Scanning the menu, "How are betting odds calculated?" leads to one family of bets. Beyond the single win bet, a betting menu holds dozens of types, and each way is one of the oldest. It splits a stake into a win bet and a place bet on the same runner. What the rest of the menu offers is variety: props, specials, combinations and more, each with its own settling rules and its own margin, explained here with examples from racing and team games.
Each way bets are calculated with the place terms printed beside the race: a fraction such as one quarter or one fifth, and a number of places. How many places does an each way bet pay? It depends on the field. Small fields may pay two places or none, mid sized fields usually three, and large handicaps four or more. At a quarter of 10.00, the place odds become 3.25 in decimal terms, with the stake included.
Prop bets, short for propositions, ask about events inside a game instead of its result: how many corners, which player scores first, whether a match goes to a deciding set. Types of prop bets split into player props, team props and game props. With examples in hand, the pattern is clear: the narrower the question, the thinner the data behind the price and often the wider the margin, which is why many props carry low stake limits.
What an each way bet means in horse racing is insurance on a longer priced runner that might finish close. Is each way betting worth it? The place part carries its own margin, usually heavier than the win part, so the cover costs money over time. It makes most sense on outsiders in big fields with generous terms, and least sense on short priced favourites, where the place part returns barely more than the stake.
The field decides: small fields may pay two places or none, mid sized fields usually three, and large handicaps four or more.
A forecast names the first two finishers in the correct order, and a tricast names the first three runners home, also in order.
On outsiders in big fields with generous terms; on a short priced favourite the place part returns barely more than the stake itself.
A single backs one outcome, while doubles, trebles and accumulators join several selections into one bet that needs every part to come in.