Live double chance
In-play markets open up options that don't exist before kick-off. Say you fancied 1X pre-match at 1.40 and the game is still goalless at 60 minutes. The in-play 1X might now be about 1.15, because the clock is eating into the other side's chances of winning (illustrative prices). Look for openings when the favourite concedes first and the 1X price drifts out, when a tight game makes X2 attractive, or when the weather turns. Bear in mind that in-play margins are often higher, which cuts into the value.
Hedging with double chance
Hedging means betting against your own position to buy some protection. Suppose you backed Arsenal to win at 2.50 with £50, a £125 return. They lead 1-0 at 70 minutes, their win price has shortened to 1.30 and X2 is 3.80. A £15 hedge on X2 returns £57 if Arsenal drop points.
Total outlay is £65. If Arsenal win, you collect £125 for a £60 profit, against £75 unhedged. If X2 lands, you collect £57 and lose £8 rather than £50. The hedge costs you £15 of profit if Arsenal hold on and cuts the loss if they don't. It doesn't guarantee a profit either way, and every extra bet pays its own margin, so check the prices first.
Making your own double chance
You can mimic a double chance by splitting your stake across two outcomes. With Home 2.50, Draw 3.40 and a bookmaker 1X of 1.45, a £100 stake split about £57.60 on Home and £42.40 on the Draw returns roughly £144 whichever of the two lands, with an away win losing both. The bookmaker's 1X would pay £145, so splitting rarely beats the real thing. It only makes sense if you can find better prices on each outcome at different bookmakers.
Cash out
Imagine £100 on 1X at 1.35, a £135 return if it lands. Your side lead 1-0 at half-time and the cash-out offer is £118, locking in £18 profit against £35 if you hold. Cashing out makes sense when something changes the picture, such as an early underdog goal, a red card for the favourite, the weather turning or a favourite who is leading without playing well. Hold when the performance is dominant, the lead is more than a goal or little time remains.