Table of Contents

Introduction to Second Chance Bets

Level: Beginner
Updated: Jun 11, 2024
2 min read

Second Chance Bets are one of the most common sign-up offers available. They are bets that you place with your money, but if the bet loses you receive a refund in the form of Site Credit or a Bonus Bet. It's a major way that matched betting becomes no risk.

It’s important to understand how Site Credit and Bonus Bets work. If you are not familiar with how to convert those promotions, see the Site Credit guide and the Bonus Bet guide.

Key Takeaways
  • Converting a Second Chance Bet is a one or two step process
  • Step two is only needed if the Second Chance Bet loses
  • It does not matter if the initial Second Chance Bet wins or loses, the profit is the same
  • Identifying how the Second Chance Bet is refunded (Site Credit or Bonus Bet) is necessary to ensure you hedge with the proper amount
  • Use the DarkHorse Odds Second Chance Bet Finder to convert, and be sure to select the proper refund type
  • Sign up for a free trial

Converting a Second Chance Bet

Converting a Second Chance Bet into withdrawable cash will be a one or two-step process. It depends on whether the Second Chance Bet wins or the Hedge Bet wins.

The final profit is the same no matter which bet wins. The Second Chance Bet Finder calculates the optimal hedge bet so that it does not matter what the outcomes are. If the Second Chance Bet wins and you do not get the refund, or if the hedge wins and you do get a refund, in the end, you will walk away with the same amount of withdrawable cash after completing all the steps. This is a common point of confusion. Before placing a Second Chance Bet you must understand this.

Step one is placing and hedging the Second Chance Bet. If the Second Chance Bet wins you profit immediately. However, if the Second Chance Bet loses there is another step in the process.

Step two is needed when a Second Chance Bet loses. In this scenario, your Hedge Bet won, and Second Chance Bet lost. Because your Second Chance Bet lost, you get a refund in the form of a Bonus Bet or Site Credit. This refund needs to be converted and will ultimately get you the same final profit as the Second Chance Bet winning the first time.

Infographic outlining the Risk Free Bet process Infographic outlining the Risk Free Bet process

Types of Refunds

The type of refund received for losing a Second Chance Bet impacts its value. It is important to know the type of refund you are getting, so the Second Chance Bet Finder can find the optimal Matched Bet.

Here are detailed examples for each type as well as a comparison between them. In each one, we will use the same game and odds to demonstrate the differences.

  1. Site Credit Refund: ~70% Conversion
  2. Bonus Bet Refund: ~50% Conversion
  3. Hedging Incorrectly: ~40% Conversion*

*Conversion varies based on which side wins.

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