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Fixed-odds betting is a form of gambling where individuals place bets on the outcome of an event, such as sports matches or horse races, at predetermined odds. In fixed-odds betting, the odds are fixed and determined at the time of placing the bet. These odds reflect the likelihood of a particular outcome occurring.
For example, a wheel bet of "3-all" in a given race picks the #3 horse to win, and any other horse in the field to finish second (each permutation being a single bet - thus, in this example, if there are 5 horses in the field, a "3-all wheel" would 4 bets). Quinella or Quiniela: [a] the bettor must pick the two horses that finish first and ...
Favoured by bookmakers in the United Kingdom and Ireland, and also common in horse racing, fractional odds quote the net total that will be paid out to the bettor, should they win, relative to the stake. [8] Odds of 4/1 would imply that the bettor stands to make a £400 profit on a £100 stake.
In horse racing and greyhound racing, the starting price (SP) is the odds prevailing on a particular entry in the on-course fixed-odds betting market at the time a race begins. The method by which SPs are set for each runner varies in different countries but is generally by consensus of an appointed panel on the basis of their observations of ...
A £10 each-way single on a 10-1 selection in a horse race and paying 1 ⁄ 4 the odds a place 1, 2, or 3 would cost £20. Returns on the win part of the bet would be £10 × (10/1 × 1) + stake = £110 (£100 winnings + £10 stake) Returns on the place part of the bet would be £10 × (10/4 × 1) + stake = £35 (£25 winnings + £10 stake)
The odds quoted for a particular event may be fixed but are more likely to fluctuate in order to take account of the size of wagers placed by the bettors in the run-up to the actual event (e.g. a horse race). This article explains the mathematics of making a book in the (simpler) case of the former event.
The machine did not actually calculate the payout. The method was widely used in the Australian, New Zealand and American horse-racing industries and for greyhound racing in the UK, although there were other installations in countries as diverse as France, Venezuela and Singapore.
The company was founded by Harry L. Straus, a computer engineer from Baltimore, who became interested in developing a fairer system of calculating and displaying odds and payouts on parimutuel betting after an incident at a Maryland racetrack in 1927. When a horse listed at 12:1 odds won, but paid off at 4:1, Straus recognized the need for a ...