Horse racing betting: a UK guide

Racing is the second-biggest betting sport in Britain and the one with the most bookmaker jargon. This is what the terms mean.

Fixed odds and pools

A fixed-odds bet is struck at the price shown or at starting price (SP), the price at the off. A pool (tote) bet shares a pool among winners; the dividend is not known until the race is run. The Placepot is the best-known pool bet.

Best odds guaranteed

If you take an early price and the SP is bigger, a bookmaker offering best odds guaranteed pays the SP. Most large UK bookmakers offer it on UK and Irish racing from a set time on the morning of the race; check each review for whether it applied at verification.

Rule 4

If a horse is withdrawn after you bet, your winnings are reduced by a deduction that depends on the withdrawn horse’s odds, from 5p in the pound for a 14/1 shot to 90p for a 1/9 favourite. It is set by Tattersalls Rule 4(c) and applies at every bookmaker.

Non-runners

A non-runner is a horse withdrawn before the race. With a fixed-odds bet placed at an early price, some bookmakers refund (“non-runner no bet”) from a certain point, usually on the day; before that your stake may be lost, so check.

Each-way

Covered in our each-way guide. Extra places on big handicaps are the most valuable racing promotion.