Place bet
In addition to straight Win bets, bookies also offer a Place Bet, where you bet that a horse won't win, but will come in either second or third place (sometimes down to fourth place if the number of starters is large enough).
The payout for a Place bet is either one quarter (1/4) or one fifth (1/5) of the odds, depending on the number of horses in the race (see table below)
As an example, let's say you're betting on a handicap race with 15 runners. You bet on horse A to come home placed (ie 2nd or 3rd) at odds of 20-1. If it does, you will win 5 times your stake (20/4). If it wins, though, you win nothing!
Each way bet
A favourite bet with punters is an Each-way Bet. This is a combination of a Win and a Place. The stakes are doubled as you're placing two bets, but if your horse wins, you win on both bets. So, if you bet £10 each-way (ie total stake of £20) on horse B at odds of 8-1, your payout will be:
£90 for the win (8 x 10 + 10)
AND
£30 for the place ((8 x 1/4) x 10 + 10) = total payout of £120.
If your horse finishes 2nd, 3rd or sometimes 4th, your win bet loses, but your place bet still comes up, so your return would be £30 (as above).
This is why the Each-way bet is popular - it pays well if you win, but gives you a second chance if you don't.
Multiple bets
Double
A double is a bet on two things happening. Both have to win.
eg you place a £10 double on two horses, X at 4-1 and Y at 7-2. If horse X wins, your payout is £50 (4 x 10 + 10) which is then bet on horse Y.
If that wins, the payout would be £225 (7 / 2 * 50 + 50).
Treble
A treble is like a double but with three bets. Again, all three must win, but the payout is much higher.
eg you place a £10 treble on three horses, X at 4-1, Y at 7-2 and Z at 2-1. If horse X wins, your payout is £50 (4 x 10 + 10) which is then bet on horse Y.
If that wins, the payout would be £225 (7 / 2 * 50 + 50).
This then goes on to horse Z and if that wins, your payout is £550 (2 * 225)
Fourfold
A fourfold is like a double and treble, but with four bets.
To take the above example further, if your first three horses win and your fourth comes in at 3-1, your overall winnings are £1650!
Patent
A patent is a bet where you choose three horses and place 7 bets - three single bets, 3 doubles and 1 treble.
For example a bet on horse X at 2-1, horse Y at 3-1 and horse Z at 4-1 gives the following bets:
3 single bets on horses X, Y and Z.
3 doubles on: horses X and Y, horses X and Z, horses Y and Z.
1 treble on: horses X, Y and Z.
The advantage of this type of accumulator bet is that you have separate bets so if 1 horse fails to win, you can still win on 4 other bets.
Lucky 15
A lucky 15 is like a patent, but with four horses. The bets are therefore:
4 single bets (ABCD),
6 doubles (AB, AC, AD, BC, BD, CD)
4 trebles (ABC, ABD, ACD, BCD)
and 1 fourfold (ABCD)
Yankee
A Yankee is like a lucky 15, but without the 4 single bets, so your bets are:
6 doubles (AB, AC, AD, BC, BD, CD)
4 trebles (ABC, ABD, ACD, BCD)
and 1 fourfold (ABCD)
Fancy a flutter?
Now you know all about odds, why not try out your new-found skill with a little wager? To help you on your way, we've linked up with a few online bookies, all of which are happy to offer you FREE bets - up to £200 in some cases.
Check out the latest offers on our Free bets page.
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