Patent Betting Explained – What Is a Patent Bet?
In sports betting, you may come across many terms. Some might be confusing while others may be straightforward. Patent betting or rather a patent bet is something that leaves plenty of sports betting enthusiasts confused. So, what is patent betting? What is the true meaning of a patent bet? Below is a clear explanation of patent betting.
A patent bet is a type of a cover bet that features seven (7) selections: three doubles, three singles and a treble. A patent bet means that even if a single of your selection wins while the other two legs fail you, you will still receive some returns into your bookie’s balance. It’s a common type of bet popular with sport betting enthusiasts.
The moment you get to place a patent bet, it means that you are now placing seven types of bets on three (3) different selections. How much you get to win from a patent bet depends on your number of selections that end up winning, plus the odds of every selection. Since patent bets contain single bets, only one of the selections that you choose needs to win for you to achieve some returns.
Of importance to note is that when it comes to a patent bet, the returns would, in most cases, be slightly lower in comparison to the initial stake. That is a slight disadvantage that comes with patent betting.
How to Calculate a Patent Bet
If there’s anything slightly challenging when it comes to patent bets, then it’s how to go about calculating a patent bet. However, in fact, calculating a patent bet payout is not as difficult as you may imagine. If you remember, the payout depends on the odds of the selections that win and the number of winning bets.
As mentioned earlier, if a single selection out of the three wins, then you get your winnings on that bet. It goes that way for selection two and three as shown in the table below:
|Double (3 bets)||1×2, 1×3, 2×3|
|Single (3 bets)||1, 2, 3|
Let’s assume that you stake £1 per selection, meaning a total stake of £7. If one bet wins, then the payout you get is as follows:
- Bet 1: £1 x 1.50 = £1.50
- Bet 2: £1 x 1.86 = £1.86
- Bet 3: £1 x 4.60 = £4.60
If two bets get to win, then the payout from the doubles is as follows:
- 1-2: £1 x 1.50 x 1.86 = £2.79 (+ 2 single bets £3.36) = £6.15
- 1-3: £1 x 1.50 x 4.60 = £6.90 (+ 2 single bets £6.10) = £13.00
- 2-3: £1 x 1.86 x 4.60 = £8.56 (+ 2 single bets £5.46) = £14.02
Suppose all three selections get to win, then you’ll get paid for the three singles plus the three doubles and the treble. The following is what you’ll win if your three selections win:
- 1-2-3: £1 x 1.50 x 1.86 x 4.60 = 12.83
The total return is: £39.04 – £7.00 = £32.04 in profit
Why Choose a Patent Betting Strategy?
In business, strategies are crucial as they ensure that the business entity has a profitable and sustainable future ahead. The same is true when it comes to sports betting. Choosing a strategy when it comes to sports betting is important. This way, you’ll be in a better position to ensure that you aren’t losing your bets constantly.
Sticking to a patent betting strategy, you improve your chances of realising some returns, even if you get a single selection right. You’ll still get some returns on your bet even if one of the selections you made isn’t a success.
Choosing a patent betting strategy is also a good move as you can use it in different markets. You can use this type of strategy to bet on soccer, cricket, tennis, volleyball and American football to mention a few. Moreover, with a patent betting strategy, rest assured of gaining an edge. As you can see, choosing a patent betting strategy is very helpful, especially for players.
Patent Bet Examples
As an apt example of a patent bet, let’s assume that you’ve backed Manchester United, Leeds and Aston Villa all to win by a 1-0 goal margin with each selection having odds of 7/1 (8.00). In this example, assume that you have placed £10 on the patent, meaning that the total stake is £70. If one of the selections that you have made wins, then your bet will return £80. That is £10 multiplied by 8.00, meaning that you get a £10 profit.
If two of the three selections win, then you get to win one of the doubles. If you happen to multiply the odds of the two selections, which in our case means 8 x 8, then you get 64. That’s the double X on the £10 on the bet. It, therefore, means that you’ll get £640 back, resulting in a profit of £570 on your bet.
If all three selections win, then it’s 8 x 8 x 8 with a £10 returning £5120. Added to your returns, you end up making £5690 in profit. As you can see, if all three selections get to win, the returns are handsome enough.
That’s all there is about patent betting. Hopefully, this article has helped you to better understand matters to do with patent betting. By now, you know how to calculate a patent bet, have got acquainted with some of its examples and have understood the importance of choosing a good patent betting strategy when placing bets.