Fixed odds betting

In horse and greyhound racing, the odds will fluctuate – often dramatically – right up to the start of the race. Unless otherwise specified, the payout odds will normally be the starting price, which is the odds that were on offer at the last possible moment of making a valid bet before the race started.

This is not the case with most other forms of sports betting, where a system of fixed odds allows you to see in advance the amount that it is possible to win in the eventuality of a successful bet. This eliminates the possibility of a big disappointment arising from making a shrewd early decision to back a winner at long odds, only to find that by the time the starting prices are fixed, the betting public has become aware of the prospect, backed it heavily, thereby bringing the payout odds right down for everyone.

For each bet you will be offered odds on any outcome. The odds will be determined depending on how likely we believe each outcome to be.

You must decide how much you wish to bet. This is known as your stake. The first figure in the odds tells you how much you will win in proportion to your stake, represented by the second figure. For example if Real Madrid are 4 to 1 to win the European Cup you can expect to win four times your stake. Therefore if your stake is £10 you will win £40.

Do not forget that if you place a winning bet you will also have your stake returned. Therefore if you have £10 at 4 to 1 on Real Madrid winning the tournament and they duly oblige, you will have £50 credited to your account (£30 won + £10 stake).

In some circumstances bookmakers will predict an outcome is more likely to happen than not and will offer you "odds on", in which case you will win less than your stake. For example Real Madrid might be 8 to 11 (or 11-8 odds on) to beat Panathanaikos. For a stake of £11 you would win £8 and, of course, have your £11 stake returned.

Fixed odds betting is used for both single bets and also where you are betting on a higher number of selections than just one single.

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