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Bet365 is famous for incorporating exciting new betting features to ensure players have the best gambling experience. Recently, the operator introduced a unique betting system called the Cover Bet, which I found exciting and is the focus of this read.
A cover bet is an intriguing online gambling option that allows players to get their stake back if the bet places and enjoy earnings if the bet wins. Cover bets are much more common in Horse Racing and can be used in different formats, for example, cover bet 2 places.
In this instance, the operator will refund the bet if the chosen horse ends up in position 2 and grant earnings if the horse wins. But why opt for cover bets instead of Each-Way bets?
Well, an Each-Way bet is more costly due to the structure or format of the bet. On the other hand, a cover bet is much reasonable to place and guarantees a refund if the bet does not win but ends up placing in specific positions.
Pros & Cons
Before I give any examples, here is a complete list of cover bet pros and cons worth knowing. These will illuminate whether placing cover bets is worth it:
- Pros
- Cover bets are reasonable to gamble on
- It is one of the best ways to protect a bet
- Punters get a 100% stake back if the horse places
- If the cover bet is right, the bet is successful
- There are much opportunities to make a correct prediction
- Cons
- Have low odds
What is a cover bet on bet365 (Examples)
The best way to understand cover bets is to test the sports betting strategy. As I mentioned earlier, cover bets are primarily common when gambling on horse races as opposed to other sports like football and golf.
Take an example of a horse bet where my wager is £20 for 2 places cover bet at odds of 28/1. In this case, if my horse finishes in position 2, the operator will refund my stake.
This implies my account will receive only the £20 wager. In short, if the horse places in the specified position, the amount credited into my account is less than it would be if it were an Each-Way bet.
So, what happens if the horse wins? If the bet wins, my account is credited with a total of £580. To arrive at this number, Bet365 uses the usual formula, which is {(28x£20)/1}.
This is derived by calculating the bet winnings based on the specified odds of 28/1, keeping in mind the stake is £20. But that is not all; Bet365 will refund the £20 stake, making a bet more profitable than it would in the case of an Each-Way bet.
You can read our Bet365 bonus review and find out various promotions that you can use alongside the cover bet option.
What is a cover bet 2 places on bet356?
Cover bet 2 places on bet365 is a type of bet usually used in horse racing. When I choose a 2 Places Cover bet market, and my horse finishes second, I get my stake back.
The same applies to cover bet 3 or 4 places. With them, if my selection not wins the race but finishes in the top 3 or top 4 positions, respectively, I get my bet back.
The catch here is with the odds for the market of your choice. If I cover my bet 2 places, the odds for my selection will be lower than betting on the straight market to win the race. The odds for Places 3 or 4 are lower also.
How to Place a Cover Bet on Bet365
Bet365 is uniquely structured, making it easy to operate by new and expert punters. This explains why it was effortless for me to place cover bets
But then, some players still have problems initiating the bet. I discovered I had to follow these steps keenly to complete the entire process. First, I launched the bet365 Sportsbook on a computer or smartphone, signed in, and followed these steps:
- I navigated to the horse racing page.
- Then I had to pick the ideal horse race suitable for betting on.
- After that, I went through the markets and picked the ideal betting option.
- On top of the popup, I checked the ‘Cover bet’ box.
- Then I entered my wager.
- Lastly, I submitted the bet and waited for the outcome.
However, what I discovered is that not all events have cover bets. Confirming that the horse racing event has a cover bet is mandatory before adding it to the bet slip.
Additionally, a cover bet should not be confused with an Each-Way bet. In the beginning, the two seemed similar, but the calculations differed.
FAQ
Is there a full-cover bet on horse racing?
Yes, there is a full cover bet on horse racing. In full cover bets, I need to wager on 3 to 8 events, and each event is a bet in its own right.
Do all horse racing events offer the cover bet option to players?
Not all horse racing events offer the cover bet option to players. As a result, I always go through the selections and find out which matches/events offer cover bets.
What does cover bet 3 places mean in sports gambling?
Cover bet 3 places means I will receive my stake back if the horse selected finishes in the second or third place. On the other hand, the bet brings in success if it wins.
Which sports do cover bets apply most?
Cover bets mainly apply to horse racing. But then, they may be available in other sports, such as greyhounds but not as often as in the case of horse racing.
How does a cover bet work in an accumulator?
If you have a cover bet in a multiple bet, you will have the selection as a winner, loser or void, depending on the race result.
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