fixed odds betting
Most sports betting sits within the fixed odds betting category. There is a race/match/contest and then someone wins. The possible outcomes are given odds by a bookmaking firm, though the prices/odds can change depending on when you place the bet, it is still known as fixed odds betting. The opposite of fixed odds are ‘floating odds’, these are most popular in the financial world. In betting on financial indexes and shareprices there is usually no end to the race, a share price can slip to half its value and recover to double its value in remarkably short times. Odds have to float to adapt to this movement and direction, as the ‘races’ never end (except in that special circumstance when a company goes bust of course).
Fixed odds betting, the win bet
There are several forms of fixed odds betting. The first, simplest and most common type of bet, we have discussed previously, is the single win bet. You put your money
on what you think will win and at the odds given. Then we have all the accumulator
bets, which are multiple win bets.
Fixed odds betting, each way bet
Another very popular way of fixed odds betting is the each way bet (EW for short).
The first thing to understand about each way betting is that it's actually two bets.
It's a bet on a win and a bet on a placing, usually 1st, 2nd, 3rd. The win bet gets
the regular odds and the placing bet would win a fraction of the odds, usually a
quarter, it will tell you the fraction on the 'betting slip' onscreen, where you
select the each way bet option.oing each way is a bit of insurance if you think your tip isn’t that hot. But it impacts your winnings and doubles your stake. Of course each way bets are more common in sports events with many participants, a lot of sports don’t have a third place, just winners and losers, and possibly a draw.
Let's look at how an each way bet affects the winnings you might make;
Stake £2. Horse odds to win are 12/1, with ¼ 1,2,3 placing.
- If the horse wins you win the 12/1 bet and also a 3/1 bet (a quarter of the original
odds), so your winnings will be £15 + your stake money back (both £1
bets). Giving you £17 in your pocket.
- If the horse comes second or third it's the same for you financially, you have won
the 3/1 bet on that placing so you win £3 and also £1 back. That means
you've got £4 in your pocket for risking £2.
Fixed odds betting, place only bet
Some bookmaking companies allow you to make just the second half of the each way bet, the placing bet. As with each way the number of winning places can vary but is most often 1,2,3.
Fixed odds betting, the lay bet
This is betting on something not winning. So you're choosing the loser. It’s popular in horse racing betting, and as it’s the opposite to betting to win the shortest odds; the favourite, is most attractive, as long as it loses the race! In effect, placing a lay bet makes you a mini bookmaker. For example a horse is given a price (odds) of 6/1 to win and you think that it will lose. You lay £10 on the horse to lose. Then you are liable for the losses if it actually does win, if it’s a winner you have to pay £60 to the bookmaker! Hopefully for you, the horse will indeed
lose and then you get £60 and your £10 stake back. Some people find
it a lot easier to choose what horses will not win a certain race than those that
will, hence the popularity of “laying horses”. As far as horse racing tips go, various
indexes show lay tipsters have an appreciably higher profit take. The emotional
price for a punter is the feeling of risk with the liability of the lay bet, in
the above example you could end up paying out £60! Not all betting companies
have lay odds available it is mainly limited to companies that operate as Betting Exchanges.
Other fixed odds betting
There are other more varied ways of fixed odds betting such as final and half times
scores and other forecasts, sometimes these are sports specific and will be detailed
in later sections, such as football betting tips, horse betting tips and golf betting
tips. Please read on...