Types of Betting

The different types of betting that a bettor can place in a bet. Essential betting terms. Beginners guide to online sports betting.

The Types of Betting

There are many different types of bet you can play. The most common and necessary betting terms for beginners are explained below.

Common Types of Bet

Win

A very simple bet that pays if the selection wins or is in first place. It pays out one of the best odds in betting.

Example. Man Utd to win in a Man Utd vs Everton game. The winnings odds are 1/2. Pays £15 on a £10 bet.

Place

Place bets pays when the selection finishes in the top select number of positions. Say in a horse race of 6 runners, place bets pays up to three positions. That means that the bet will win if the horse comes 2^nd or 3^rd.

Due to the wider winning options, the payout odds also will be less than, say a Win bet. The odds are usually a fraction of the Win odds eg. 1/5 of the odds of Win. And the number of places it pays will be dependent on the number of selections available on the betting event and is always pre-announced by the bookies.

Each-Way

Each-way bets consists of two separate bets. They are a combination of the Win and Place bets explained above. You bet the same amount say £5 on the Win part and another £5 on the place part, for a total stake of £10. If the selection wins, you get paid the Win odds on £5. If the positions on place bets is up to 3 and the selection comes 2^nd or 3^rd, you get paid the Place odds on £5.

Example. You bet £5 each-way (total stake £10) on the horse “Hoof Hearted” on a race of 10 horses at Ascot. The odds of winning is 4/1 and Place bets pay 3 positions at odds of 1/5:

Returns on the Win part will be £5 x (4/1×1) + stake = £25 (£20 winnings + £5 stake).

Returns on the place part will be £5 x {(4/1×1)/5} = £9(£4 winnings + £5 stake).

So if the horse wins, payout will be £25 + £9 = £34.

If the horse comes 2^nd or 3^rd, payout will be £9.

Single bet

A bet on one selection or outcome.

Multiple bet

Simply means more than one bet. It can be the following:

     Double

A bet of two selections; both of them must win to get payout.

     Treble

A bet of three selection; all of them must win to get payout.

     Accumulator

A bet of four or more selections. It can be fourfold, fivefold, sixfold or greater.

Full Cover bet for a double win

A bet consisting of all possible permutations in doubles, trebles, accumulator bets across a given number of selections. The idea here is to cover every possible outcome within the selections for a minimum of one double win. That is the bettor is betting that two out of the selections to come true. They can be:

Trixie

A bet of three selections containing 4 separate bets of a treble and 3 double bets. A minimum of one double bet must win for payout.

Example: Selection 1: Man Utd vs Tottenham, Selection 2: Man City vs Arsenal. Selection 3: Liverpool vs Everton.

Bet no. 1: Treble – Man Utd, Man City & Liverpool to win.

2: Double – Man Utd & Man City to win.

3: Double – Man City & Liverpool to win.

4: Double – Man Utd & Liverpool to win.

Yankee

A bet of 4 selections. Same idea as Trixie with one more selection. Possible permutation & combination works out to 11 separate bets of 6 doubles, 4 trebles and a fourfold accumulator. At least two selection must come true to get a win.

Canadian or Super Yankee

A bet of 5 selections. It consist of 26 separate bets: 10 doubles, 10 trebles, 5 fourfolds and a fivefold accumulator. At least two selection must come true to get a win.

Heinz

A bet of 6 selections. It consists of 57 separate bets – 15 doubles, 20 trebles, 15 fourfolds, 6 fivefolds and a sixfold accumulator. At least two selection must come true to get a win.

Super Heinz

A bet of 7 selections. It consists of 120 separate bets – 21 doubles, 35 trebles, 35 fourfolds, 21 fivefolds, 7 sixfolds and one sevenfold accumulator. At least two selection must come true to get a win.

Goliath

A bet of 8 selections. It consists of 247 separate bets – 56 trebles, 70 fourfolds, 56 fiveholds, 28 sixfolds, 8 sevenfolds and one eightfold accumulator. At least two selection must come true to get a win.

Full cover bet for a single win

A bet consisting of all possible permutations in singles, doubles, trebles, accumulator bets across a given number of selections. The idea here is to cover every possible outcome within the selections for a minimum of one single win. That is the bettor is betting that one out of the selections to come true. They can be:

Patent

A bet of three selections. It consists of 7 separate bets – 3 singles, 3 doubles and one treble.

Lucky 15

A bet of four selections. It consists of 15 separate bets – 4 singles, 6 doubles, 4 trebles and one fourfold accumulator.

Lucky 31

A bet of five selections. It consists of 31 separate bets – 5 singles, 190 doubles, 10 trbles, 5 fourfolds and one fivefold accumulator.

Lucky 63

A bet of 6 selections. It consists of 63 separate bets – 6 singles, 15 double, 20 trebles, 6 fivefolds and one sixfold accumulator.

Alphabet

A bet of 6 selections usually on horse or greyhound racing where there is 6 runners – 1,2,3,4,5,6. It consists of 26 bets – 1,2,3 form a Patent (as detailed above), 4,5,6 form another Patent. 2,3,4,5 for a Yankee. 1,2,3,4,5,6 form a sixfold accumulator. If one selection is correct, it gurantees a return.

Forecasts bets

Forecasts bets are usually found on horse or greyhound racing. It is a bet on a single event (race) where the bet is on the correct forecasting of the finishing order of the first two to three finishers in the event. They are:

Straight Forecast

A forecast bet requiring naming two selections a and b to finish 1^st and 2^nd in the correct order in the event. It requires one unit stake. ( It is similar to exacta or perfecta in USA and exactor in Canada).

Reversed Forecast

A forecast bet requiring naming two selections a and b to finish first or second in either order. It requires two unit stake. ( It is similar to “boxed” exacta/perfecta in North America, and also with quinella although with one unit stake).

Combination Forecast

A forecast bet on three or more selections requiring naming two selections a and b to finish first and second in the correct order in the event. Example: if there are 3 selections, there will be 6 separate bets, 4 selections = 12 bets, 5 selections = 20 bets etc.

Tricast

A forecast bet requiring naming three selections a, b & c to finish 1^st, 2^nd and 3^rd in the correct order in the event. It requires one unit stake. ( It is similar to trifecta or in USA and triactor in Canada).

Combination Tricast

A forecast bet on three or more selections requiring naming three selections a,b,c to finish first, second & third in the correct order in the event. Example: On 3 selections = 6 separate bets, 4 selections = 24 bets, 5 selections = 60 bets. It is similar to “boxed” trifecta in North America.

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