Betting Types Guide – An Overview

Have a read through this article to learn more about the various betting types available to all sorts of players. In our betting types guide, we cover a range of bets to make things all the more entertaining to players. Continue reading to learn more.

Betting Types Guide: An Introduction

Our betting types guide consists of different variations of betting. To learn more about these different betting variations, continue reading. These betting types can be used at online sportsbook sites in the UK.

What Are Goliath Bets

Goliath bets are a mixture of 247 bets on eight different selections. This bet requires quite a large stake, but it can bring potentially massive winnings. It is commonly used in horseracing, where 8 winners need to be picked in 8 different races. The punter then has to place the stake, for a €1 bet, the stake for this bet must be €247. It is quite an extensive bet and if one or more selections do not win, it still brings back some returns, meaning bettors should not write off this bet just because of the rather large initial stake.

Goliath bets consist of 28 double bets, 56 trebles, 70 four-folds, 56 five-folds, 28 six-folds, 8 seven-folds and 1 eight-fold bet. It would be quite lengthy to explain in detail how the bet works, but for a general understanding, an example can be made with 8 bets of equal odds. If the odds for each of the bets are 3.0, which in horseracing is usually the odds that can be found on the favourite.

If all the 8 favourites win their respective races, the bets would pay out at €252 for the 28 double bets, which is 28x(3×3), 28 for the number of bets and 3×3 for the odds of both bets multiplied by each other.

€1,512 for the 56 trebles, which is 56(3x3x3)

€5,670 for the 70 four-fold bets, which is 70x(3x3x3x3)

€13,608 for the 56 five-fold bets, which is 56x(3x3x3x3x3)

€20,412 for the 28 six-fold bets, which is 28x(3x3x3x3x3x3)

€17,496 for the 8 seven-fold bets, which is 7x(3x3x3x3x3x3x3)

€6,561 for the 1 eight-fold bet

The punter can win a maximum of €65,511 out of a bet of €247. Hitting this jackpot would require the punter to win all 8 bets, which is not easy but with all bets on the favourite (that usually comes to around 3.0 in odds), it is not as much of a longshot as some people may think.

What Happens If One Or More Bets Lose

If one bet loses, this means that the returns will be €16,362, which is a €13,115 profit from the original bet of €247.

If two bets lose, the returns will be cut to €4,077.

If three bets lose, the returns will be €1,008.

If 4 bets lose, or that is if half the bets lose, then the returns would be €243, which is just €4 short of the original stake.

As it can be seen from this simplified model, the goliath bet still pays out quite a large amount if one, two or three bets lose. If half the bets lose, then a portion, if not the full original stake, can be returned (this of course depends on the odds in the bets picked in a real life situation)

How To Use Goliath Bets

These calculations are based on an example where all of the bets in the goliath bet have the same odds. Usually a punter will not be able to find 8 bets that are exactly 3.0 odds, they may pick bets with higher or shorter odds.

Commonly, for sports such as horseracing, the odds on the favourite will be higher than in other sports. This is because horseracing can have 10 or more contestants, meaning that even though there are some horses that are tipped to win, there are still many different possible outcomes.

For fans of horseracing, the goliath bets offer an extended bet where they can predict 8 winning horses, and if they get at least half of their predictions right then they will win back a good portion, if not the entire original stake. If they predict 6, 7 or all 8 bets correctly they will receive huge returns, as was indicated in the example. Predicting the winners of 8 different horse races is not easy, but if punters look for races where one horse is clearly favoured to win, they may get lucky and win all of the bets.

For fans of sports such as basketball, football, tennis, rugby and so on, the betting odds are slightly different. These sports are played between two players or teams, meaning that the number of possible outcomes is reduced to two, where either team wins, or three, in sports where the game can end in a tie.

Basically what this will mean is that the odds offered in games from these sports can be shorter than that of horse racing. In the example, the odds on the favourite for horseracing was 3.0. If the example was for a non-racing sport, the odds offered on the favourite would vary but they may be around 1.50, which is still relatively high in some cases.

If the odds were 1.50 and a punter put a goliath bet with a stake of €247, they would stand to win €1,512.88. This is quite a cut from the horseracing bet where the odds were higher and the maximum payout was €65,511.

Fans choose to use goliath bets in sport because the favourites usually have a better chance of winning, and therefore the bet is less risky to place and will win more often. Targeting the sports with favourites with short odds will probably win more often than using goliath bets in horseracing, but its also important to consider that if two or more bets fail from the shorter odds bets, the payout may not be as large as the horseracing bet. Punters should always calculate how many bets they can lose in their goliath bet, before they are at a loss.

What Are Patent Bets

Patent bets are a way of creating potentially large winnings out of three different bets, with some insurance for if one or two of the bets fail. These are most commonly used for horserace betting, where a punter would have to pick the horse that wins for three separate races. A patent bet can be formed by picking the three winners and then placing a combination of seven bets. There are three single bets, three double bets and one treble bet.

The three singles bets are individual bets that are placed on each of the horses to win, the doubles bets are a combination of bets 1+2, 1+3 and 2+3, and the treble bet is one bet on all three horses to win.

To see how a patent bet works, here is an example

Horse A to win at odds 4.1

Horse B to win at odds 2.8

Horse C to win at odds 3.6

In this scenario, there are three different races and the bettor has chosen the horses named A, B and C to win. To form a €1 patent bet, the bet needs to be split into the seven separate bets, so the total stake will be €7.

With a stake of €1 on each bet, the singles bets could win

€4.10 for A, €2.80 for B and €3.60 for C

The doubles could win

€11.48 for A+B, €14.76 for A+C and €10.08 for B+C

The treble bet would win a total of €41.33

Altogether the maximum payout would be €78.08. If this is compared with how much the original stake, €7, could win on individual races, the potential winning would be much lower. The stake would be split into 3 individual bets of €2.33, for which A, B and C would win €9.55, €6.52, €8.39, for a total of €24.46. Winning all three bets can lead to bettors making a huge profit, the treble bet is the real jackpot here as it alone won more than half of the winnings.

What Happens If One Horse Fails To Win

It is difficult to correctly predict the winner of one horserace, let alone the winners of three races. If one of the bets failed, it could drastically cut into the potential winnings, but the bettor may still be in profit. If one horse fails to win, then instantly the treble, two of the doubles and one of the single bets are cancelled out, but the bettor will still win 3 out of the 7 bets.

If horse A fails to win, then the punter would still collect the returns from

€2.80 for B and €3.60 for C in single bets and €10.08 for B+C in the double bet, meaning they would pocket a total of €16.48.

Compared with the individual bets, the bettor would only pocket €6.52 + €8.39, for a total of €14.91

If horse B fails to win, then the punter would collect the returns from

€4.10 for A and €3.60 for C in single bets and €14.76 for A+C in the double bet, meaning they would pocket a total of €22.46.

The individual bets in this case would win €9.55 + €8.39 for a total of €17.94.

Finally, if horse C fails to win, then the punter would collect the returns from

€4.10 for A and €2.80 for B in single bets, and €11.48 for A+B in the double bet for a total of €18.38.

In the individual bets the punter would collect €9.55 + €6.52, for a total of €16.07.

In all of the possible outcomes where one horse fails to win, the patent bet combination still has a higher return than that of the single bets, and in all cases it is higher than the original stake as well, meaning that if one race loses it is not terrible for the punter.

What Happens If Two Horses Fail To Win

If two of the horses do not win, then 6 out of the 7 bets will be lost. A small amount does return to the punter, but this is from the one individual stake on the only horse that won.

If A+B lose, then only the single bet on C to win the race pays, at €3.60.

If A+C lose, then the punter only gets €2.80 and if B+C lose, the punter only gets €4.10.

The returns do not cover the original stake, which means that the punter will have less money than before they placed the bet, but at least they receive a portion of their original stake back.

Why Should I Try Patent Betting

Patent bets are not without their own risk, but the potential profit that three correct predictions can bring can be huge. Rather than putting money onto individual races where the punter can win small profits, the patent bets can offer punters far larger profits and even with the insurance that if they lose a bet they will still pocket a larger amount than if they had placed individual bets.

The one thing to remember is that the minimum stake on this bet would be 7x the normal minimum stake. It may sound more expensive to try than placing single bets, but if punters win even one full patent bet they will suddenly have massive winnings.

What Are Trixie Bets

Trixie bets are a useful combination of bets that can be used by punters who want to increase the odds on multiple bets. This bet is commonly used by bettors who place wagers on horseracing, specifically on which horses will win the race. To form a trixie bet, the bettor needs to pick the winner of 3 different races. Trixie bets are split into three doubles bets and one treble bet, where the doubles are bets on horses 1+2, 2+3 and 1+3, and the treble is a bet one all three horses to win.

To place a €1 trixie bet, the bettor must stake €4, which is divided into the 4 bets (3 doubles and 1 treble) in bets of €1.

For an example, a bettor may pick out 3 different horses to win, we can call these horse A, horse B and horse C

Horse A to win at odds 3.5

Horse B to win at odds 4.1

Horse C to win at odds 4.5

In this scenario, the doubles bets will bring returns of

€14.35 (Horses A+B) + €15.75 (Horses A+C) + €18.45 (Horses B+C)

The treble bet will bring returns of €64.575

If all three horses win, this brings winnings of €113.125 from a mere stake of €4. To get some perspective, if the punter placed the same stake of €4 in three individual bets of €1.33 for each horse, the winnings would be €4.655 + €5.453 + €5.985, for a total of €16.093. The margin of profit that the trixie bet has over the individual bets is huge, which makes it a very popular option for punters.

What If One Horse Loses

If one of the horses lose, the treble bet in the trixie will be cancelled out, as well as 2 of the doubles bets. This means that only 1 doubles bet will remain out of the 4 original bets.

If horse A from the previous scenario lost, it would mean that only the double on horses B+C would win. This is not terrible for the bettor, as they can still pocket €18.45, from an original stake of only €4. If horse A lost and the punter had tried using individual bets, they would win only €11.438. If two of the horses lose, the trixie bet is lost and then the punter does not receive any returns.

What Are Each-Way Trixie Bets

Horseracing is not easy to predict, even for punters and fans who have watched many races and have success in betting, predicting which horse will finish first can be tricky. For those who want to try bets that have less risk, there are each way bets as well. These are bets on whether the horse will win or place. To place in a horse race is to finish the race in one of the places, in most races there are 3 places but there are races that have more or less. The places depend on the grade of the horse race and how many horses are competing, but this information can usually be found in the description of the race.

Each way bets are two bets in one, where the bettor places their money on one of the horses to win, but if they place then a portion of the winnings are paid out. This allows punters the chance to receive some returns in case their horse places, but it is important to check the odds as sometimes these returns are at the same value of both bets, but they can also offer smaller portions of the value of both bets.

Each-way trixie bets are basically the same as trixie bets, only the bettor can place each-way bets instead of bets on which horses will win. There will be double as many bets, meaning that the betting stake needs to be double that of a regular trixie bet. Instead of placing €4 for 4 €1 bets, the bettor needs to place €8 to place €1 on each of the 8 bets.

If a horse places in one of the bets, then the treble bet will not be made void as it can still work through the combination where one of the horses places. It is important to observe how much the bet offers for place bets, as if they only offer a portion of the stake back, then it may hugely affect the potential winnings if one of the horses were to place. It will offer more money than a simple trixie bet would offer in the same scenario, but punters have to remember that the initial stake is doubled.

Where there are each-way bets where a place offers the punters money back, it may be more worthwhile to pursue each-way trixie bets. This will win with the same high numbers as the regular bet and still pay out for the bets that were won in full, whilst offering the stake back for bets where the horse placed.

Why Choose Trixie Bets

Trixie bets are a useful alternative to placing parlays or multiple individual bets. Punters can use them on bets with lower odds that have a high certainty of winning, to create larger payouts if they win. Trixie bets can also be used for more daring bettors who place a smaller sum of money and look for bets with longer odds.

In the event that one of the bets loses, the trixie bet still pays well, meaning that as long as the bettor does not have the misfortune to place three losing bets, they will be onto some good winning with trixie bets.