At Honest Betting Reviews, we understand how daunting the different types of bets and betting terms can be when you first become interested in placing bets. We’re here to help by educating you on the different types of terms and phrases used in the betting world – as well as providing you with a full betting directory.
When you start attending horse races or sporting events where bets are common, you’ll quickly hear the term “patent bet.” Since this is all new to you, you’ll walk away wondering exactly what type of bet it is and the ins and outs of how it works.
A patent is comprised as follows:
- Three singles
- Three doubles
- One treble
Your patent bet is actually seven individual bets that cover three selections. Selections are horse races or sporting events. The bet consists of three single bets with three double bets added.
To finish the bet, there is a single treble. In order to win the treble bet, all three of the horses or teams in the selections you choose must win.
With a patent bet, you only need one winner to get a return. Of course, the more winners you choose, the better the payout you receive. This type of bet is considered a full coverage bet.
The advantage of the patent bet is that you only need a single winner to see returns on your investment.
An Example of a Patent Bet
When placing a patent bet, you’re betting on three different selections that can have varying odds of winning. For our purposes, we’re going to pretend like each of our selections is priced at 10/1.
To make it easier to understand, we’ll say that we’re betting on horse races. With a £2 bet on each line, we’ll be putting up £14 to play a patent bet.
Since you’re betting three singles, you only have to have one winning horse to receive a payout, but of course, you hope that all three of your horses win to get the most money for your investment.
With only one winning horse, you’ll receive a payout of £22 or an £8 profit. When two of your horses win, the amount you receive is £286 or a £272 profit. Of course, the dream is to have all three horses win their races and receive £3,454 with a profit of £3,440.
A Patent Calculator
Before heading off to the track or a sporting event, you need to spend some time playing with a patent calculator and seeing how the odds on each horse or team affect the amounts you can win. You’ll also need to see how the number of winning selections affects the total.
Another good idea is to spend some time researching the horses, races and sporting events that you’re interested in betting on. You need to get a feel for their odds of winning and conditions that they play best in to win. You want to feel confident of your winners before placing a bet.
Since you only need one horse or team to win, you can attempt to find one with long odds to make a decent return should they win. However, you want to choose the other two horses or teams wisely as well because their success can expand your total winnings significantly.
When the first patent bets were made, they were made on horse races because sporting events didn’t offer fixed odds. However, things have changed and fixed odds at sporting events have made this type of bet available for games, such as football and other sports.
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