We started with a look at the different types of odds you will encounter, now we are ready to move on to the next step. This is a look at the basic types of bet you can make.
Single to win
The simplest type of bet there is. A single bet on a selection to win.
£10 single on a horse to win at 8/1.
If it wins, the return is £90. This is the £80 winnings, and your £10 stake.
Place betting is most common in horse racing, although it is used it other sports as well. You can back a selection to place, rather than to win outright. The number of places that are paid will depend on the number of entrants, and can also vary from one bookie to the next. Therefore it is important to check the terms and conditions before making this type of bet.
As an example, a race with 10 horses might pay places for the first 3 horses. The price paid out would be a percentage of the odds to win. E.g. it might be 1/3 odds for the first 3 places. With a place only bet you would get this return even if your horse was to win the race.
£10 on a horse to place at 9/1.
In this race, the first 3 horses are placed, so if your horse is in the top 3, your place bet is a winner. The return is £40. This is the winnings of £30 (£10 x 9/1 x 1/3) and your £10 stake.
An each way bet is a two part bet that combines the two bets above, i.e. a win bet, and a place bet. You pay once for each part of the bet, so it will cost twice as much as a single bet. Bear this in mind when you ask for an each way bet, if you ask for a £10 each way bet, it will cost you £20.
You back a horse each way and it wins. Your each way bet pays out on both parts. The win part at the full odds, the place part at the reduced odds as above.
You back a horse each way and it finishes 2nd. The win part of the bet is lost, but the place part would pay out.
A lay bet is a bet on something to lose. This is a type of bet that has only relatively recently become available, largely thanks to the betting exchanges. When you lay a bet you are effectively playing bookmaker, and therefore stand to pay out should the selection go on to win.
You lay a horse for £5 at 4/1. The £5 is the backers stake, and if the horse does not win the race, you keep this £5 stake as your profit. If the horse does win the race, you have to pay out the backer at 4/1. This would be a total of £25, which is £20 profit, and the backers original stake of £5.