What Are The Best Ways To Cover a Bet?

Betting Guide / Betting Help

February 16,2023
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Bruce Williams

Best Ways To Cover a Bet

For a beginner, covering a bet may seem daunting. After all, there are many different ways to do it, and the stakes can be high if you're not careful. But don't worry - we're here to help. In this article, we'll run through some of the best ways to cover a bet so that you can make sure you're always on the winning side.

What Does It Mean To Cover a Bet?

In gambling, "covering a bet" means making a bet that offsets or cancels out another chance. That is to reduce risk or protect profits. For example, if you're betting on a horse to win and don't want to risk losing your entire stake, you might place a second bet on a different horse to lose. That way, you'll at least break even no matter which horse wins.

Why Would I Want To Cover a Bet?

There are reasons why you should cover a bet. The most common cause is to reduce risk. By offsetting your chances, you can protect your potential profits without worrying about losing everything if things don't go your way. Another reason to cover a bet is to take advantage of different betting opportunities. For instance, let's say you're betting on a football game, and you think one team will win. But the bookmakers are offering odds of 2/1 on the other team. So, in this case, you could place a bet on both teams and cover your losses if the team you thought would win loses.

How To Best Cover a Bet?

Now that we've answered "what does it mean to cover a bet," let's look at the best ways to do it.

Bet Against Yourself

One of the simplest yet, most productive ways to cover a bet is to bet against yourself. For example, if you're betting on Team A to win, also bet on Team B to lose. That way, you'll come out ahead no matter which team wins. The method has a downside. It will make less money if you win since you're essentially betting against yourself. But it's a great way to reduce risk and protect your profits.

Bet On Both Sides

Another great way to cover a bet is to bet on both sides. So, for example, if you're betting on the Yankees to win, you could also bet on the Red Sox to lose. That way, no matter who wins, you'll come out ahead. The method is especially effective if you're betting on a close game with an uncertain outcome. By gambling on both sides, you'll make money no matter what happens.

Use a Betting Exchange

A betting exchange is where you can bet on sports to politics. It's a great way to cover a bet because you can bet on both sides of any issue. For example, let's say you're betting on the NBA Finals. You could bet on the Lakers to win and then bet on the Celtics to lose. Or you could bet on the Cavaliers to win and then on the Warriors to lose. No matter who wins, you'll come out ahead.

Conclusion

Those were a few of the best ways to cover a bet. Using these methods, you can reduce risk and protect your profits. So next time you have a chance, keep these tips in mind.

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