The most standard bet you could make is a win bet. You will only make a profit if your selection wins. So, if you make a £5 bet at 7/1 at your favourite bookmaker you will make a £35 profit if your selection wins (and get your £5 stake back, if you win). Another common bet, is an Each-Way Bet. If you place an each-way bet on a single event, you are effectively making two separate bets. One bet is on a win only basis, and one is on a place basis.
- A place bet, allows you to make a profit if your selection finishes not just first, but also in a certain number of other places (e.g. 2nd, 3rd, 4th etc. depending on what the bookmaker is offering). Usually, you will receive a proportion of the win odds.
- So, if you have £5 to bet with in total on an Each-Way Bet, you could place a £2.50 each-way bet – this means £2.50 goes on the Win part, and £2.50 goes on the each-way part. Let’s say you bet on an outcome offering 7/1 odds if its wins, and 1/3 the win odds (in this case 7/3) if it places in the top 2. If your selection wins, you collect on both parts of the bet. So you would get £17.50 profit (and your £2.50 stack back) for the win part, and £5.83 profit for the each way part (and your £2.50 stake back). So, your total profit is £23.33 (and you got your £5 stake back). However, lets say your selection finishes 2nd – you would not win anything for the win part, but for the each-way part you would make £5.83 profit for the each way part (and your £2.50 stake back). In this example, you made a profit, whether your selection won or it placed.
- In the UK, in horse racing number of places paid are set by the Jockey Club – it depends on size of field, and if the race is a handicap or not.