# Betting terms and conditions explained

> Plain explanations of betting terms such as odds formats, each-way, accumulators, Rule 4 and overround, with the line between a definition and an operator's rules.

Source: https://bookieledger.com/terms/
Updated: 2026-11-07

A betting term has two layers: the general definition, and how a given operator applies it in its own rules. This hub covers odds formats, each-way, accumulators, Rule 4, overround and offer terms. The definitions are general. The application is checked on each operator's published rules, and none has been checked as of 7 November 2026.

## Which terms are explained?

- **Odds formats:** fractional (5/1), decimal (6.00) and evens (2.00).
- **Each-way:** a bet split into a win part and a place part.
- **Accumulator:** several selections in one bet; a double has two, a treble three.
- **Rule 4:** a deduction from winnings when a runner is withdrawn after bets are placed.
- **Overround:** the margin built into a set of prices.
- **Cash out:** early settlement of a bet. It is not a withdrawal of money.

**Bottom line:** terms explained here describe the general meaning only.

## How do odds formats convert?

Fractional odds a/b convert to decimal as 1 + a/b. Decimal odds include the stake.

**Conversion examples · All numbers are examples**

| Fractional | Decimal | Implied probability |
|---|---|---|
| 5/1 | 6.00 | 16.67% |
| 11/4 | 3.75 | 26.67% |
| evens (1/1) | 2.00 | 50.00% |

Implied probability is 1 divided by the decimal odds.

**Bottom line:** decimal odds include the stake; fractional odds do not.

## How is an each-way bet settled?

An each-way bet is two equal parts. The win part pays at the full odds. The place part pays a fraction of the odds, set by the place terms.

Example: €10 each-way, stake €20, at 5/1 with place terms of 1/4. If the selection wins, the return is €82.50. If it only places, €22.50. If it does not place, €0.

The place terms are the operator's own, so read them for each event.

**Bottom line:** the place fraction is set by the operator and can differ per event.

## Where does the operator's own rule begin?

Definitions say what a term means. The operator's rules say when and how it applies: whether Rule 4 is applied, how a dead heat is settled, whether cash out is offered.

Sign-up offers are treated the same way. Their terms, such as the qualifying bet and minimum odds, are read from the operator's rules and are not summarised as a benefit.

Operator rules are collected in the settlement-rules table on the [data page](https://bookieledger.com/data/).

**Bottom line:** a definition is general; the rule is the operator's own.

## Where to go next

- [Data and calculators](https://bookieledger.com/data/): expected value, overround and bet slip examples.
- [Withdrawals](https://bookieledger.com/withdrawals/): terms that affect payouts.
- [Compare](https://bookieledger.com/compare/): rankings that use published terms.

**Bottom line:** read the operator's rule for any term that affects your bet.