In the world of betting, you only make money if you win a bet, and that is a no brainer. Punters break their heads researching teams and sports, all in order to predict the outcome of an event, and place a winning bet. But what if after winning a bet, you find out that you have actually lost money, rather than winning? Can you lose money on a winning bet?
Can you lose money on a winning bet?
Two of the commonest scenarios in which you can lose money after winning a bet is in the case of multiple bets and each-way bets. Let’s take a brief look at both of them
Simply put, multiple bets are multiple selections combined into a single bet. Most commonly used in sports like horse racing, there are different types of multiple bets, depending on the permutations and combinations of selections. Some of the most popular ones include Yankees, Lucky 15, and Lucky 31. Can you lose money on a winning bet? In this case, you can because you may wine one part of your selection and not the others.
Each way bets
In this type of bet, you are essentially combining two bets into a single bet. The first bet, known as the `win´ bet, is paid out when your selection wins. The second part, known as the `place´ bet, is paid out when your selection finishes at a predetermined place, albeit at a fraction of the winning odds. So in this scenario, if your selection only `places´ but doesn’t win, there are chances that you will lose some money, even though you won a part of your bet.
Other scenarios where you may lose money, even after winning the bet is when Dead Heat rules or Rule 4 deductions are applied. The dead-heat rule is applied when there are two winners. The pay-out is divided into half of what was offered, as it is split between both winning bets. Rule 4 deductions are applied most commonly in horse racing when a horse withdraws from the race. In such cases, a portion of the money is withdrawn from the winnings, in order to protect the bookies from making a loss.