Skip to main content Skip to site footer

Oops, your browser is out of date - Please upgrade your browser to improve your experience.

Racing Explained

Don’t let betting jargon put you off. For example, you may hear phrases such as ‘price’, ‘fixed-odds’, ‘SP’, ‘odds-on’ or ‘on the nose’. These are easily explained.

KEY TERMS

 

Price: This just means the odds a betting operator is offering you on a particular horse.

 

Fixed-odds: A fixed-odds bet is one where you get the odds advertised by the betting operator at the time you placed the bet.

 

SP: This stands for Starting Price and is the official odds a horse started the race with. You can ask to place an SP bet with a bookmaker (but not the Tote). Some people do this if they think the horse they wish to bet on will start the race at a better price than is being advertised at the time, perhaps because of late money for another horse in the race.

 

Late money: You may hear this said when a horse is heavily backed in the final stages before a race.

 

Odds-on: When a horse is a strong favourite to win their price may be odds-on. This means you will make a profit of less than £1 for every £1 you bet on it. If the betting operator displays fractional prices, a horse that is odds-on will have a price where the larger number is on the bottom of the fraction i.e. 1/2. If a betting operator is using decimal odds, this will be displayed as a number less than 2.00.

 

Evens (Even money or EVS): When a horse is strong favourite to win their price may be described as Evens. This means you will make a profit of £1 for every £1 you bet on it. If a betting operator is using decimal odds, this will be displayed as 2.00.

 

Long odds: This means a horse is expected to have a low chance of winning the race, but if they do you will receive many multiples of your stake back as winnings if you have bet on it. For example, a horse priced at odds of 50/1 would be described as having long odds.

 

Short odds:This means a horse is expected to have a high chance of winning the race, but if they do you will make a relatively small profit on your stake if you have bet on it. For example, a horse priced at odds of 6/4 would be described as having short odds.

You might also like

Racing Explained

A comprehensive guide to horseracing and a day at the races. Everything you need to know about horse racing, jockeys, betting, flat races, jump racing, how to spot a great horse and so much more.

View More

Picking a winner by eye

One of the ways you can select a horse to carry your hopes when placing a bet is by watching the runners in the Parade Ring before they head out onto the course.

View More

Types of bets

The two types of bets which are the most popular with racegoers are to win and each-way.

View More

Glossary

Gain an understanding of racing terms here.

View More

Cookie Policy

We use “cookies” to help enhance your experience and improve the functionality of our website. You can find out more in our cookie policy. We also serve cookies, some with chocolate chips, on our racecourses.

Loading