Definition
Two-way and three-way describe how many outcomes a bet can settle on. A two-way market has two possible results: one side wins or the other side wins. If the event ends in a tie, the bet is usually voided or settled under listed push rules.
A three-way market has three possible results: Team A wins, Team B wins, or the draw wins. Soccer moneylines often use three-way pricing because a draw is a live betting outcome.
Decimal odds implied probability formula:
implied probability = 1 / decimal odds
American odds conversion:
positive odds: implied probability = 100 / (odds + 100)
negative odds: implied probability = |odds| / (|odds| + 100)
Worked Example
In a two-way soccer “draw no bet” market:
- Arsenal -110
- Chelsea -110
A $110 bet on Arsenal wins $100 if Arsenal wins. If the match is drawn, the bet pushes and the stake is returned.
In a three-way soccer market:
- Arsenal +130
- Draw +240
- Chelsea +210
A $100 bet on Arsenal wins $130 only if Arsenal wins in regulation. If the match ends 1-1, the Arsenal bet loses and the Draw bet is the winner.
Why It Matters
Two-way markets remove the draw outcome from the win condition, while three-way markets price the draw directly. Comparing both helps a bettor see whether the payout increase in a three-way price is worth the added risk of losing on a draw.