Not sure what a double bet is? Do not worry, this Gambling Zone guide delves into the ins and outs of double bets so that by the end of this guide, you understand how double bets work, know how to calculate them, and learn all about double bets in different sports.
Let’s dive in.
How does Double Betting Work?
A double bet is the simplest form of a multi bet (also known as a combination, parlay or accumulator bet).
It involves the bettor placing a bet on two different selections. The two selections are linked together and their odds are multiplied to provide a better payout than if you used single bets. We will look at a concrete example very soon!
But first, it is important to note that since the two bets are linked, both of them need to be successful in order to get your payout. If you lose one selection, you will lose the entire bet, which makes double betting a higher risk than single betting.
Another thing to keep in mind is that not all betting sites will offer double bets on closely related outcomes. If you look at the example below, you will see the betting site has rejected a double bet of Arsenal to win (2/11) and goals of over 3.5 for the same Premier League match.
Double Bet Arsenal To Win
Why? Bookies hate losing money, and placing bets on closely related outcomes could increase their vulnerability to big payouts.
From our experience, you are more likely to find same-game parlays (multi bets) in North American betting sites than in the UK, and even that has been quite a recent development.
Here is the Gambling Zone list of recommended betting sites to try double betting.
Example of a Double Bet
So what does a double bet look like? Let’s use an example:
You place a £10 double bet on two Premier League matches. First, for Manchester United to win over Brighton at 2/1, and second, for Liverpool to win over Wolverhampton Wanderers at 1/6 .
When combined as a double bet, the total odds are multiplied to be 5/2. You do not need to calculate this manually as the sportsbook will display this for you, but if you do, we suggest converting to decimal odds first, before multiplying.
Double Bet Sample
If both Manchester United and Liverpool win their matches, then you will win your double bet. If one, or both of the selections draw or lose, you will lose your full bet.
Popular Sports for Double Bets
You can use double bets for all kinds of sports, but we are going to delve into a couple of the most popular options.
However, we always suggest to stick with what you know when placing double bets. Since double bets are a higher risk than single bets, you should be reasonably confident of the outcome.
Horse Racing
Horse racing is a popular double bet option and you bet on the outcome of two races. Options that a lot of bettors go for include the Win Double, where you will pick the first horse across the line in two races.
Do keep in mind that horse racing odds can be more volatile than other sports. Favourites win, on average, 33% of the time, so that leaves a lot of room for error unless you are skilled in the field.
Football
There are plenty of bettors who place double bets on football. With major tournaments like the Premier League, Champions League, and the UEFA European Championship, there are lots of opportunities for double bets.
When it comes to football, the major leagues and tournaments are all highly analysed by the sportsbooks to come up with the most accurate odds possible. This obviously is in the interest of the bookie, but it also helps you pick lower risk bets for double bets as the favourites will indeed likely win.
How to calculate a Double Bet?
The best way to calculate a double bet is really to use an online double bet calculator, which will save you lots of time and effort.
One of our favourites is William Hill’s double bet calculator, which is super easy to use.
Let’s take an example from the Premier League, and we’re going to use a £10 stake to place a double bet on:
- Arsenal to win over Everton (2/13)
- Brentford to win over Newcastle (2/1)
With an online double bet calculator, we just insert those details and the calculator generates return and profit:
Calculate Double Bet
Note that most betting sites will also calculate total return for you when you place your stake:
Double Bet Total Return
If you are keen on calculating it manually, a double bet is relatively straightforward to calculate a rough estimate:
- Transform fractional odds into decimal format. Again, the best thing to do is use an online odds converter.
- Multiply the two decimals. In this case it’s 1.15 x 3 = 3.45
- Multiply by stake. In this example, 10x3.45 = 34.50, which is close to the computerised calculation of £34.62
Pros and Cons of Double Betting
Unsure if a double bet is worth your time? Let’s look at some advantages and disadvantages so that you can make the best decision:
Pros
- The obvious pro is that there is potential for bigger payouts since you’re multiplying the odds together.
- It can be more fun to see how these combined bets play out.
Cons
- There is a bigger chance you will lose your bet. Double bets are the perfect example of high risk, high reward. Betting sites love this type of bet for a reason: they make a lot more profit. While a normal bet has an average profit 5%, with combination bets it can go as high as 30%.
- Double bets require more time and precision to calculate returns and predict outcomes. In fact, we would not recommend double bets to a new bettor who is still learning the ropes.
- You need to have very strict bankroll management as you can easily burn through your budget.
Final Thoughts
As we have seen in this guide, double betting can have its perks because of potential bigger payouts and can be used for a variety of sports. Double bets strike a good balance between risk and return when compared to more complex multiple bets.
However, we encourage new bettors to stick to single bets as double bets require more knowledge to pull them off successfully. If you do decide to try out double bets, we at Gambling Zone always encourage you to gamble responsibly, especially to keep a strict budget and not chase after losses.
