What Does a Patent Bet Mean? Sports Betting Crash Course
With the rise in popularity of sports betting across the United States and globe, more bettors are discovering new and creative ways to place wagers. One such emerging strategy is the “patent bet” – a type of multi-bet wagering(three selections and seven bets) where you will receive a payout with even one winning leg. Though not offered at all sportsbooks, patent bets allow seasoned bettors to cash in on their extensive knowledge of teams, players, and statistics. In this article, we’ll explore what exactly a patent bet is, how they work, the potential risks and rewards, and where you can find these exotic wagers.
What Is A Patent Bet In Sportsbet and How Does It Work?
A patent bet is a popular form of multi-bet in which you can place your wager on a variety of sporting events. It is more common in sports like horse racing but you can also place patent bets in other sports like football. Like parlays, different legs are involved in a patent bet, determining your payouts. A patent wager includes seven bets across three selections of 3 singles, 3 doubles, and 1 treble. If you don’t remember these selections, here is a quick recap:
- Single: It is a kind of bet in which you wager on only one outcome or only one selection in a particular event.
- Double: A double wager involves betting on two different outcomes. Like a 2-leg parlay, both bets should win for the bet to pay out.
- Treble: A treble wager includes betting on three different outcomes. In other words, betting on three different outcomes in one betslip.
Patent Bet Payouts Explained + Example
Now that we have reviewed different selections, it is time to see how patent bets work.
Suppose you are placing a bet on three different Tennis players to win a match according to the above table. To make it a patent bet, you place three singles, three doubles, and one treble bet for a total of 7 bets.
Now, let’s review different scenarios and payouts for each one. Suppose only one of your selections(for example, player X) wins. You would have lost the entire bet if it was a parlay ticket. But with a patent bet, you still have a chance to win a profit because only one winning single bet gives you a return for your money.
If two out of your three selections win(players X & Y), you will win two singles and one double bet. And if all three selections(Players X & Y, & Z) win, you would win the maximum return. For instance, we imagine you placed the above patent bet for $5 for every bet, which will be a total of $35. Here are different scenarios and payouts for each:
- None of the three selections wins, so you will lose $35.
- One selection wins, so you will get $10 of your money back and lose the remaining $25.
- Two selections win. In this case, you will get $40 back, meaning you gained a $5 profit.
- All three selections win. Here, you receive the Max payout, which will be $130. In other words, you gained $95 profit. Tempting, huh?!
Patent Bet Winning Odds and Expert Tips
The maximum payout of the three selections win is a game changer. But the odds of hitting all three selections are very low, making patent bets not so rewarding. Hence, you better follow our expert tips to minimize your losses:
- Do careful research about your selections.
- Learn the basics and rules of the sports/events you want to bet on.
- Always stick to what you know and avoid what you don’t know about the sports or players.
- Avoid blindly making your selections and placing your bets. Pick wisely.
- Read the sportsbook terms and conditions carefully.
- NEVER EVER chase your losses.
- Shop for the best odds. Compare odds across books and look for value prices on each leg of your patent bet. Even slight odds differences add up. But make sure to only place wagers on trusted and legit online sportsbooks like Betonline.
- Consider underdogs in some legs. Including a reasonable underdog in one leg can increase the odds while still keeping the bet realistic. Just don’t fill it with only long shots.
- The jackpot seems tempting, but to avoid losing your entire bankroll, stick to low stakes, especially if you are new to sports betting and patent wagering.
- Don’t force bets. If you’re struggling to fill all 4 legs with bets you’re confident in, it’s okay to bet fewer legs. Some events don’t offer enough good betting opportunities.
- Stay disciplined, bet small, and maximize your edge with smart research and line shopping.
Patent bets let you increase the excitement by packing multiple predictions into one single wager. While the odds are enticingly high, the risk is also exponentially higher. This high-wire act is not for the faint of heart. But with thoughtful selection, meticulous research, and a cool head, patent bets can be a fun way for knowledgeable sports bettors to up the ante once in a while. Just bet small, hedge when possible, and remember – one slip can make your parade of bets rain out completely. Yet, if you can march through a patent bet and correctly call four outcomes in sync, the payout parade will be well worth braving the elements.
Patent Bets In Sports Betting FAQs
What Types Of Bets Can I Include In A Patent Bet?
Common options are betting on the winner, runner-up, and third-place finisher in an event. You can also include prop bets like total points scored, largest margin of victory, etc. Anything offered on that single game or event.
What Events Can I Place A Patent Bet On?
Patent bets work for any event with multiple finishers or outcomes like horse racing, golf tournaments, car races, and more. They are very popular in horse racing.
What Happens If One Leg Loses?
The entire patent bet is not a loss if any one leg fails. You will receive a payout according to every bet that you win.
Do All Legs Have To Have The Same Betting Odds?
No, each leg can have different odds. This allows you to build the bet how you want based on your confidence in each prediction.
What Legit Online Sportsbooks Offer Patent Betting Options?
Betonline, FanDuel, DraftKings, and BetMGM are trusted online sportsbooks for patent betting.
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