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Double chance is a term predominantly used in football betting and allows the punter to cover two of the three possible outcomes in a match.
That means that the home win and draw can be covered. Or, home win and away win or away win and the draw. Either option provides the bettor with an element of insurance to their bet if not fully confident of the match outcome.
However, due to covering two of the three possible results under one bet, the odds on a double chance are often short unless backing a complete underdog with the draw making up the second part of the double chance.
Placing a double chance bet may offer shortened odds, but it does give the punter the chance to effectively ‘sit on the fence’ and back two results if not fully confident on the outcome of a match or if they are prepared to lay some big bets down.
For example, if Chelsea were playing at home against Burnley in the Premier League and the home side were on a poor run of form and you think Burnley may have a chance, you may but a double chance bet on the away win/draw which would mean if Burnley avoided defeat, the bet would be deemed a winner.
Double chance betting markets are popular options for punters, especially for those who are happy to cover two results at shorter odds.
Double chance betting has been considered an option for high rolling punters who are happy to lay large sums of money down on shorter odds knowing they are covering two of the three possible outcomes.
However, the stats suggest that most punters lay smaller sums on the underdog team involved as this enhances the odds somewhat.