To settle a bet means calculating how much a winning bet is worth, most of which nowadays is done by computer systems. However the computer is only as good as the information being entered into the computer so it is worthwhile knowing how to spot a mistake should it happen.
Betting odds are usually expressed as a fraction which represents the fraction of your stake that you will win if your selection wins eg: 20/1 (twenty to one), which means that for every one stake, you will win 20 stakes, but as you will get your stake back, the total amount returned in this example will be 21 stakes.
Single bet: this is simply a bet that a particular runner will win a race and to calculate what you could win you multiply the basic factor by the stake eg: £5 win at 5/1 is 5 x 6 = £30.
Betting each-way: Putting a bet on each way really means placing two bets – The first bet is a standard win bet, and the second bet is if the runner finishes anywhere in the first three places (some bookies have a finish in the first four policy while others have a first five – for example Paddy Power did this for the Grand National). Settling an each-way bet isn’t as difficult as it may seem – You multiply the fractional odds by the place factor, which will give you the each-way basic factor, then add one or two, depending on whether the selection was placed or won.
If you place an each-way bet on a horse in an eight runner race and your horse, which has odds of 15/1 comes second in the race, then the win part of the each-way bet wouldn’t get you any winnings but the place part does achieve a win eg: 15/1 multiplied by the place factor (1/5 for 8-runner races) plus one (to include the place part of your stake) which works out as: 15/1 * 0.2 + 1 = £4.00.
If you were lucky enough that your horse won the race, the each-way factor would be calculated as 15/1 multiplied by the win factor and the place factor (the place factor plus one = 1.2), plus two (your two stakes) which works out as 15/1 * 1.2 + 2 = £20.00. This new each-way basic factor is then multiplied by the each-way stake to get the settlement figure.
These are the basics of settling a bet without the aid of computers or calculators, but there are other kinds of bet to be learnt about such as each-way doubles, multiple bets, trebles, accumulators, and any-to-come bets to name but a few. But the main thing is to have a basic idea about how to settle a basic bet. However if you still can’t get your head around it, or as is the case with most of us, can’t be bothered to work it all out in your head, then you’ll be delighted to know about bet-calculator.co.uk, which as the name suggests is an online bet calculator where you can work out single or multiple bets, thereby making your betting calculations very simple indeed!
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