Different Types Of Insurance Betting Systems
Insurance is an essential component of any system with an element of risk. Through insurance, a punter can avoid losses (or significant losses) in the event of something unexpected happening. Insurance has become so important that individuals have access to many types of insurance, such as general insurance, vehicular insurance, life insurance, business insurance, freight insurance, shipping insurance, and more. Punters across the globe are also adopting a type of risk-averse betting system called insurance betting systems because of the advantages that come with insurance betting.
What Is Insurance Betting?
Insurance is the ability to insure oneself against unexpected adverse events in the ordinary course of business, health, finance, and life. In betting, insurance protects oneself against potentially surprising results by hedging against more than one outcome or minimizing risk on any given wager. Insurance betting is essential because it allows punters to minimize risk while capitalizing on profitable wagers and opportunities.
Types Of Insurance Betting
Some types of insurance betting include double chance betting, no draw wagers, Asian handicap wagers, both teams to score, and laying a bet.
1. Double Chance Betting
A double chance or two chances is a wager on two different outcomes for the same game. When a punter has the opportunity to back 2 out of 3 results, a punter has a higher probability of winning the wager. However, when supporting more than one outcome, since a punter’s likelihood of winning increases and the level of risk decreases, the potential profit a pointer can win is also lower.
2. No Draw Bets
In games such as football and hockey, draws are frequent since each goal scored counts as 1. With lower score lines, the frequency of draws is higher versus other higher scoring sports such as cricket and basketball. No draw bets help punters eliminate draw results and make a wager on either win or loss. In the event of a draw, they return the punter’s original stake. A punter has a lower probability of winning a no draw wager than a double chance wager.
3. Asian Handicap Wagers
Handicap and Asian handicap wagers have an element of insurance built into the bet. A handicap wager eliminates a draw result from three possible wins, losses, and draw results. A punter must predict either success or failure resulting from two possible outcomes. By eliminating the third outcome, punters have a higher probability of winning the wager, are exposed to a lower level of risk, and have the potential to win a lower amount of profit.
4. BTTS (Both Team To Score)
Both teams to score or the BTTS betting market is a wager that pays out only if both teams have at least one goal. The final scoreline is irrelevant if both teams score a goal apiece. BTTS can serve as an insurance bet because a punter doesn’t have to make a wager on the final scoreline or winner of the game. BTTS wagers work better on evenly matched teams with excellent offensive and poor defensive records. A punter can place a BTTS wager on top of a regular bet to serve as insurance in the event of an unexpected outcome.
5. Lay Betting
Laying a wager is to bet against an outcome occurring by betting on all the remaining possible products. In football, a punter has three possible results in any betting situation with a win, draw, or loss. However, instead of betting on an outcome, a punter can make a wager on development not to occur. This way, instead of backing one result, a punter has the potential to support two out of three results in any match of football. However, laying a wager is the opposite of making one. So, instead of backing, a punter is betting against an outcome. A punter can also bet on an unlikely outcome when the game starts. A punter can insure themselves if losing the original bet by laying the stake.
