Guide to Online Betting: Different Types of Bets & Odds
Right off the bat, we do want to point out that it is going to be impossible for us to cover all types of bet available in the United Kingdom. This is because there are dozens and dozens of types. Bookies seem to be coming up with new ones all of the time too. Some of them may only be available at certain bookmakers too. On this page, we want to introduce you to reading odds for events, as well as the main types of bet that you will encounter when you are betting online.
In the UK, we mostly use fractional odds. You may see odds like this (2/1). This means that for every £1 you put on the bet, you could potentially win £2 back. This means that if this bet came through, and you bet £10, you would receive £30 back. This is your winnings, plus your initial £10 back. So, a twenty quid profit.
Decimal odds can be a little bit trickier to read. If we had fractional odds of 2/1, then the decimal would be 3.00. In order to work out the return, you would multiply the decimal by the amount of cash that you are putting on the bet. This would tell you how much you would receive if the bet came through. In this case, £10 would be multiplied by 3, which would equal £30 back. Same as the 2/1 in decimal odds.
Obviously, both of these are very ‘simple’ examples for reading odds, but we are sure that you have enough information here to read any odd you are encountered with. You probably knew how to do fractional odds anyway.
The most common type of bet you will encounter online will be the ‘win’ bet. You bet on an outcome happening. If it happens, then you will win your cash. If it doesn’t happen, then you will walk away with nothing.
Each way is very popular when it comes to horse race betting. With this, you will have what is essentially two bets. The cash you give the bookie will be split down the middle. Half will be regarded as a ‘win bet’, and the other will be for a place. In horse racing, this often means 2nd or 3rd place, although you will need to read the terms and conditions of the bet. Let’s assume that the bet is ‘each-way’ for 1st to 3rd place. This means that if the event happens in one of these three positions, then you will win. However, the odds will be slightly lower in the event of a third place.
This is pretty much the same as ‘each-way’, although the odds will be worse if your horse comes in 1st place. This is because the odds are going to be the same no matter what position your horse comes in.
This is where you can really win a few quid. People have become millionaires from accumulators. With accumulators, you will essentially be stringing a lot of bets together. For example; you may bet on 4-5 football matches. If you guess the correct result in all of the matches, you win.
If you get one wrong, then the whole bet is a loser. While some bookmakers will have limits on accumulators, there are some which will essentially allow you to string dozens of bets together. Sure, the risk is high, but the reward is high too. A single bet of a quid on an accumulator of a few dozen events can give you millionaire status. It is that lucrative!
These can be regarded as accumulators too, although not quite. It is impossible for us to go through all of the different types of a system bet, but we do want to give you a few examples. This should hopefully allow you to see what this type of bet is all about. You can think of these as ‘combined’ accumulators. Basically, a single bet with several accumulators involved.
Trixie: with this type of bet, you will make three-event selections. There will be four separate bets here. Three of these will be doubles (i.e. an accumulator of two), and the third will be a treble (i.e. an accumulator of three). If two of these bets come through, then you will win your Trixie.
Yankee: four selections. This will be split into eleven bets. There will be 6 doubles here, four trebles, and a fourfold. You will need to win two of these to gain a return.
We are sure you can see what we are getting at here. These system bets are combined bets. The risk is lower than if you had a straight accumulator, but the reward is going to be a little bit lower to compensate. Don’t worry if you do not understand about the selections with these system bets. The bookmaker will tell you everything that you need to know.