What is a single bet?
The single bet is the most simple bet there is but if you’re new to the betting scene then it might not be obvious to you how it works. If you’re in the category of being a newbie to betting then we’ve got you covered with our guide to answering ‘what is a single bet?’
So, what is a single bet?
A single bet is a bet that can be placed on anything. The only stipulation is that you make one selection. All that means is that you are predicting the outcome of one thing.
Let’s use the real world to walk it through. Most weekends see 10 Premier League matches take place, a single bet would see you stake money against just one match and, in most cases, just one element of that game.
Tomorrow, Tottenham play West Ham.
A single bet would be something like ‘I bet Tottenham will beat West Ham’ or ‘I bet there will be over 2.5 goals scored in the Tottenham versus West Ham game’.
How do you win?
In a single bet, determining whether or not you win is very easy. If you back Tottenham to beat West Ham and Tottenham win, you win. If they lose or draw then you lose. It really is that straightforward.
How do the odds work on a single bet?
Most UK bookmakers will default odds to fractions. In our example match, Tottenham versus West Ham, the Bet365 odds are as follows:
Tottenham to win 8/13
West Ham to win 9/2
The match to end as a draw 14/5
The number on the left of the slash represents the potential profit. The number on the right shows the risk. Take the Tottenham win, for example, at 8/13. This means that for every £13 you bet, you’ll make an extra £8. Where the number on the right is larger than that on the left, it’s what is known as ‘odds on’.
If, however, you fancy West Ham to spring a surprise then their 9/2 odds means you make £9 off every £2 staked. £20 on West Ham would return £110 (£90 profit plus your £20 stake) whilst the same amount on Tottenham would only give you a total of £32.30. Of course, the West Ham odds look more appealing but that’s because Spurs are heavy favourites and the probability of West Ham winning is low.
The pros and cons of a single bet
Let’s get the negative stuff knocked on the head early doors. You rarely hear your mates bragging about a single win nor do you see these bets hitting the headlines. The reason for this is because, generally speaking, the odds on a single bet are only so big – or ‘long’ as it’s known in betting jargon. That does not mean you should forget about placing single bets.
The most common punters who place single bets are those who gamble regularly. People such as professional gamblers, often choose to work in singles because they bring less volatility over the long term and therefore offer better chance to make more money.
The only other point to stress is to only bet what you can afford to lose.
There you go, now next time somebody asks ‘what is a single bet?’, you’ll know the answer!