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The key difference here though is that not all the selections need to be successful for there to be a pay out. As permutation betting involves a number of wagers as part of the bet there only needs to a certain combination of events to happen to bring in a winner.
Although many of the online bookmakers advertise accumulators as the way to make money through betting, many seasoned bettors rely on permutation betting to give them a steady stream of profit. The profits may not always be as large as the accumulator pay outs but there is more chance of coming away in the black.
With a simple two football match example, an accumulator would require both matches to predicted correctly – let’s say both home teams – for the win. But with permutation betting there would be three bets – one on each home team, as well as one covering the double. There is still the chance for a big pay out if the double is successful but there is the fall back of getting some profit from the other parts of the wager even if not all selections are successful.
In 2010 a professional gambler placed a completely legal wager using permutation betting – and a good deal of inside knowledge – to win £3.9 million on a series of horse races. One of the selections came in sixth meaning that he missed out on a possible £15 million jackpot.