Online Bookie Playbook: How to Calculate Double Chance Odds
Understanding double chance odds is key when it comes to online bookies offering soccer betting in their sportsbooks.
It isn’t difficult to understand once you get the hang of, but it’s important for you to understand better than your bettors. We’re here to always help agents excel and stay profitable in such a saturated business, which is why we’re going to break down the odds!
To make it even easier we’re providing you with an infographic that breaks it all down. So, print, save it, bookmark it—do what you gotta do! Just keep this break down handy to make more bank in your sportsbook.
According to the BBC, sports game betting is worth between $700 billion and $1 trillion. Much of that money comes from soccer betting.
Which is not only the most popular sport in the world but the most bet on competition around the globe. And double chance odds and betting provide bettors with plenty of profits.
When it comes to soccer betting, the 1×2 bet is typically the most popular. Rather than using a three-way bet, the double chance (also known as draw no bet) tends to be better value for returns.
However, one of the biggest questions online bookies have is: how can bettors use 1×2 odds to place double chance bets for higher profits? PayPerHead will explain.
Double chance betting
A double chance bet allows bettors to wager on two outcomes of the same game. Bettors can wager on the home team and a draw, or the away team and a draw.
You can also win by betting on the home or away team to win.
Double chance betting allows you to cover two of the three outcomes. But double chance odds can change accordingly.
Double chance odds
Since the win-draw odds are shorter than the individual odds for a win or a draw, double chance odds may not be as lucrative.
This is due to the chances of a win or draw occurring being greater than the individual results. Since double chance odds of winning are greater, online bookies need to offer less than the individual options.
Calculating a double chance bet
Calculating double chance odds can be easy, and bettors can figure out the potential payout when filling out their betslips.
If Stoke is the home team and Liverpool the away team, the double chance odds calculations will look as follows:
The money that a bettor will wager is called the total and our equation looks quite simple once you get the hang of calculating it.
For a home win:
- Wager on Stoke to win at home = draw * total / (draw + Stoke)
- Wager on Stoke and Liverpool to draw = total – wager on Stoke to win
- Wager on Liverpool to win away = draw * total / (draw + away)
- Wager on Stoke and Liverpool to draw = total – wager on Liverpool to win
Home win/away win
- Wager on Stoke to win = Liverpool* total / (Liverpool + Stoke)
- Wager on Liverpool win = total – wager on Stoke to win
Are double chance bets profitable?
There are times when a double chance bet will return large profits. However, due to the double chance odds being typically lower than individual odds, bettors can lose out on potential profits.
In the end, double chance odds allow for safe bets. Bettors wagering a large sum could get a nice return if one of their selections comes through.
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