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.
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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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