Double chance bets are specific to soccer and some sportsbooks will offer the bets for hockey as well. This type of bet can only occur in sports where three outcomes are possible.
In soccer, Team A can win, Team B can win, or the two teams can play to a draw. In placing a double chance bet, one is wagering on two of the potential outcomes to occur in one single bet.
Double Chance Bet Example
Since the double chance bet is almost exclusive to soccer, we’ll use an English Premier League match as an example.
Let’s say rivals Manchester City and Manchester United are playing each other. The double chance wager would look something like this:
Manchester City & Draw -500
Manchester City & Manchester United -300
Manchester United & Draw +110
Let’s say you bet $500 on Manchester City & Draw. If Man. City wins or if the two teams play to a draw, the bet is a winner and pays out $100 in this case. The only way the bet loses if Man. United wins.
If you wagered $300 on the second scenario, that bet is a winner if either team wins. The only way you lose that bet is if the game ends in a draw.
Finally, you could be on the United & Draw. Here, your $100 bet is a winner if either the United win or the teams play to a draw. The only way you don’t win $110 is if Man. City wins.
Advantages of Double Chance Bets
If you were offered the opportunity to be on one of three potential outcomes, you’re likelihood of winning the bet is 33.33 percent (one out of three).
With a double chance bet, you increase your chances of winning to 66.67 percent. Your double chance bet covers two of the three possible outcomes.
With this type of bet, you also spread your risk which also greatly increases your chances of winning the bet. The downside, of course, is the lower payout on the other end.
When to Use Double Chance in Soccer Betting
As with any bet, you have to do your homework in order to make a sound betting decision. While doing the research, when you come across a team that is performing extremely well going up against a team that is not, you may find it more advantageous to simply make a standard moneyline or point spread bet.
In cases where you have two teams that may be more equally matched and the odds reflect that, you may have a situation where the double chance is a more sensible strategy. Betting on a favorite and the draw covers the two most likely options and gives you two chances to win instead of one.
Read our soccer betting guide and learn how to bet on Asian handicaps next.
