What does a Patent Bet mean in betting?
A patent bet is part of a category of bets that consist of a group of winning options from three certain selections. This means that if just one of these options comes in then it is sufficient enough to generate a return for you. There are different ways in which you can set up your patent bet and these will potentially generate different returns.
Patent Bet Example
We are going to use three football teams to win as an example of what a patent bet would look like.
We are going to have the selections Manchester City to Win, Everton to Win and Chelsea to win.
The three singles in our bet would be (1) Manchester City to Win, (2) Everton to Win and (3) Chelsea to win.
Next our three doubles would be (1) Manchester/Everton to Win, (2) Manchester/Chelsea to Win and (3) Everton/Chelsea to win.
Finally our treble would me Manchester, Everton and Chelsea all to Win.
How does a Patent Bet work each way?
As is standard with each way bets, if your initial bet value was £1, this would then be £7 if you wished to upgrade it to a patent. If you want to then make this an each-way patent bet then you’ll expect for the cost of the bet to double to £14. Each way bets will typically cover you, for example, if you horse finishes second or third. Typically the odds you can expect to get for a placed horse (second or third) would be quarter or a fifth of the initial odds. So, if the horse was 10/1 to win and it placed, you’d get 2/1 or 2.5/1 instead.
Advantages of placing a Patent Bet
The main attractive factor in placing a patent bet is that it provides a better chance of return on your stake. It can sometimes be compared to placing insurance of your bet. This does come at a higher cost, for example your bet cost will rise from £1 to £7, and however this also means that if every single selection wins, you will have returns that are seven times that if you simply did a treble to start of with. The other advantage is that if two of the selections lose and only one selection wins, you’ll still get a return on your initial stake which is attractive amongst punters. Horse racing and football are the most popular sports that people place patent bets on.
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