Each-Way AtlasGlossary: each-way, odds and racing terms
Odds-on and evens
Evens is the price 1/1, where the profit equals the stake, and odds-on is any price shorter than evens, where the profit is smaller than the stake. Both are worked out from fractional odds, as explained under fractional odds. The examples below show the returns. In UK betting they appear on race cards for favourites.
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What the terms mean
At evens you win as much as you stake. At odds-on, such as 1/2, you win less than you stake, because the price implies the selection is more likely to win than not.
The definitions come from how the organiser or operator displays prices. We have not yet recorded their wording, so the source is Not verified; the examples are derived.
The short version: at evens profit equals stake, and at odds-on profit is less than stake.
What you get back
In words: the profit equals the stake multiplied by the fraction, and the return adds the stake back. For decimal readers, the format is covered under decimal odds.
Example. A £10 stake on a winning bet:
| Price | Profit | Total return |
|---|---|---|
| Evens (1/1) | £10.00 | £20.00 |
| Odds-on (1/2) | £5.00 | £15.00 |
Why this matters to you: at odds-on a win returns less than double your stake, so the horse has to win a larger share of its races for the bet to pay.
What it means for each way on a favourite
An each-way bet is two equal bets, as explained under what each way means. Take assumed terms of a £8 unit stake (£16 in all), a price of 1/2 and a place fraction of 1/4.
The win part returns £12.00, a profit of £4.00. The place odds are 1/2 × 1/4 = 1/8, so the place part returns £9.00, a profit of £1.00. If the horse only places, you get back £9.00 for £16.00 staked, a loss of £7.00.
Whether a market offers each way at such a price is the operator's choice. The fraction and places are set under place terms.
Where you meet it
You meet these prices on race cards for short-priced favourites and on bet slips. Operators display them in the format described under how to read odds.
| Operator (candidate; licence to be confirmed) | How short prices are shown for racing | Date read |
|---|---|---|
| bet365 | Not verified | Not verified |
| Paddy Power | Not verified | Not verified |
The short version: odds-on means a smaller profit than stake, so a win returns less than double the stake.
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