For this article I want to explain single bets, including what they are, how you place them and what their risks and rewards are. They are the bet that everybody starts with and an understanding of them is fundamental to getting to grips with betting.
What Is A Single Bet?
A single bet is the simplest of all bets, and is the one that everybody knows about even if they have never done it before.
All you need to do is choose an outcome of an event and if you are successful you will make a profit.
There is an endless list of events to choose from with the list of traditional events like golf, tennis and cricket now being added to by the likes of betting on the winner of X-Factor or on financial markets such as if interest rates will go up or down next month.
The bet itself is a simple win or lose scenario. You choose how much you wish to put down as your stake and then select which horse will win the race or which football team will win the league or whatever else you happen to fancy.
Single Betting Example
If you’ve never done it before and want to see an example of how a single bet works, then read on.
Suppose two football teams are playing tomorrow. Betting sites are offering odds of 3/1 for team A to beat team B.
If you think it is likely that team A are going to win you want to place a bet on it and you decide to put £10 down as your stake. There are three possible outcomes to the match:
Team A wins – congratulations, your bet wins. You walk away with £40 in your pocket, which is your original £10 stake plus £30 profit.
Team B wins – in this case your bet loses. You have lost your £10.
The match is a draw – again, your bet loses as team A didn’t win and you have lost your £10.
How To Place a Single Bet
Placing a single bet is easy, and most bookmakers operate the same sort of system. Using Betfred as an example of an online bookmaker offering this kind of bet:
1) Start on the homepage and look down the list of sports on the left-hand side of the screen.
2) When you find the sport that you want, click on the name and the screen will change to show you all the upcoming games, races or events.
3) Browse this page until you find the match or race that you want to bet on. All the participants will be listed, with the odds of them winning shown next to their names. Click on the odds of the name you want to back, and you will see that your selection is added to the bet slip on the right-hand side of the screen.
4) Obviously if you want to bet on more than one match or race then carry on adding others until they are all listed on your bet slip.
5) Once everything you want to bet on is shown on your bet slip, enter the stake that you want to place on each outcome and confirm your bet.
6) That’s all you need to do, and if you win the money will be automatically credited to your account shortly after the result is known.
Want to give single bets a try? Then head on over to Betfred.com and claim the new customer bonus (it’s a good one!)
Single Betting Risks & Rewards
Unlike some of the more exotic and complicated bets, a single is straightforward and mistakes are rarely made. It is easy to see how much you stand to win if it comes off and you always know exactly how much you have wagered and are therefore liable for if you lose.
You must remember that although this is very simple it is still a bet and carries a degree of risk. If you are wrong in your choice you will lose your stake and finding the right balance between risk and reward is the key to success.
You are unlikely to get rich quickly placing single bets, especially if you are playing safe and only backing those selections which are very likely to succeed and which therefore have small odds.
On the other hand if you do go for outsiders then you are less likely to win but have the chance of a much greater reward. If you fancy a bet type which offers a better chance of winning big for just a small stake then check out our accumulator bets article.
Single betting is always going to be the most popular form both online and offline. If you’re looking for somewhere to bet online then we suggest you check out Betfred.com.