What is a Patent Bet?
A patent bet is a form of bet which combines 7 different bets involving 3 selections across 3 different events. By placing a patent bet, a bettor is in effect making three single bets, three double bets and one treble bet. The appeal of a patent bet lies in the fact that if just one of the choices is successful the bet will deliver a pay out, whereas if all parts of the bet come off, the profit from a fairly small stake can be substantial.
How is a Patent Bet used in Sports Betting?
The best way to explain the working of a patent bet is to give an example:
A patent bet is placed on the following horses – Lucky Lad, running in the 2.15 at Chepstow, King Boris, running in the 3.15 and Speed Merchant, running in the 4.30. Lucky Lad is running at odds of 12/1, King Boris at 5/1 and Speed merchant at 25/1. A stake of £2 for each bet will cost £14 to place, since there are 7 bets in total. The possible permutations, if the bet is placed as a single rather than each way bet, are as follows:
Only Lucky Lad wins – pay out of £26 and a profit of £12
Only King Boris wins – pay out of £12 and a loss of £2
Only Speed Merchant wins – pay out of £52 and a profit of £38
Luck Lad and King Boris both win – pay out of £194 and a profit of £180
Luck Lad and Speed Merchant both win – pay out of £754and a profit of £740
King Boris and Speed Merchant both win – pay out of £376 and a profit of £352
All three horses win – pay out of £5290 and a profit of £5276
As can be seen, a patent bet offers the chance of sizable winnings from a fairly small stake, and, unlike an accumulator, it doesn’t need every part of the bet to come off for some type of pay out to be guaranteed.