Types Of Bet 1
Single The easiest, and some would say only, way to wager. A single is a win bet on a horse, dog, football team, boxer or whatever. A £10 single on a 2-1 winner returns £30 (2x£10 plus the £10 stake, which is always returned to you when you back a winner), £10 on a 3-1 winner returns £40 and so on.
Calculating returns is slightly more complicated if the odds are fractional (ie, not something-to-one). If, for example, you have £10 on a 5-2 winner, that equates to £10 on a 2.5-1 winner so the return would be £35. Evens, a popular price, refers to 1-1 so £10 on an even-money winner pays £20.
Odds-on If the odds are expressed in such a way that the figure before the hyphen is smaller than the one after it, that denotes an odds-on chance, ie, one rated better than 50-50 to be successful.
A £10 bet on a 1-2 chance would return £15, £10 on a 1-5 chance would return £12, and so on. Odds-on chances are described, using the example of 1-2, as 'one-to-two' or 'two-to-one on'.
Each-way This is two bets on the same runner. One part is a straight win bet, the other is on the runner to be placed, which usually means finishing in the first three but can, in certain events, mean the first two, four or, mainly in the case of large-field golf tournaments, five.
The idea is to provide some compensation if your selection performs well but fails to win.
Because it is two bets, your stake is doubled, so a £10 each-way bet costs £20.
A successful £10 each-way bet on a 10-1 winner would return £110 on the win part while the place part of the bet would depend on the particular each-way terms offered on that event. These depend on how many runners are in the field and, in the case of horseracing, whether or not it is a handicap.
If that sounds complicated, it isn't in reality. The place terms are usually expressed at the bottom of the list of prices. It might, for instance, say each-way a quarter the odds a place 1,2,3. So in the case of the successful £10 each-way bet on the 10-1 winner, the place part returns £35 (£10 stake plus a quarter of 10), giving a total return of £145. If the runner finishes second or third, the return is £35.
Double The most basic multiple bet. Both selections must win and your return is calculated by multiplying their odds. Thus, a £10 double on a 2-1 winner and a 7-1 winner pays £240 (£10 on a 2-1 winner = £30. £30 on a 7-1 winner = £240).
Each-way doubles are accepted, and will provide a return as long as both runners are placed. A £10 each-way double on two 10-1 winners (at terms of a quarter the odds the first three) would return £1,332.50. This is calculated by separating the win double, which pays £1,210 (£10 at 10-1 = £110. £110 at 10-1 = £1,210), from the place part, which pays £122.50 (£10 at 5-2 = £35. £35 at 5-2 pays £122.50).
The bet returns £122.50 if both are placed, or if one wins and the other is placed.