Doubles
Betting is a big of our culture and life and every day we evaluate situations and form instantaneous risk assessment strategies based on a desired outcome. Betting for money is exactly the same and for an initial sum, or stake, we evaluate the chances of that desired outcome and bet on it with the hope of gaining a return which is greater than our initial outlay. Betting options and permutations are seemingly endless and there a great number of different betting options which we can consider to best increase our chances of a better or more likely return. A double bet is an option which increases the value of a return based on the product of two separate bets.

Doubles, inside rail Not known for risk aversion, the general public indulge in all manner of betting, from the Lottery and Bingo to sporting events and TV shows. In games of chance such as the lottery, each bet, the ticket itself, has an equal chance of success but not all bets have the equal probabilities. In sporting events such as horseracing certain participants will be more likely winners than others and odds are calculated for each participant to reflect this. These are the fixed odds offered to the customer by bookmakers, with shorter odds reflecting the greater chance of a certain outcome and concomitantly a lower payout as a result.

We need to understand how the odds work to apply them in our favour when placing a doubles bet. Fixed odds in the UK are usually presented as fractions e.g. 5/1. This would be described as 'five to one' and is sometimes written 5 to 1.

If this were the fixed odds, or price, on a certain horse in a race then for a £1 stake, these odds would return £5 plus the stake, which would be a £6 return in total, assuming the horse won the race of course. What the odds mean in terms of probability is that for every 6 bets placed at 5 to 1 you would expect one winner and if you placed the same stake each time you would need one winner in six 5 to 1 events to break even.

Before the details of the numerous specific bets are considered, the new punter might like to know a little about the various places which will accept a bet, and the pros and cons of each. The tote is one of the three main options, and many punters prefer to chance their money at the tote than with the bookmakers, who are another of the other main options. A bet placed with the tote is fundamentally a pooled bet. The odds of the horses change until the race starts, and can be influenced by the number of punters betting on favourites. After the race is over, the winnings are then split between all who bet on the winners, while those who bet on the same and lost lose their bet to the winners. Essentially, a pooled betting system is one in which punters bet against one another, while a small percentage is taken by the tote as commission.

A 5/1 bet is a bet against a certain probability, that probability being that the horse will not win. Certain odds may be considered a bet 'on' rather than 'against'. Such odds may be 1/5, usually described as 5 to 1 on. 'Odds on' is a term often used to describe clear favourites in a race. At odds of 1/5 you would need to bet £5 to get £1 winnings (£6 returned in total which is your winnings and initial stake) and so if your horse won at 1/5, for every £1 bet you would get the £1.20 back. A poor return perhaps but the probability of the outcome is much greater and this means a likely return on 5 out of every 6 events at that price.

The fractional odds system is peculiar to the UK. In continental Europe and other countries such as Canada and Australia they adopt a decimal odds system. 		Doubles, winner

It works in the same way but the fractions are just represented as decimals and based on the value of the initial stake. So for example, the 5/1 bet above would be represented in decimal odds as 6, which is your winnings plus the initial stake. The 1/5 fractional odds are 1.2 in decimal form. The fractional odds system has an historical and cultural foothold in this country but the decimal system appears too, most notably in digital betting machines found at racecourses and elsewhere.

Having a good working knowledge of both systems is a good idea, especially when considering multiple betting options like doubles, trebles, or accumulators, since it is easier to calculate your potential winnings. These types of accumulated bets all work in the same way.

Doubles, photo finish The return is based on the product of all the plays within the multiple bet. So in the case of a double if the two bets have the odds of 4/1 and 5/1 respectively and both come to fruition then the return is a product of the two which, based on a £1 stake for each play is 5 x 6 = £30. If you placed each bet individually and both came in your return would be 5 + 6 = £11.

The value then of a double is much greater returns on what would be short individual odds. The downside is that both have to win. If only one play wins, or neither win then you get nothing back. A double is a very popular form of multiple bet compared to greater multiples like trebles and accumulators because there is a greater chance of correctly predicting two results than three, four and so on. The general idea is that it allows for much greater returns on short odds betting.

Doubles are common bets in horseracing but they can be placed on the potential outcome of any events with other sports such as football being particularly popular. While primarily beneficial in increasing returns for short odds they are also useful for combining two bets which may differ considerably in the individual odds, particularly if you have some knowledge such as a good tip for a longer odds bet. Doubles, trebles and other forms of multiple betting systems increase a bettor's arsenal of choices and betting options and anything which increases your chances of beating the bookie is a good thing.