I first started writing about Fixed Odds Betting all the way back in 2009. To say the industry has changed a lot since then is an understatement. In the 10 years since, bookmakers have evolved beyond all recognition online.
The sheer number of sports, and the markets available within them is almost impossible to count. But despite this, fixed odds betting is still the most popular form of betting for everyday punters. It’s also the type of bet most people understand.
Basics Of Fixed Odds Betting
In its most basic form, you are betting on the outcome of an event. For most people, that outcome is for their team/player/horse to win. A good example would be a football game where you can bet on the home team to win the match, the away team to win, or the match to end in a draw. Each option will have specific but different odds.
The amount of money you can win is determined by the bookmaker at the time you place the bet. If you bet £10 on Manchester United to beat Liverpool at 2/1, you would win £20, plus you will get back your original £10 stake. That gives you a return of £30. The maximum you can lose on a fixed odds bet is your original stake which in this case would be £10. The higher the odds, the greater the return if you win. So a bet at 25/1 will give you a higher return than a bet placed at 10/1 (if you wager the same amount). Of course, you actually have to win the bet!
Other markets include ‘first goalscorer‘, ‘anytime goalscorer’ or the ability to predict the score. Each time there is an option to bet on and a fixed set of odds offered. But the odds do change. The further in advance you bet on something, the higher the odds will potentially be.
For those of you not content with a simple wager, you can add two or more additional fixed odds bets to build what is known as an ‘accumulator. These accumulators come in many forms.
Two combined bets are known as ‘doubles’.
Three combined bets are known as ‘triples’.
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If you decide to predict the outcome of four or more results, then it becomes an accumulator. Because it becomes increasingly difficult to get all four correct, the odds increase to reflect this.
Accumulators are popular due to the fact that they can yield big returns for very low stakes, as the money you win on one race or match is then added to the stake on the next and so on and so on. Although these bets can be tempting to the punters, the bookmakers love them as they’re very hard to win.
Fixed Odds In Horse Racing
Fixed odds betting is also very popular in horse racing. There’s a race, you fancy one of the runners to win, the odds are displayed and you make a bet. If the horse wins, you win. If the horse does not win, neither do you.
You can back it ‘each-way’, which, depending on how many runners are in the race, will pay out if your horse does not win but finishes in second, third or fourth place.
The returns for each-way selection can change with every race. The more runners, the more places the bookmaker pays out on. These are highlighted on the betting market page for each individual race.
In horse racing, it is common to have large accumulator bets such as a ‘Trixie’. This is a full-cover multiple bet made up of three selections for different races. It consists of three doubles and one treble. You have to win a minimum of two selections to receive a return.
If that sounds complicated, then take a look at a ‘Super Yankee‘ bet. A Super Yankee is a full-cover multiple bet made up of 5 selections in different races. A Super Yankee comprises 26 bets – 10 doubles, 10 trebles, 5 fourfolds, and 1 accumulator.
You have to win a minimum of two selections to receive a return. You really have to know your stuff before tackling a bet like this.
If you have never placed a bet before, you need to start small. Review the various online bookmakers and choose one that has an excellent reputation and is fully regulated. Many bookmakers will try to tempt you with new customer welcome offers, but often these have many t&c’s so choose wisely. Never gamble more than you can afford to lose.