sure of a single result.

Seasoned sports bettors and experts recommend using this option when the odds for a single-outcome bet are less than +100. In these cases, opting for a two-outcome wager can provide a safer alternative while offering decent returns.

Moreover, double-chance bets can be a valuable tool for managing your bankroll effectively. Incorporating this strategy into your staking portfolio allows you to maintain a more consistent win rate, reducing the likelihood of losses due to unexpected outcomes.

Double Chance Betting in Various Sports

Two-way wagering is a versatile strategy that can be applied across various sports. While soccer remains the most popular option, this approach can be adapted to hockey, basketball, and beyond. Let’s take a closer look at how double chance betting works in different sports:

Double Chance in Soccer Betting

Let’s look at standard options to understand what is a double chance bet in soccer: 

  • Home team win or draw
  • Away team win or draw
  • Home team win or away team win

Experts recommend using a two-outcome wager when the odds for a single-outcome bet are below +100. It’s a great way to manage your bankroll and maintain a consistent win rate.

It is also helpful to consider other factors, such as team form, head-to-head records, and home advantage when placing combined outcome options in soccer. You can make more informed decisions and improve your chances of success by analyzing these key metrics.

Exploring Double Chance Bets Beyond Soccer

As stated earlier, this strategy can be successfully applied to other sports. For example,in double chance bet hockey, you can bet on the home team winning or the game ending in a draw. 

Similarly, in basketball, the double bet wager can be on the favorite winning or the game being decided by a small margin (e.g., less than 5 points). This strategy allows you to capitalize on the favorite’s likelihood of winning while providing a safety net in a close game.

Many popular staking platforms, such as FanDuel, offer two-way staking options for a range of sports. In fact, a search for “double chance soccer bet FanDuel” reveals that this betting type is readily available for numerous leagues and tournaments worldwide. 

How to Place a Double Chance Bet on Betting Platforms 

Placing two-way bets is a simple process that can be mastered quickly. While the exact steps vary slightly between US betting sites, the general approach remains consistent.

During our research, we considered Betway, a globally renowned betting site. Find out how to bet double chance on Betway below:

  1. Start by selecting the event you want to wager on. 
  2. Predict the outcome, which can be a win for Team 1 or a draw, a win for Team 2, a win for Team 1 or a win for Team 2. After making your selection, it will automatically appear on your bet slip. 
  3. Enter the amount you want to stake in the bet slip if you’re happy with your choices. The potential return will be automatically calculated for you.
  4. Bet now by clicking on the button to confirm your bet, and your wager will be placed. Always double-check your selections and stake before confirming to avoid errors.
  5. Wait for the outcome of the games.

According to a UK Gambling Commission survey, over 60% of online sports bettors have placed a dual-outcome wager. Mastering this process on platforms like Betway can be a valuable addition to your staking strategy.

Double Chance Bet Calculator

A double-chance bet calculator is an invaluable tool for any sports bettor looking to make informed decisions and estimate potential payouts.

These calculators allow you to input the odds and your desired stake, instantly providing the expected return should your bet succeed.

Using this type of bet calculator enables you to compare the potential returns of different staking options. Additionally, these tools can help you identify value bets, where the odds the bookmaker offers are higher than the actual probability of the outcome occurring.

Strategies for Double Chance Betting

Several key strategies should be considered when maximizing your success with double-chance betting.

These tactics, employed by seasoned sports bettors and recommended by respected wagering strategy resources, can help you make more informed decisions and give you a higher possibility of making profits.

Analyze Team Form And Head-To-Head Records 

Conducting thorough research on the teams involved is crucial for successful double chance betting. Examine their recent performance, focusing on wins, losses, goals scored, and goals conceded.

Delve into the historical matchups between the teams to gain valuable insights into how they have fared against each other.

Factor in Home Advantage

Home advantage can significantly influence the outcome of a match, especially in sports like soccer football betting.

When placing double chance stakes, consider the impact of home advantage and how it may affect the probability of specific outcomes.

Seek Value in the Odds 

Successful sports betting is not only about picking winners, but also about identifying value in the odds offered by bookmakers.

Look for instances where the odds are higher than the actual likelihood of the outcome occurring. Most professional sports bettors believe that finding value is the key to successful staking.

Implement Sound Bankroll Management

Effective bankroll management is essential for long-term success in sports betting. Establish a dedicated budget and develop a staking plan, determining how much you will wager on each bet.

A common approach is to stake a fixed percentage of your bankroll, typically between 1% and 5%, on each wager.

Maintain a Detailed Record of Your Double Chance Bets

The record should include your selections, odds, stake, and outcome. This information can help you identify patterns in your gambling behavior, recognize strengths and weaknesses in your strategy, and make necessary adjustments to improve your long-term profitability.

So, Will You Place a Double Bet Tonight?

Double chance betting provides a unique option to boost your odds of winning while minimizing risk. With the strategies and insights shared in this article, you’re well-equipped to make informed decisions and potentially increase your staking profitability.

Ready to explore more opportunities? Discover how accumulator options can elevate your sports betting experience to the next level by visiting articles from our Betting 101 section. You will be amazed how useful they are.