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If you’re new to racing, this basic Guide to Betting should help answer some of the questions you might have. If you’re not sure exactly what type of bet you want to have or don’t know what you should be looking for, we hope you’ll find the answers here.
Don’t forget though, having a little flutter on the horses should be fun and it doesn’t have to be complicated. Sometimes you’re as likely to have a winner by just deciding you like the name or the colours of the jockey!
Here we explore some of the basics to help you understand betting:
Stake
When placing a bet, your stake is the amount of money you are willing to gamble - be it a cautious £1 or a rather more flamboyant £500.
If you're a winner, your winnings (also known as 'returns') are calculated according to your horse's odds.
Odds
In the world of betting, the odds (often referred to as the price) are a way of expressing the perceived probability of a horse winning a race and it's at this value which a bookmaker will lay his bets.
OK - so that's all relatively easy. Here's the more difficult bit. Prices can be odds against, even money or odds on.
Odds against
When the bookmaker offers a return which is more than double the amount staked for a win bet. If your stake is £1, a winning bet at 2/1 (pronounced two-to-one bet) will return you £2 plus your original stake of £1, making a total of £3.
Even money (or Evens)
When the bookmaker offers a return which is double the amount staked on a win bet. If your stake is £1 the bookmaker will return £1 plus your stake, making a total of £2.
Odds on
When the bookmaker offers a return which is less than double the amount staked for a win bet. A successful £1 bet at 1/2 (pronounced two-to-one-on), will return just 50p plus your stake, making a total of £1.50. The word 'on' indicates that the odds are reversed.
Long Odds or Short Odds?
Sometimes, instead of a horse's odds being expressed as a fraction, you might hear that they are simply 'long' or 'short'. This isn't meant to refer to the horse itself - or even the jockey. Instead, odds that are said to be long (e.g. 50/1) point to the fact that a horse is very unlikely to win the race. Conversely, short odds (e.g. 2/1) indicate that a horse has a good chance of winning.
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Racing
Understanding Betting
