Second Chance Bet: Hedging Incorrectly
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Second Chance Bets are refunded as Site Credit or Bonus Bets. Since they have different expected conversion percentages, Bonus Bet ~70% and Site Credit ~100%, it changes how you hedge. Using the wrong setting in a Bet Finder can result in missing out on profit. For all the examples below we will use the same team and odds for all scenarios and examine how setting the correct refund type impacts the final payout.
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
- This guide focuses on what happens if you select the wrong refund type for Second Chance Bets
Examples
In all our Second Chance bet guides we use the example of
- Pistons Money Line at +305
- Raptors Money Line at -335
The proper bet amounts for a Site Credit refund are:
The proper bet amounts for a Bonus Bet refund are:
Incorrectly Choosing Bonus Bet Refund
Looking at our Site Credit Refund guide we know that the hedge should be $2,349 and have a final profit of $701 no matter which side wins. Here we will look at hedging a Barstool Second Chance Bet refunded as Site Credit, but mistakenly hedging $2,580 as if it were a Bonus Bet Refund.
This results in uneven outcomes depending on which side wins. Illustrating why it is important to ensure you understand what your Second Chance Bet will be refunded as, and the impact on your profit.
Incorrectly Choosing Site Credit Refund
Looking at our Bonus Bet Refund guide we know that the hedge should be $2,580 and have a final profit of $470 no matter which side wins. Here we will look at mistakenly hedging an MGM Second Chance Bet refunded as Bonus Bet, but mistakenly hedging $2,349 as if it were a Site Credit Refund as determined in this guide.
This results in uneven outcomes depending on which side wins. Illustrating why it is important to ensure you understand what your Second Chance Bet will be refunded as, and the impact on your profit.