When delving into online sportsbooks and bookmakers, one thing you are likely to notice immediately is the various different bet types. Each one of these operates in its own unique way, relates to different aspects of an event, and has a dedicated rule set. One such betting option is a cover bet, which is used across various sporting markets. In order to understand how these work, we here at OddsMonkey will be detailing what is a cover bet, how they are placed, and even how they could potentially have some application in some matched betting scenarios!
What Does Cover Bet Mean?
To begin with, we must first answer the question, ‘What is a cover bet?’. Commonly referred to as backup bets, in some instances, a cover bet is a type of wager that bettors use specifically to minimise potential losses. These are often placed parallel to other betting selections; however, the primary focus of a cover bet is to offset the risk of losing the primary bet in question.
How Does A Cover Bet Work?
Now that we have explained what a cover bet is, we must elaborate on how exactly these work. Before placing any cover bets, the better will first identify a primary bet and place a wager upon it. Following this, a number of secondary wagers, these being the cover bets, are placed on alternative outcomes of the same event. Should the primary bet not land, these cover ones essentially hedge against potential losses from the main bet.
This is somewhat similar to both arbitrage betting and matched betting due to multiple outcomes being covered. However, this method does not serve to lock in profits; instead, it only potentially recuperates some of the wagers.
Let’s give you an example that hopefully clarifies things even further. Let’s say you are football betting and place a primary wager on Team A to win a match outright. However, following this, the bettor might also place a stake on Team A to draw or the opposing Team B to win instead. By doing this, if this primary wager fails to win, the other cover bets that have been placed could offset some of the potential losses.
The Different Types Of Cover Bets
Cover bets can actually come in a number of different forms, each one serving a specific purpose in relation to different sporting markets. When it comes to horse racing betting, placing a cover bet in 2 places essentially refers to a bettor placing a stake on a horse to win but also covering it to come 2nd as well. This way, if the chosen horse is pipped at the racing post, some portion of the initial wager could be returned.
The cover bet 2 places option is not the only type of cover bet, though, with double chance bets being another option that falls within this category. These are popular in markets such as ice hockey betting, with these allowing bettors to place a wager on a team to win, as well as covering a draw, all within just a single bet!
Matched Betting With Cover Bets
As we have previously mentioned, the concept of cover bets somewhat resembles that of the matched betting strategy. However, if this is used correctly in tandem with cover bets, margins of profits could be locked in as opposed to just offsetting potential losses. If the odds of both the cover bet and the primary bet are favourable, regardless of which bookmaker these may be on, these could be placed alongside one another in order to potentially lock in some returns.
This is especially the case if using a free bet or bonus for your cover bet or primary bet. If both of these cancel one another out, covering all outcomes in the process, either portion of the bet could yield a profit, allowing you to essentially extract some value from said free bets. In order to ensure that the odds are possible for this to occur, though, using a matched betting calculator to clarify returns is key!
If matched betting as a whole is something you are relatively new to, though, our OddsMonkey site actually specialises in all things surrounding this innovative strategy. Not only can we explain what is a cover bet, but we can also explain how these could be used to make a profit. Thanks to our specialist betting calculators, in-depth video tutorials and dedicated sports betting guides, matched betting with cover bets can be completely simplified.
