Betting has a language of its own, and most of it gets explained badly. This is our plain-English answer to the questions we get asked most, written by people who take the bets rather than people who write the adverts.
The bets
What does each-way mean?
It’s two bets. Half your stake goes on the selection winning, half on it finishing in the places. So a £5 each-way bet costs you £10. The place part pays a fraction of the win odds, usually a quarter or a fifth, and how many places you get depends on the size of the field.
Full guide to each-way betting
What is a Lucky 15?
Fifteen bets from 4 selections: 4 singles, 6 doubles, 4 trebles and a fourfold. Because the singles are in there, one winner still gets you a return. A £1 Lucky 15 costs £15.
Lucky 15, Yankee, Heinz and the rest explained
What are the main bet types?
Singles, doubles, trebles, accumulators and each-way cover most of what you’ll ever need.
Our run-through of the different bet types
The odds
What’s the difference between 4/1 and 5.0?
Nothing, they’re the same price written two ways. Fractional odds show your profit against your stake, so £1 at 4/1 wins you £4 and returns £5. Decimal odds include the stake, so 5.0 returns £5 on that same £1.
What does SP mean?
Starting price. It’s the price your selection is returned at when the race goes off. If you don’t take a price at the time you bet, you’re settled at SP.
James Lovell on how SPs are set, and why the system needs a rethink
What is Best Odds Guaranteed?
Take a price, and if the SP turns out bigger, you get paid at the bigger one. It usually applies to horse and greyhound racing from a set time on raceday.
Best Odds Guaranteed explained
How do I read a price and know if it’s fair?
Convert it to a percentage chance and ask whether you’d back that at those odds. 4/1 implies a 20% chance. If you think the horse is better than a 1-in-5 shot, that’s a bet worth making.
Reading odds and finding value
Betting on Welsh sport
Most of what we write about is closer to home. Our Welsh horse racing guide covers Chepstow, Ffos Las and the big days, and there’s a companion piece on betting on Welsh rugby.
For the big meetings, start with the Welsh Grand National, Cheltenham or the Grand National.
Still stuck?
Everything in our betting guides section is written the same way: plainly, by people who do this for a living. Current prices are on the DragonBet site.
18+. Please gamble responsibly. For guidance and support visit GambleAware.
