A double chance bet is a wager that is commonly used in soccer, but can be used in any sport where there are three possible outcomes (1X2). The double chance bet combines 2 of the 3 outcomes and provides odds for if either of the two outcomes occur. Double chance bets can be right for bettors who want to fade one of the three outcomes (believe that one of the 3 outcomes will certainly not occur).
Let’s take a look at a double chance bet and compare the odds with the 1X2 line. For this example I’m going to use a Champions League game between Barcelona and Manchester City. I’m also using decimal odds because they are easier to use for getting my point across with the calculations. The 1X2 odds are as follows (taken from Bet365):
Man City 6.50
In comparison here are the double chance odds:
Barcelona or Draw 1.12
Man City or Draw 2.80
Barcelona or Man City 1.20
If I really did not think that Man City had a chance at winning I may be inclined to place a double chance bet on Barcelona or Draw at 1.12 odds. However, it could be smarter for me to just split up my money and place two bets using the 1X2 odds. This is where the calculations come into play.
Calculating The Double Chance Odds
For me as a sports bettor I always want to make sure I’m getting the best return on my investment, so before I ever place a double chance bet I will make sure that the return I get is higher than splitting my bet between the two outcomes with the 1X2 odds.
Let’s continue with the example saying that I strongly believe that Man City does not have a chance to win the game, but they have an outside chance at a draw. If I place $100 on Barcelona or Draw with the double chance odds I will receive a payout of $112 as long as Man City does not win the game.
I want to make sure I will receive a payout of at least this much splitting my stake between the 1X2 odds if I’m going to decide not to place a double chance wager. What I like to do is divide the double chance payout ($112) by the odds of Barcelona winning (1.44) to find out how much I would have to bet on Barcelona (to win) to get the $112 payout. (112/1.44 = $77.78). This leaves me with (100-77.78 = $22.22) to bet on the draw. At 4.50 odds I would receive a payout of $99.99 betting the draw from the 1X2 odds. The $99.99 is less than the $112 I would receive betting the double chance, so in this instance it is smarter for me to place the double chance wager than to split my bet between Barcelona and a Draw with the 1×2 odds.
This will not always be the case so it is important that you perform this quick calculation to see if it is more advantageous for you to bet the 1X2 odds or the double chance odds every time.