Scanning the menu, "What are decimal odds?" leads to one family of bets. Beyond the single win bet, a betting menu holds dozens of types, and each way is one of the oldest. It splits a stake into a win bet and a place bet on the same runner. What the rest of the menu offers is variety: props, specials, combinations and more, each with its own settling rules and its own margin, explained here with examples from racing and team games.
An each way bet is two bets of equal stake on one selection: one to win, one to place. How each way betting works is easiest to see with a runner at 10.00 and a stake of ten each way, twenty in total. When it wins, both parts pay. When it finishes placed but not first, the win part loses and the place part pays at a fraction of the win odds. When it finishes outside the places, both parts are lost.
Each way bets are calculated with the place terms printed beside the race: a fraction such as one quarter or one fifth, and a number of places. How many places does an each way bet pay? It depends on the field. Small fields may pay two places or none, mid sized fields usually three, and large handicaps four or more. At a quarter of 10.00, the place odds become 3.25 in decimal terms, stake included.
The narrower the question, the thinner the data behind its price, so margins tend to be wider and books cap how much they will accept.
The field decides: small fields may pay two places or none, mid sized fields usually three, and large handicaps four or more.
The terms printed beside a race give a fraction of the win odds, such as a quarter or a fifth, and the number of places that pay.
On outsiders in big fields with generous terms; on a short priced favourite the place part returns barely more than the stake itself.
A proposition asks about an event inside a game rather than its result, such as corners, the first scorer or a deciding set; props split into player, team and game types.
A handicap levels two uneven sides by crediting one of them with extra points or goals before the event begins.