We all love a bit of the Grand National, so we’re here to help you out! I don’t understand betting, and i’m sure most of the folks going the races are just going to get dolled up and end up in a pair of flip flops. But if you are looking on placing a few bets, have a look at our simple guide to betting at the races!
STAKE: How much you want to bet. The minimum stake at most British racecourses is £2.
WINNINGS: If you’re lucky devil and pick a winner, the amount you win is calculated according to your odds and the type of bet you placed. The odds can be referred to 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 FOR BLONDES… (LIKE ME!)
LONG ODDS: If your horse has long odds (e.g. 100-1 even 500/1). This means that horse is very unlikely to win – but if it does, you’re rolling in it.
SHORT ODDS: Short odds (i.e. 2/1, 4/1 or evens) means that the horse has a good chance of finishing first – but you’re not going to much wonga.
ODDS AGAINST: For example, 2/1, 33/1, 17/2, 500/1. If the bookie’s think your horse has less than a 50/50 chance of winning, it’ll be given odds against. If you pick an ‘odds against’ horse and it ends up winning, you’ll get your original stake back plus your stake multiplied by the odds against.
So, give you an example – £100 bet on a 10/1 horse will see you get £1100 back. That’s your original £100 stake plus, £1000 (£100 x10). Woop!
ODDS ON: If the bookie thinks 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: This is the nice simple one – If the bookie thinks your horse has a 50/50 chance of winning, you get double your original stake.
Types of horse racing bet… Many many!
Scoops. Jackpots. Accumulators – There are loads, and can be a bit tricky, and if you’re new to horse racing! In the end, there are two types of bet that are easy for the newcomer to get their head around.
TO WIN BETTING: Don’t wish to patronise, but this one is the simples. Place a horse ‘to win’ and it wins – you win.
EACH WAY BETTING: You choose a horse, and you want them to win or come in the top three. 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.
SO IF I’M AN 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 comes in the first three places but not win, 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.
Right, with that all boxed off – we wish you lovely people the best of luck!
Are you coming to the Grand National – What do you want to know about Liverpool?
Been to the races before? Send us some pictures of you all looking fabulous, we’ll be making a blog once the party is over!
By Steph Bewley