If-bets: bets that only exist conditionally

An if-bet is a chain of two or more wagers placed at once, where each wager is only activated if the one before it meets a stated condition — usually a win, sometimes a win or a push. If the condition fails the chain stops and the remaining bets are never placed. The bets settle in the stated order regardless of when the games actually finish.

It exists to cap total exposure. Because a later leg is only funded if an earlier one has already returned, the maximum loss on the whole chain is the first leg's stake, no matter how many legs it contains. The book carries no extra risk in offering it, which is why the prices are the ordinary straight prices.

The cap is paid for with the branch where the first leg loses and the second would have won. In that case a straight bettor collects and the if-bettor never had the bet. The if-bet is not a better price on either game; it is less money going through, and less money through negative-priced bets loses less on average.

That is also the expensive part. Chains of four and five are common and largely decorative. By the fourth link the probability that the bet is ever placed is small, so the bettor has planned four opinions and will typically only ever hold one or two of them, while feeling as though the whole card is live.

What to do with it. Write out every branch of the chain and the cash result at each one before placing it.