Glossary: each-way, odds and racing terms
This glossary defines 39 terms used in UK each-way betting and horse racing, from place terms and Rule 4 deduction to implied probability. Twenty-two of them have their own article with a formula, and the rest are defined here in one line. To see how the terms fit together, start with what each way means.
Editorial team of Each-Way Atlas · Checked
22pages in this section
In this section
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Place terms
The number of places paid and the fraction of the win odds.
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Rule 4 deduction
A deduction from winnings when a horse is withdrawn.
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Dead heat
Runners finishing level.
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Starting price (SP)
The price at the start of the race.
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Early price
A price fixed when you place the bet.
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Fractional odds
Prices such as 5/1.
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Decimal odds
Prices such as 6.0.
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Odds-on and evens
Prices at or below 1/1.
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Return versus profit
What the bookmaker pays back and what you gain.
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Unit stake
The stake on one line of a bet.
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Ante-post
Betting before race day.
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Handicap race
A race with weights set to even up the field.
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Conditions race
A race with weights set by fixed conditions.
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Accumulator
Several selections in one bet.
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Cash out
Early settlement of a bet.
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Void bet
A cancelled bet with the stake returned.
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Overround
The bookmaker margin built into prices.
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Implied probability
The chance a price suggests.
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Wagering requirement
Turnover needed before bonus winnings can be taken out.
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Deposit limit
A cap on what you can pay in.
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Self-exclusion
Blocking yourself from betting.
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Going
The state of the ground.
How the glossary is built
Each article gives a definition, how it is worked out, a worked example and where it appears in UK betting. A term that also has a question page, such as what each way means, takes its numbers from that page, so no example is repeated.
| Source | Used for | Edition or date read |
|---|---|---|
| Tattersalls Rules | Settlement, dead heats, Rule 4 | Not verified |
| Bookmakers' published rules | Place terms, offers, cash out | Not verified |
| Gambling Commission licence conditions | Wagering requirement, payments | Read 6 November 2026 |
The short version: where a rule belongs to a bookmaker or to the Tattersalls Rules, read the current text before relying on our one-line summary.
The 39 terms, A to Z
- Accumulator (acca)
- One bet that combines several selections, all of which must win for the bet to pay.
- Ante-post
- A bet placed well before race day, before the final field is known.
- Best Odds Guaranteed (BOG)
- A policy under which a winning bet is paid at the starting price if that is bigger than the price you took; each bookmaker sets its own conditions.
- Cash out
- Settling a bet early for an amount the bookmaker offers. It is not a withdrawal of money from your account.
- Conditions race
- A race where weights follow fixed conditions, such as age or past wins, rather than a handicapper's ratings.
- Dead heat
- Two or more runners finishing level; the stake on that part is shared between them. Check the Tattersalls Rules for the exact method.
- Debit card
- A card that pays from your bank balance. UK-licensed bookmakers may not take credit cards (LC 6.1.2).
- Decimal odds
- Odds written as the total return per £1 staked, stake included, so 6.0 returns £6.
- Deposit
- Money you add to your betting account.
- Deposit limit
- A cap you set on how much you can pay in over a day, week or month.
- Early price
- A price offered before the race and fixed when you place the bet.
- Each way (E/W)
- A bet made of two equal parts: one to win and one to place.
- Evens
- Odds of 1/1, where the profit equals the stake.
- Extra places
- More places paid than the standard terms for a race, on conditions the bookmaker sets.
- Fractional odds
- Odds written as a fraction, such as 5/1, showing profit per unit staked.
- Free bet (stake not returned)
- A bet funded by the bookmaker; winnings are paid but the free-bet stake is not.
- Going
- The condition of the racing ground.
- Handicap
- A race where weights are set to give each runner a similar chance on paper.
- ID verification
- Checks of your identity and age that a licensed bookmaker carries out.
- Implied probability
- The chance a price suggests, worked out as 1 divided by the decimal odds.
- Lucky 15
- Fifteen bets from four selections: four singles, six doubles, four trebles and one fourfold.
- Non-runner
- A horse withdrawn from a race before it starts.
- Odds-on
- Odds shorter than evens, such as 1/2, where the profit is smaller than the stake.
- Overround
- The amount by which the implied probabilities in a market add up to more than 100%: the bookmaker's margin.
- Pay by Bank
- A payment from your bank account through open banking.
- Place-only
- A market that pays only if the selection finishes in the places.
- Place terms
- The number of places paid and the fraction of the win odds applied to the place part.
- Price boost (enhanced odds)
- A price higher than the bookmaker's normal price on a stated selection, with conditions.
- Reality check
- A prompt that reminds you how long you have been betting.
- Return versus profit
- Return includes your stake; profit is the return minus the stake.
- Rule 4 deduction
- A reduction in winnings, in pence in the pound, when a horse is withdrawn.
- Self-exclusion
- A request to be blocked from betting; GAMSTOP covers online accounts with Great Britain licensees.
- Starting price (SP)
- The price of a horse at the start of the race.
- Unit stake
- The stake on one line of a bet; an each-way bet has two lines of it.
- Void bet
- A cancelled bet, with the stake returned.
- Wagering requirement
- Turnover required before bonus winnings can be withdrawn; capped at 10 times from 19 January 2026 (SR 5.1.1).
- Win-only
- A market that pays on the winner alone.
- Withdrawal
- Taking money out of your betting account.
- Yankee
- Eleven bets from four selections: six doubles, four trebles and one fourfold.
The short version: one line here, a full worked article for 22 of the terms, and the question pages for the rest.
Where to go from here
For the term that started this site, read what each way means. For price formats, see reading fractional and decimal odds. For offer vocabulary, the extra places section explains free bets, boosts and wagering.
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