It is the biggest, scariest, most exhilarating steeplechase in the world, a four-mile rollercoaster of flying spruce, tumbling bodies and thundering hooves.
Most of us will get no closer to the visceral thrill of the Grand National than our television screens and if your like me venture into the betting shop for the first time or since last year. Lets hope all 40 horses come back safe and sound!
Here’s a quick guide to help you understand the basics of betting.
Your stake is how much you want to bet. The minimum stake is usually £1.
Winnings
If you’re lucky enough to pick a winner, the amount you win is calculated according to your odds and the type of bet you placed. The odds are often referred to as ‘the price’ and they’re an expression of how likely the bookmaker thinks it is that your horse is going to win.
Betting odds explained
Long odds
You may hear that a horse has long odds (e.g. 33-1, 50/1, or even 500/1). This basically means that horse is very unlikely to win.
Short odds
Short odds (i.e. 2/1, 4/1 or evens) means that the horse has a good chance of finishing first.
Odds against
For example, 2/1, 33/1, 17/2, 500/1. If the bookie thinks your horse has less than a 50/50 chance of winning, it’ll be given odds against. If you pick an odds against horse that wins, you’ll get your original stake back plus your stake multiplied by the odds against.
So, a £100 bet on a 10/1 horse will see you get £1100 back. That’s your original £100 stake plus, £1000 (£100 x10.
Odds on
If the bookie reckons your horse has a more than 50/50 chance of winning, it’ll be odds-on. If you win on an odds-on horse, you’ll get your stake back plus your stake multiplied by the odds.
So if you put £100 on a 1/10 horse you’ll get the £100 back plus £10 (100 x 1/10).
Evens
A nice simple one this time. If the bookie thinks your horse has a 50/50 chance of winning, you get double your original stake.
Types of horse racing bet
There are loads of types of bets. Scoops. Jackpots. Accumulators. They can be a bit tricky, and if you’re new to horse racing you’re probably better off keeping things simple. To that end, there are two types of bet that are easy for the newcomer to get their head around.
To win betting
Pretty obvious this one. Choose a horse. Place a ‘to win’ bet on it. Then if it wins, you win. Happy days. It’s often called an ‘on the nose’ bet.
Each way betting
With an each way bet, you choose a horse then if they win or come in the top three you win. In races like the Grand National where there are lots of horses running, each way bets may be extended to the first four or five horses that place.
Each way winner
If you bet £10 each way, your stake will be £20 (£10 for it to win, £10 for it to place). So if your horse comes in first on a £10 each way bet with odds of 2/1, you get your original stake of £10 plus £20 for it coming in first. The £10 you bet for it to place gives you your original stake of £10 plus a quarter of the stake multiplied by the odds, which works out at £5. So you put £20 on and get £45 back.
Each way place
If the horse doesn’t win but places (comes in the first three places), you lose the £10 stake for it to win. You’ll then receive your £10 stake for it to place plus a quarter of the stake, which works out at £5. So for your £20 stake you get £15 back. So as a rule it’s usually a better idea to go each way on horses that have slightly longer odds than 2-1, as the returns for placing are a little better*.
Discover more from LoveBelfast
Subscribe to get the latest posts sent to your email.
