Betting Types Explained
The three main types of bet are ‘win’, ‘place’ and ‘each way’ and while there are other permutations that involve multiple selections, these are the ones that you will need to understand before opening a bookmaker account.
The Win Option
This really is as easy as it sounds: You are simply backing a selection to win, whether it’s a horse, a football team or an individual player. Straight win options are available in other markets such as first goal scorer in a football match or highest run scorer in cricket.
There is a relatively recent addition to this which is offered by betting exchanges and that is the ‘lay’ bet. This may sound complicated but in theory, you are simply backing a selection to lose. Perhaps you think the favourite in a horse race won’t win and in that case, take the lay option which will be offered by the exchange.
A place bet isn’t offered by all outlets so if this sounds interesting then you will have to choose your provider wisely. Using horse racing as the obvious example, if you take the ‘place’ that means that you don’t expect the horse to win but you do think that it has the talent to finish in second or third. When you stake in this market and your choice lands, you could typically look forward to a return at either a quarter or a fifth of the win odds – depending on the number of runners in the race.
In some cases, a place bet on a horse race could extend down to 4th place and this would typically be offered in an event which has a huge field such as the Grand National.
Each Way Punts
Essentially, an each way bet is a combination of both a win and a place and once again, horse racing is the best sport with which to explain it. You’ve found a horse priced at 8/1 but aren’t confident enough to stake on a win but you want a better return than a ‘place’ punt would offer.
With an each way you are effectively taking two bets: The first is for a win and the second is for a place so the first point to remember is that any stake you make is doubled. Here’s what would happen if your chosen horse goes on to win that event and your £10 stake is multiplied by 2 – giving you a total outlay of £20.
Your first part of that bet is a ‘win’ so you collect a profit of 8 x £10 = £80, plus your initial stake, making a total of £90.
The second step is a place bet so for this example, you get a quarter of the odds @ 2/1 so your profit here is £20 plus the £10 stake. Overall, the total return is £120 for an outlay of £20.
These are the really basic foundations of betting so get used to them first and you’re ready to move on to multiples and formulas such as trixies and lucky 15s which we will explain elsewhere.