With a single bet on a sports event, only one outcome is backed, and the bet can generally either win or lose, although as we saw in the last lesson other possibilities exists, particularly for Asian handicaps. And unless the odds for that selection are very long, the payoff for a win is sometimes not enough to attract many punters. Suppose Liverpool to beat Manchester United, and Arsenal to beat Tottenham, are both fairly priced at 2.
But what if we place one bet that required both teams to win? This time, if either team fails win our bet is lost. How is this possible? Such a bet is called a double. The odds of this double are essentially calculated by multiplying the odds for the individual singles in this example 2.
Calculating the inverse of 0. Initially it might seem that the double represents a much better deal than placing the two singles separately. Essentially, what we are doing with the double is taking on more risk to gain a bigger reward compared to the singles. Risk and reward is a double-edged sword. As one increases so will the other. There is simply no such thing as a free lunch in gambling. Assuming that the odds for Liverpool and Arsenal winning are fair we would naturally expect that over the long term, if we could bet these matches many hundreds or thousands of time, betting at such prices would neither make us a profit not lose us money.
To help us understand why, we must introduce the idea of profit expectancy. Profit expectancy is merely a mathematical expression to specify what money we would expect to make, on average, from a particular betting outcome, and is simply the probability of the outcome multiplied by the profit for that outcome. To chance your arm with one match is enough of a risk; to do so with more is asking for trouble. Now, as far as specifically trying to make money goes, I would always limit people to singles, doubles, and occasionally trebles.
Singles and doubles are best, though — there is reduced risk of things happening to derail them. And so on. If you are patient, and maintain your approach, you should make money from the latter in the long-term, whereas the former is very random. That way, you get good odds with less risk than usual, but still have the fun element. Join our free email course to learn all about football betting.
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