Welcome to the Betting Gods School of Betting, where each week we’ll be looking at betting from a more educative angle, catering for the total betting beginner to the seasoned veteran. This week, we’re siding we’re the newbie, taking a run through some of the most common types of bet and betting terminology used here at Betting Gods and in the global betting community.
Win & Each Way Bets
If we’re starting with the basics then the win bet is going to be the place to start. This is the most common type of bet used and involves you picking a selection that you believe will come first in the chosen market. This could be the winner of a football match, greyhound or horse race, or the winner of a more specific market such as first goal scorer or overall tournament winners.
An each-way bet, most commonly used in horse racing, can see you win even if your selection fails to come first. This type of bet is split into two – the win bet and the place bet. So for example, the bookies may be offering a horse at odds of 10/1 with the place paid at ¼ of the odds if the horse finishes 1st, 2nd, 3rd or 4th. This would mean that a £10 each way bet on this horse would see us placing £10 on it to win at 10/1 and £10 on it to come in the top four at 5/2. If the horse wins then the win and placed part of the bets pay out, giving us £110 for the win and £35 for the place, both inclusive of stake. If the horse failed to win but finished 2nd, 3rd or 4th then we would lose the £10 win bet, but win the £10 place bet, giving us £35 back including out stake. This represents a profit of £15 on our initial £20 outlay.
The number of places and price paid for each way selections varies depending on the type of event, number of entrants and even the bookmakers who often have special promotions during major events. Each way betting is available on anything and everything from Wimbledon and the British Grand Prix to Celebrity Big Brother and Masterchef!
There have been whole books written about lay betting, but it’s worth knowing at least what it is as it’s something that’s becoming more and more popular, with many of our tipsters often advising lay bets alongside ones to back. It effectively sees you becoming the bookmaker and offering to back things you think will not win, rather than things that will.
In practice, what this means is that a horse may be fancied to win a race but you’ve noticed a huge negative in his form that says he won’t. You offer a general market price of 4/1 and are willing to have a liability of £1000. This would mean that you can accept up to £250 of bets at this price, If the horse wins then you would be liable to pay £1,000, but if it loses then you pocket the stakes and finish £250 up. It results in the odds being flipped, so a horse can be backed at 4/1 to win or back at 1/4 for it to not win in the case of the layer.
That should be enough information to soak up this week! Take a look through some of the betting sites you’ve been browsing to see what back and lay options they have as well as paying attention to different each way odds for various sporting events. Next week, we’ll continue the series with a look at the world of accumulators and how they can limit your liability whilst still bringing in significant returns!