What is a double bet?
What is a double bet?
· The objective of a 'Double' bet is to successfully pick out two winning selections across two different races on the same bet and stake, and in this case, you require both selections to win in order to achieve a return.
A double bet is the most simple and straightforward multiple bet available. As the name suggests, it is simply two different selections bundled together into one bet. If the bettor makes two winning selections, they win and get a greater payout than they would if they have just placed two separate single bets.
Bettors looking to extend their options and experiment in a wider range of bets can make a potentially lucrative start with the double bet. It requires a little bit more knowledge about the sport and participants that are being bet upon, but not so much that the bet becomes prohibitively difficult and the bettor risks losing their stake.
Other forms of multiple bets are trebles, trixies, accumulators, Yankees and Lucky 15s. Like a double bet, these include more than one bet, with a Lucky 15 being a total of 15 bets bundled into one. The more bets that are added to a multiple bet, the higher the risk. Bettors looking to place a multiple bet should ensure they are confident with what they are betting on.
Double bets are made available by bookmakers such as Paddy Power and Betfair across many different sports, including football, horse racing, and greyhound racing. The bettor simply selects two participants and backs them to win, with the odds increasing on those the bettor would be given if they were just placing two single bets in isolation.
As double bets are placed on the winner of the event, they must be had on separate events. For example, a bettor could not place a double bet on a horse to finish first and another to finish second in the same race; that would be a forecast bet. Instead, they must bet on, for example, Horse 1 to win in Race 1 and Horse 2 to win in Race 2.
Double bets are very popular because they provide bettors with higher returns than multiple single bets, and there are two ways to describe the way the returns are calculated. The first is that the money won from the first bet is put as the stake on the second bet. In other words, if bet one returned £30 then £30 would be the stake on the second bet.
The second way is that a point is added to each of the two odds and then multiplied to create new odds for the two selections. For example, if the odds were 8/1 and 9/1, a double bet would increase them to 9/1 and 10/1, leading to a double bet odds of 89/1 (9 multiplied by 10 is 90 and 89+1=90). The returns would then be calculated using this number based around the stake the bettor originally placed.
Applying this to a real world example, a bettor may wish to place a double bet on the results of Newcastle v Everton and Watford v Fulham. They believe that Everton will beat Newcastle at odds of 5/1 and that Watford will beat Fulham at odds of 6/1. If the stake was £2 and both of these results were to come in, the bettor would make £84, a profit of £82 from that original £2 stake.
These winnings can be compared with those that would be made on two isolated single bets to understand the differences between singles and doubles. A £2 stake on the Everton v Newcastle game would return a sum of £12. The same stake on the Watford match would return a total of £14. The total winnings would therefore be just £26, which is a significant drop from the £84 made on the double bet.
If Everton were to beat Newcastle, but Watford lost to or drew with Fulham, the whole bet would be lost. Likewise if the results were reversed, with Watford beating Fulham, but Everton losing to or drawing with Newcastle the bet would be lost as well. In a double bet, the only way to win is if both the predictions made happen as stated by the bettor. There is no room for error.
Bets similar to a double bet
A double bet is a form of multiple bet, and there are other examples of multiple bets that can deliver even higher payouts than the double bet. It should be noted, however, that these bets have even higher risks.
In a treble bet, a bettor is placing three selections are made on three events with three times the odds. In other words, a third match would be added to the Everton and Watford games and if the bettor were to select the correct winner from that game (and the Everton and Watford matches were to go in their favour as well) they would make a return.
In a trixie bet, the bettor also makes three selections, but there are four bets being made. This is because a trixie bet is made up of three doubles and one treble that have been brought together under one. The Trixie bet offers a little security to the bettor because even if one of these bets fails, the bet is still won.
In a yankee bet, the number of bets is greatly expanded. There are 11 separate bets from four selections under a yankee bet. Here the bettor makes six double bets, four treble bets and one four-pronged accumulator.
Finally, there's a Lucky 15, which adds a further four bets to the yankee. Under a Lucky 15, a bettor would place six double bets, four treble bets, four single bets and one four-pronged accumulator. This bet is called ‘Lucky’ because bookmakers sometimes offer bonuses in certain scenarios, such as if all the selections that are made win.
Double bets offer a more challenging alternative to a single bet and can make the bettor a very high return if they are correct. However, anyone looking to place this kind of a bet needs to know the sport and the participants they are betting on in fine detail if they are to earn the kind of payouts available.
Plus, don't forget to check out our bet calculator, where you can calculate your winnings.