Betting on horse racing is a popular activity and there are many betting shops and Online Betting Providers that take bets on UK horse racing. Below is is a guide to betting on horse racing and the terms used.
Betting Stake
The "betting stake" is the amount of money being bet on the horse race.
Types of Bet
To Win
The person betting on the horse race is placing a bet on the horse to win the race. The bet is lost if the horse does not come first in the race.
Each Way
The person betting on the horse race is placing a bet for the horse to come in any of the top places of the race. The number of top places for any horse race is decided by the betting provider and is typically the first 3 places. However, for horse races where only a small number of horses are racing Each Way bets may be limited to the first two places or, if 5 or less horses are racing Each Way bets are not usually offered on the race at all. Similarly, for horse races where there are a large number of horses in the race such as the Grand National where 40 horses typically race, Each Way bets may be extended to the first four or even five places.
The actual bet forms two bets - one bet is placed on the horse to win the race and the full odds apply to this part of the bet. The other bet is placed on the horse to come in one of the top places and only a quarter of the odds apply this part of the bet. A £1 Each Way bet therefore costs £2 with £1 being placed on the horse to win, and £1 placed on the horse to get a top place.
The bet is lost if the horse does not come in any of the top places of the horse race.
The Winnings
To Win Bet
Where the horse wins the betting stake is multiplied by the odds to calculate the winnings and is paid out with the original betting stake. For example if a £2 bet is placed on horse with odds of 8-1 the £2 betting stake is multiplied by 8 and paid with the original £2 betting stake, ie a total of £18 is paid when the horse wins.
Each Way Bet
Where the horse wins the race the first part of the betting stake is multiplied by the odds and paid with that original part of the betting stake, and the other half of the betting stake is multiplied by a quarter of the odds and paid with the original part of the betting stake. For example where a £1 Each Way bet (£2 betting stake) is placed on a horse at odds of 8-1 the original £1 betting stake for the horse to win is multiplied by 8 and returned with the original £1 betting stake paying out £9. The other £1 of the betting stake is then multiplied by a quarter of the odds (ie 2) with the original £1 betting stake paying out £3. Therefore if the horse wins the bet results in a total £12 win.
Where the horse comes in a top place in the horse race other than first place the original betting stake for the horse to win is lost and second part of the betting stake is multiplied by a quarter of the odds and paid with the original part of the betting stake. For example where a £1 Each Way bet (£2 betting stake) is placed on a horse at odds of 8-1 the original £1 betting stake for the horse to win is lost. The other £1 of the betting stake is then multiplied by a quarter of the odds (ie 2) and paid with the original £1 betting stake paying out £3 in total.
