Forecast betting has always been popular, and can be an important piece of equipment in your betting arsenal. This article will look at what a forecast bet is, how to place a forecast bet and what advantages and disadvantages are of each one.
What is a Forecast Bet?
A forecast bet is usually offered in events which have a number of participants who have to finish in order – horse racing, in other words. Horse racing and greyhounds are the most common sports for this bet to be placed on, but motor racing is also gaining in popularity.
The principle is very simple. All you as a punter have to do is predict the first two to finish in your chosen race. If they finish first and second in the order you predicted, then you win, and this prediction is known as a straight forecast.
There is also a variant, known as a reverse forecast, which allows you to win as long as your two choices finish first and second in any order.
Forecast Betting Example
To give an example, you could select Red Rock and Blue Coral as your bets in a horse race.
You think Red Rock will finish first and Blue coral second, so you place a straight forecast with a £5 stake to cover this. This will cost you £5 in total.
For the bet you just placed, Red Rock has to win and Blue Coral has to come second for you get any payout. No other combination will do – the horses have to be first and second in the order you put on the betting slip.
If you aren’t sure which of the two is going to win, but you are certain that these are the only two in with a chance, then you could make it a reverse forecast. A £5 reverse forecast will cost you £10, as it is effectively two straight forecasts together. For you to win, either Red Rock must win with Blue Coral second, or Blue Coral will win with Red Rock coming second.
Obviously your payouts depend on the odds on the two selections.
How to place a Forecast Bets
Placing a forecast bet is fairly easy to do. Most betting sites have online operations now, so you don’t even need to go out to a shop to place your bets. I’ve used Betfred.com as the basis for this sample process, but you’ll find most betting websites have a similar way of doing things.
1. On the left of the homepage, you’ll see a list of sports. Clicking on the one you want to bet on will bring up a new page, listing all the upcoming races
2. Find the race you are interested in from the list, and click on the name to bring up all the runners
3. All the runners details are now listed on the new screen. Click the two you are interested in to add them to your betting slip
4. Navigate to the betting slip, and you’ll see your two runners listed
5. At the bottom of the betting slip is a tab marked ‘Multiple Bet Options’. Expand it by clicking it, and choose ‘forecast’ from the options pick either straight or reverse as you prefer. Confirm the bet, and you’re all done.
I suggest you check out Betfred.com for all your forecast betting needs. They’ve got a great new customer bonus and low limits for new punters.
Risks & Rewards of Forecast Bets
Anybody who has done a little online betting will know that it is often difficult to pick a winner in a race, let alone first and second and in the right order as well. You can therefore expect to have a lower strike rate with this kind of bet than you might expect from other bets, for example singles.
On the other hand, you can improve strike rate to some extent by placing a reverse forecast bets, which removes the need to get the order correct.
You need to know that the amount you stand to win for any forecast bet won’t be displayed beforehand. The winnings are only ever calculated after the race is run, so until then you’ve got no idea what your return is likely to be.
That isn’t a problem most of the time, but you do need to watch out if you place a reverse forecast on two short-odds participants as you may only end up with a small profit or even a small loss.
Head on over to Betfred.com and place your first forecast bet now!