Consolation Double: Explained in detail
The probability of betting on one side and risking money is quite unsafe. Hence as an option to this situation when a person bets on both the probabilities on winning the bet, that particular situation is known as consolation double. It signifies the bet that backs up the other. To be more significant a person can bet on both the teams in the game, just to avoid the risk of losing everything. It is very simple to understand the consolation double, you bet two different amounts on both the players; one is high and second is obviously low. Just in case the higher betted team loses the low amount which you had bet on the other one is recovered. So 100% amount is not lost in such cases. You can choose the consolation double only if you are happy to win small gains. These types of bets will surely not give you higher wins. So if you are willing to chase higher wins consolation double is probably a bad choice.
What are the advantages of consolation double?
Consolation double has the major advantage of not letting the person who is betting to not loose. The person betting on the game will win the smallest possible amount that he bet on the game. The chances of losing the 100% amount that he invests become quite impossible in case of consolation double since the player bets at least on one with the complete possibility of winning.
What are the disadvantages of consolation double?
The only and primary disadvantage of consolation double is getting little restrained from the higher amounts to win. It is not completely impossible because if the player is quite lucky he will get the higher bet won but most probably the guaranteed win is of the shorter bet. The other disadvantage is the lesser amount that the player invests on another bet and so even if he wins the higher amount the player does not get all the amount that he deserves.
Where is the consolation double mostly used?
Consolation bet is mostly used in soccer games and horse racings. In the game of soccer, there are two teams and the probability of one winning is exactly 50% before the match, but after seeing the number of goals that the other team is making betting some amount on the other won’t make a loss. In soccer, the final result can be twisted at any time. So when you bet on the game of soccer, consolation double is the most appropriate choice. The probability of the winning team till the last goal is 50-50 and it will rarely come to 60-40. So the bettors will be at the huge risk if they bet whole 100% amount on one team, so instead, why not split the amount and bet a larger amount on one team which is scoring more number of goals and the lesser on another one which is about to score more number of goals. That’s how you will definitely not lose the complete amount that you bet on the game.
Consolation bet is also used in the horse racing games. If the horse is pulled from the race at the last minute after bets have closed, then a consolation pay-out is usually made, a small fraction of the original stake is returned. If a horse wins and then a consolation payment is received later, this is often called the ‘consolation double’. That’s how it works in horse racings.
If you don’t wish to lose all the amount that you decided to bet and chasing the higher amount is not in your list, then consolation double is the best choice for any bettor.