Betting terms and conditions 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• Rule 4: a deduction from winnings when a runner is withdrawn after bets are placed.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.

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

Implied probability is 1 divided by the decimal odds.

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

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.

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.

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

• Data and calculators: expected value, overround and bet slip examples.
• Withdrawals: terms that affect payouts.
• Compare: rankings that use published terms.

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