Betting has a language of its own, and most of it gets explained badly. These are plain answers to the questions we’re asked most, written by the people who take the bets rather than the people who write the adverts.
Who’s answering
DragonBet was set up by brothers James and David Lovell. The family has stood in racecourse betting rings for decades, and after launching the website the brothers bought back into the ring rather than leave it behind.
“One of the best things about bookmaking is that there’s so much to learn. I’ve been involved for 25 years now and although I’ve learnt a great deal, I’m acutely aware there’s lots more I need to know.”
James Lovell, Bookmaking, it’s a sink or swim kind of thing
So when the answers below tell you what a bet costs or where the traps are, that’s coming from the counter rather than a textbook.
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, which is the single most common misunderstanding we deal with.
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. It stops being worthwhile at short prices: back a 2/1 favourite each-way and a placed run actually loses you money.
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, not £1, which is worth knowing before you hand it over.
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. Everything else is a variation on combining them.
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 that same £5.
What chance do the odds imply?
This is the most useful sum in betting, and almost nobody does it. Convert the price to a percentage and ask yourself whether you’d genuinely back that.
| Fractional | Decimal | Implied chance |
|---|---|---|
| 1/2 | 1.50 | 66.7% |
| Evens | 2.00 | 50% |
| 2/1 | 3.00 | 33.3% |
| 3/1 | 4.00 | 25% |
| 5/1 | 6.00 | 16.7% |
| 10/1 | 11.00 | 9.1% |
| 20/1 | 21.00 | 4.8% |
| 50/1 | 51.00 | 2% |
The sum is simple: for fractional odds of A/B, the implied chance is B divided by (A plus B). So 3/1 is 1 divided by 4, which is 25%.
If you think a 3/1 shot is better than a 1-in-4 chance, that’s a bet worth making. If you don’t, it isn’t, however much you fancy the horse.
Reading odds and finding value
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.
SP matters more than most people realise, because by the off the market has absorbed everything: the money, the going, the non-runners. It’s the closest thing racing has to a verdict on a horse’s real chance.
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. DragonBet applies it automatically on UK and Irish horse racing, so there’s nothing to claim.
Best Odds Guaranteed explained
Betting in the ring
One thing worth knowing if you ever go racing: the prices on the racecourse and the prices on your phone are not always the same, and the on-course bookmakers are frequently the ones betting hardest.
“In the ring, that’s not the minority: the on-track books won’t restrict you, and they’ll be betting the hardest of all. If you’re attending, look at the boards, then look at the prices displayed on the big screen, you’ll soon see why those who want value are back and have decided to come racing.”
James Lovell, Family firms, fair odds, four days
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 Explained 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.
