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An outside bet is a term used to describe a bet that has a low probability of paying out.
However, the bet is still worthy of consideration and used quite often by tipsters as a bet that has favourable odds for the punter. It has an outside chance of paying out and remains something of a risk, a far cry from a banker.
An outside bet may be referred to as a long shot but there is a difference between the two. A long shot is less likely again to pay out and might have odds in excess of 50/1. An outside bet would be more like 10/1 odds, a surprise if it pays out but not the longest odds possible.
An example of placing an outside bet would be to back Huddersfield Town to beat Manchester United at Old Trafford in the Premier League.
Due to the stature of both clubs, few would expect Huddersfield to be able to defeat the giants of Manchester United at home but considering both sides play in the same division, it would not be too much of a shock if it did happen. That renders it unlikely, but still with an outside chance of success.
Manchester United losing to non-league opponents at home would be regarded as a long shot due to the extreme length of odds and remarkable lack of a chance of that being the outcome.
Denmark surprised the whole of Europe when they famously won 1992 European Championships, having only entered the tournament as a replacement for war-torn Yugoslavia.
Coming up against Holland in the favourite, Denmark were heavy outsiders but went to grind to a 2-0 win and claim one of the greatest outside bet wins in football history.