Cheltenham Festival Betting Terms

Stake
When placing a bet, your stake is the amount of money you are willing to gamble - be it a cautious £1 or a rather more adventurous £1,000.

If you're a winner, your winnings (also known as 'returns') are calculated according to your horse's odds.

Odds
In the world of betting, the odds (often referred to as the price) are a way of expressing the perceived probability of a horse winning a race and it's at this value which a bookmaker will lay his bets.

Odds Against
when Bookmakers offers a return which is more than double the amount staked for a win bet. If your stake is £1, a winning bet at 2/1 (pronounced two-to-one bet) will return you £2 plus your original stake of £1, making a total of £3.

Even money (or Evens)
When the bookmaker offers a return which is double the amount staked on a win bet. If your stake is £1 the bookmaker will return £1 plus your stake, making a total of £2.

Odds on
When the bookmaker offers a return which is less than double the amount staked for a win bet. A successful £1 bet at 1/2 (pronounced two-to-one-on), will return just 50p plus your stake, making a total of £1.50. The word 'on' indicates that the odds are reversed.