What is a double bet? Detailed explanation of bet types
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.
How are double bet odds worked out?
The odds for a double bet are worked out by taking the odds of each single bet and then multiplying those to create your double bet odds. The other way to work out double bet odds is that the money won from your first bet would be put as a stake on the second selection. See below for a double bet example.
Double bet example
You have placed a £5 double bet on Leicester to beat Manchester United at 4/1 and Manchester City to beat Liverpool at 2/1. The odds for this double bet would be:
4/1 x 2/1 = 14/1
The multiplication may look odd, but remember that your stake is added to each part of the bet.
So £5 @ 4/1 = £20 winnings + £5 stake = £25;
£25 @ 2/1 = £50 winnings + £25 stake = £75
If both Leicester and Manchester City win their matches in 90 minutes, then you will have a double bet winner. If either or both selections draw or lose, then your double bet will be unsuccessful.
Successful double bet winnings: £5 stake x 4/1 x 2/1 = £70 profit + £5 stake
Bets similar to a double bet
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.
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.