Understanding Bookies : Basic Guide to UK Betting
This Basic Guide to Betting should help answer some of the questions you might have. If you’re not sure exactly what type of bet you want to have or don’t know what you should be looking for.
Here we explore some of the basics to help you understand betting at UK bookies:
Stake
When placing a bet, your stake is the amount of money you are willing to gamble - be it a £1 or £1,000.
If you're a winner, your winnings (also known as 'returns') are calculated according to your horse's odds.
Odds
In the world of betting, the odds (often referred to as the price) are a way of expressing the perceived probability of a horse winning a race and it's at this value which a bookmaker will lay his bets.
Prices can be odds against, even money or odds on.
Odds against
When the bookies offers a return which is more than double the amount staked for a win bet. If your stake is £1, a winning bet at 2/1 (pronounced two-to-one bet) will return you £2 plus your original stake of £1, making a total of £3.
Even money (or Evens)
When the bookies offers a return which is double the amount staked on a win bet. If your stake is £1 the bookmaker will return £1 plus your stake, making a total of £2.
Odds on
When the bookies offers a return which is less than double the amount staked for a win bet. A successful £1 bet at 1/2 (pronounced two-to-one-on), will return just 50p plus your stake, making a total of £1.50. The word 'on' indicates that the odds are reversed.
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