This article is in partnership with Neds.
If you are a beginner bettor, betting can be very complicated. This is especially true when it comes to more complicated bets, such as a Yankee bet.
A Yankee is a multiple bet, which means it’s slightly more confusing to figure out.
Yankee bets are most often used in horse betting because it means you can place bets on multiple horses, however, they are used in multiple sports.
If successful, this type of bet can win you a lot of money, and you can calculate your winnings using a Yankee betting calculator.
If you are just getting started with Yankee betting, you can even receive free bets.
We’ve compiled a “Yankee Betting Explained” guide for beginners, so you can place a Yankee bet with certainty.
What is a Yankee bet?
A Yankee bet is complex and allows several bets to be placed at the same time. It mainly consists of 11 bets of similar value placed on four different selections.
These 11 bets consist of six doubles, four trebles and one quadruple bet. To win money, two of the four selections must succeed.
Why is this a good choice?
The advantage of this type of bet is that multiple bets increase your chances of winning. If two selections win, you can win a lot of money.
These bets also offer safety, because even if one or two selections lose, you will not lose your stake.
The only downside is that the profit margin of Yankee bets is lower than other types of multiple bets.
Keep in mind that your return on a Yankee bet depends on your number of winning selections as well as the odds of each selection.
No single bets allowed
A Yankee bet does not allow a single bet, so for each selection you make, you must bet on at least two outcomes.
This is fine if the selections have short odds. If you bet on these in a single selection, you will get a minimal win.
How to place a Yankee bet
It is very easy to place a Yankee bet. Most online bookmakers offer this option, and you can use a Yankee betting slip to place your bet. The odds offered by the bookmaker will influence the cost of the Yankee bet.
Before you start placing bets, it is good to understand the sport you are betting on, as well as the betting rules. This will make you more confident in your choices.
It is possible to place a Yankee bet either way. A one-sided Yankee will double the number of bets you can place, as well as the initial bet.
It may seem confusing, but there are plenty of guides online that will help you bet each way.
Yankee vs. Super Yankee bet
A regular Yankee bet offers four selections, but a Super Yankee bet (also known as a Canadian bet) offers five, bringing your total bets to 26, not 11.
It works like a standard Yankee, but you have to make an additional selection.
The following bets are included in a Super Yankee bet: 10 doubles, 10 trebles, five quadruples and one quintuple. You only need two winners out of your five selections, which improves your chances of winning.
Super Yankees are found primarily in horse racing, but are not as common as traditional betting in other sports.
Permanent Yankee bet
A permanent Yankee bet is even more complicated and covers more than the Yankee or the Super Yankee. A permanent Yankee bet consists of five or six selections in different events.
This means that five individual bets can be placed on different sports. This brings the number of bets to 55.
How to Calculate Yankee Betting Winnings
Calculating your payout from your winning selections is made easier by using a Yankee betting calculator. If you want to go old fashioned, you can also do it yourself:
Convert fractional odds to a decimal odds format by dividing the top number by the bottom and adding one.
For doubles, trebles and quadruples, multiply the decimal odds of all relevant selections together, then multiply that number by your original bet.
Key points to remember
Before placing a bet, learn the latest tips. The Sydney Cup is one to watch – with prize money of up to $2 million up for grabs. Get advice on the Sydney Cup.
Now that you have a better understanding of Yankee bets, you should be able to understand why they are so popular among sports betting fans.
This multiple bet has lower risk and increased winning opportunities, and can be applied to almost any sport.
With your newfound knowledge you should feel ready to place your first bet, you may even get free bets credited if you join a new online betting site. But always remember to gamble responsibly.
Play responsibly. Contact the Gambling Helpline for free, confidential support, information and advice on 1800 858 858 or visit www.gamblinghelponline.org.au.