Betting to Win: A Professional Guide to Profitable Betting

Author: Leighton Vaughan Williams
Publisher: High Stakes
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FAIR AND UNFAIR ODDS

could have been taken earlier. The problem, of course, is that unless you know in advance which horse is going to win, you will lose out in the long run by grabbing the earlier odds.

Finally, there is no convincing evidence that the last board price available before the start of the race is significantly better or worse than the officially returned starting price.

In addition to board prices or early prices, most bookmakers also offer ante-post prices, which are odds laid before the day of the race or the event. These prices will often be more generous than the subsequent early price about the same selection or the sequence of board prices or the starting price. There is a critical disadvantage in taking an ante-post price, however, in that if your selection withdraws, for whatever reason, after the bet is struck, you will in most circumstances lose your stake.

If you take an early price or a board price on a horse, however, and it subsequently withdraws (technically, does not come under starter's orders), your stake is returned. This sometimes happens after an early price has been taken, or in the case of the starting price so late that bookmakers are unable to compile a fresh set of odds to allow for this. To compensate, bookmakers deduct some of the payout to the winning bets. This so-called 'Rule 4' deduction is calculated on the basis of the odds prevailing about the withdrawn horse at the time it was withdrawn.

In addition to straight win bets, there are also a wide range of other bets available, of which 'each way' bets lead the way. These allow the bettor to nominate a horse either to win or be placed (usually, but not always, in the first three). There are also multiple bets on cumulative outcomes and forecast bets such as the Computer Straight Forecast and Tricast, which involve nomination of the first two or three past the post in the correct order.

Each Way Bets

In each way betting, you bet on your selection to win or to be placed. For example, instead of betting £20 to win, you bet £10 each way, i.e. £10 to win and £10 to be placed.

The definition of a place differs depending on the event and the number of entrants, but usually it means to be placed in the

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