Confused by the language used in fixed odds betting? Not quite sure of the difference between decimal and fractional odds? Want to know the difference between a win single, an each-way double and a trixie? Well, you’re in luck. Step this way as we explain it all in our free guide to fixed odds betting.
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Types of Fixed Odds Bet
- Win Single
A win single is the simplest and most common type of fixed odds bet. You make just one selection, and your selection has to win for your bet to be successful. For example, if you bet on a horse, the horse must win the race in order for you to win your bet. If you bet on the correct score of a football match, your prediction must match the final score for your bet to be successful. Whether you bet with a bookmaker or at a betting exchange, your bet will be paid out at the fixed odds which you agreed to when placing the bet.
- Each way single
An each way single bet effectively splits your stake into two. Half your stake is bet on your selection to win, and the other half is bet on your selection to place. Because of the “place” part of the bet, each way bets are only available on certain types of markets. For example, you can bet each way on horse racing, as the place part of the bet applies if the horse finishes in the top 3 or 4 positions in the race. You can also bet each way on a player to win a golf or tennis tournament, as the place part of the bet applies if the player finishes towards the top of the leaderboard, or makes the semi finals in a knockout tournament. But you can’t bet each way on the correct score of a football match, as there is no relevant place part of this bet.
If you bet on a fixed odds each way single and your selection wins the event, both the win and place parts of your bet are paid out. If the selection places but does not win, the win part of your bet loses and only the place half of your bet is paid out. If the selection does not place, both parts of your bet lose and your entire stake is lost. If successful, both the win and place parts of your bet are paid out at the fixed odds that you agreed to at the time of placing the bet.
- Win double
When you place a win double, you are betting that two different outcomes in different events will both happen. For example, you might be predicting the winners of two different horse races, or the winners of two different football matches. Both horses or football teams must win in order for your bet to be successful, if either does not win you will lose your stake. However, if your bet is successful, it will be paid out by multiplying the fixed odds that you were offered for both events. For example, if you back team A at fixed odds of 2.0 and team B at fixed odds of 3.0, and both teams win, your bet will be paid out at combined odds of 6.0. This makes doubles potentially far more lucrative than singles, although of course they are more difficult to get right.
- Win treble
A treble works in exactly the same way as a win double, except it is a combination of three bets rather than two.
An accumulator (also known as a multiple) is a series of bets on multiple outcomes, all bets in the accumulator must be successful for you to win the bet.
A Trixie is a bet that consists of 4 bets involving 3 selections in different events. The bet includes 3 doubles and 1 treble. A minimum of 2 of your selections must be successful in order for you to get a return.
A Yankee consists of 11 bets involving 4 selections in different events. The bet includes 6 doubles, 4 trebles, and an accumulator. A minimum of 2 of your selections must be successful to get a return.
Understanding the Odds used in Fixed Odds Betting
- Fractional Odds
Traditionally bookmakers displayed their odds as fractions which represent the amount of profit you will make if your bet wins, in relation to your stake. When calculating returns from a winning bet placed using fractional odds, you must remember that you also get your stake back.
For example, a £100 winning bet placed at 1/2 will make a profit of 1/2 of £100 which is £50. The winning punter would also get his or her stake back, meaning a total return of £150 on this bet.
- Decimal Odds
Decimal odds are a more modern way of displaying odds and these represent the total return that you will receive if your bet wins. Again this is in relation to your stake. With decimal odds the fact that your stake is returned is already included in the price displayed.
For example, a £100 winning bet placed at 2.50 will give a total return of £250. Decimal odds are a much more convenient way of viewing fixed odds betting prices, as it is very easy to tell which price is best and also easy to calculate what your return will be.