Horse betting tipster guide: cost, value and the licence that matters

Updated October 2026

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Every horse racing tipster sells the same pitch. A horse to back, a price to take, a reason behind it. What changes between a free sheet, a paid subscription and a tipster-app built into a bookmaker is what they cost the punter — in subscription fees, in terms printed behind the headline offer, in the margin the bookmaker still keeps on the price you take, and in the silence about what no tip can actually promise. This guide is built around that cost.

Current as of 27 October 2026 against the Gambling Commission’s public register. The page is a guide, not a tip sheet: no picks are named, no winners predicted, and the odds work below is illustrative rather than a tip of any kind.

How a horse racing tipster is built: from form to forecast

A tipster’s pick is the visible last step of a longer chain. Form — the horse’s last run, the class of race it competed in, whether it finished well or stopped — sits at the front of it. Going matters next: a flat horse that won on soft ground is a different proposition on fast ground. Distance, the draw on turning tracks, the trainer’s strike-rate at the course, the jockey’s record on the type of horse — each factor moves a probability up or down by a small amount. The market’s price is doing the same sum at the same time, across thousands of punters, and arrives at its own number.

The work of a serious tipster is reconciling the two. A price that is higher than the probability the form suggests is the only thing that justifies a bet — the shape of a value bet, not the name of a horse. Below that threshold, every “best bet” is somebody being loud with somebody else’s money.

Form study has limits. Past runs show what a horse has done, not what it will do today; small samples blow up into confident predictions in ways the public rarely notices. Class moves — a horse dropping from a Listed race into a Class 4 handicap is a different animal from a horse stepping the other way. Trainer and jockey changes are the kind of detail a paid sheet can carry that a free one cuts. Reading the betting forecast — the early money, the steady drift in the price, the market mover — is what tells the punter whether the public agrees with the form reader, and at what margin.

National Hunt racing adds its own layers. Jumps form reads differently: a horse’s jumping style, whether it stays three miles, whether soft ground blunts its speed, the way fences change the order at the business end of a race. The two codes — flat and jump — are not interchangeable, and a tipster who flattens them into one queue is treating two sports as one.

The vocabulary around a tip

A “nap” is the day’s best bet. An “each-way” selection splits a stake into a win part and a place part, and the place part pays a fraction of the win price if the horse finishes in the places — a fraction set by the bookmaker or, on the bigger races, by industry convention. An “ante-post” bet is struck before the final field is known: a better price, on a horse that may not run, with the stake lost as the price of taking the early number. A “non-runner” is the cost that turns an ante-post bet into a sunk cost.

Behind the language sits a layer the casual punter never sees. Starting price (SP) is the price the horse is returned at when no fixed price is taken; best odds guaranteed (BOG) is the bookmaker’s promise to pay the SP if it is higher than the price taken — a feature most of the major firms offer on UK and Irish racing, capped per customer and per race. Rule 4 deductions adjust winnings when a horse withdraws after the book has formed; the size of the deduction scales with the withdrawn horse’s price, and the punter pays the cost in lower returns rather than in fees.

Why no tip is ever certain

The honest line is also the short one: even a thorough, well-priced pick can lose, and a tipster’s strike-rate is a long-run average, not a guarantee. A 30% strike-rate at average odds of 4/1 returns roughly 120% of stakes before the bookmaker’s margin — a margin the bookmaker keeps even on the winning price, so the net for the punter sits lower than the headline shape implies. A 30% rate at 3/1 is barely above break-even after margin. The arithmetic is unforgiving, and a streak of losers is a structural feature of any edge, not a sign one has stopped working.

That is why staking matters. A flat unit stake — the same amount on every bet, sized at one or two per cent of bank — survives losing runs the way an aggressive progression does not. The doubling-up recovery plan is the oldest losing system in betting; it collapses on a long-enough run, and a long-enough run arrives sooner than the punter expects.

The ten horse racing bookmakers reviewed, and what each charges the punter

The list below holds ten operators that each carry a Gambling Commission remote licence for Great Britain — verified through the Commission’s public register, the only test the Act requires. Each row is described on what it costs the punter: how the welcome offer is structured, what the racing product looks like, and where a condition sits that the marketing copy tends to leave out.

A licensed operator does not equate to a recommendation, and a place in a comparison is not a licence. Several named brands run under a single licence-holder. The ranking below is not a stamp of approval: it is a description of the offer behind the headline, judged against the rest of the set.

The reviewed operators at a glance

The table states what each operator’s own terms and the Commission’s register confirm; it does not measure how good a tipster-app any of them is, or how their free-tip sheets compare. That judgement belongs in the prose below.

Geoff Banks — for ante-post value, with thin marketing

Geoff Banks publishes through a small operation under GB Sports Advisors Limited, and its app is built for the racing-focused punter rather than the football-betting majority. Live in-play pricing sits alongside ante-post markets — the early prices on big-race festivals taken months in advance. The shop has no huge acquisition offer; the customer base skews towards people who already know which meeting they want to bet on, not first-time depositors.

The thinness costs as much as the focus helps. Smaller independent books carry less liquidity on the big races, so the price on a well-backed favourite can drift between the price on offer and the starting price. A BOG concession is not always present on every meeting, and the punter pays the difference when it isn’t.

Worth it for the racing regular who wants a direct line on ante-post markets; less so for a casual punter whose only bet on the sport is the Grand National.

Star Sports — independent, broad, with the industry’s racing depth

Star Racing Limited trades on independence — the claim is that the operator is the leading independent bookmaker in the UK. The product extends past racing into virtual sports, casino and live casino, but the racing core is what recruits the customer. An independent firm can move a price on its own book; a high-street chain cannot.

Independence costs the punter in marketing budget. Welcome offers tend to be lighter at independents than at the chain brands, and the betting-guide and tipster content that a corporate group funds often sits thinner. The racing coverage does not always extend to the smaller meetings — the kind of card a small-field specialist follows.

A good fit for the punter who values an independent book over the liquidity of a chain; less suited to the customer who wants daily price boosts on Premier League football as well as racing.

Fitzdares — premium product, with the spend that goes with it

Fitzdares Limited sells itself on a premium experience — cash out, accumulators, Lucky 15s, specials and ante-post markets across horse racing, football, tennis, rugby, cricket, golf and American football, with in-play pricing on top. The welcome terms skew higher-stake, lower-headline. Where a chain brand chases volume, a premium firm chases a smaller, larger-staking customer.

The premium framing has the cost the framing implies. Minimum stakes sit higher than at a value-focused book. Limits on accumulators and lucky bets affect the small-staking punter more than the high roller. A punter with a £50 weekly bank reads premium terms as friction; a punter with a £5,000 weekly bank reads them as ordinary.

Worth it for the higher-staking punter who values the product mix and the personal-service side; the budget punter pays more for less.

Octobet — BOG on UK and Irish racing, with a per-race cap

Octopus Game Limited is the newest licence among the reviewed set, and its racing offer is built around Best Odds Guaranteed on UK and Irish horse racing, capped at £150 per customer per race. For a punter whose bet size sits below the cap, BOG is a clean win: take a fixed price, collect the SP if it drifts up. For a high-staking customer the cap turns BOG from a safety net into a partial one.

The small-print cost of any BOG offer sits in which meetings it covers and how big a stake counts. A £1.50 each-way bet qualifies; a £500 win-only bet on a festival meeting may not, depending on the cap structure. Reading the cap before betting is the part the marketing omits.

This BOG offer provides consistent value for the average race-goer, although it may be less appealing for those placing high-stakes bets exceeding the cap.

Midnite — modern app, acca builder, with the welcome terms behind it

Midnite Limited sells a young account. The site lists an acca builder, in-play coverage, popular accas and price boosts with maximum-stake limits. The welcome offer the casino side carries is built around a small qualifying bet on sports and a sweep of free bets plus free spins — a shape that costs the operator less than a large cash bonus, and one the punter clears against a specific promotion window.

The shape costs the punter in time as well as money. Free bets that follow a £5 qualifying stake do not return the stake on a win. A 7-day expiry puts the punter’s next seven days inside a marketing rhythm whether they want it or not. Free spins expire on a different cadence to the free bets, and clearing one part forfeits nothing of the other.

Worth it for the price-boost-driven accumulator punter; less so for the customer whose racing bets are singles and whose welcome choice is the cash-back over the bonus bet.

Dabble — social-led app, free-bet welcome, fixed-odds terms

Dabble Sports UK Ltd pushes a social-led product — a feed of other customers’ bets visible inside the app, with chat and copy-betting functionality layered over the usual sportsbook. The welcome offer is a fixed-odds free bet bundle on a qualifying first deposit. Minimum odds apply, the stake is not returned, the free bet expires in seven days.

The shape of the welcome tells the punter what to expect across the wider product. A free-bet welcome asks for one qualifying bet at minimum odds; a cash-back welcome pays the punter’s stake back on a first-bet loser. The two do different things to a bankroll. The seven-day window also turns the welcome into a clock — bet, claim or lose it.

While the social feed adds a unique dimension, the welcome bonus structure might not satisfy punters who prioritize traditional cash-back incentives.

Fitzwilliam Sports — phone-first service, with quiet hours you have to plan around

SBKI Limited runs Fitzwilliam as a phone-and-live-chat service with the office open 09:00 to 21:00, seven days a week, and messenger replies typically within 90 seconds. For the customer who bets over the phone rather than through an app — a tradition more common in racing than in any other sport — that opening window is the offer.

The window is also the cost. Outside 09:00 to 21:00, the firm is harder to reach, and ante-post decisions on overnight markets are taken without a quick second opinion. A punter whose phone is the betting device reads that as ordinary; a punter who messages at midnight reads it as a constraint.

Worth it for the racing punter who bets through the day and over the phone; less so for a customer whose racing bets are placed at 11pm.

VBet — bet builder and live streaming, with casino weight to carry

SCGO Limited pushes a sportsbook that layers bet builder, pre-match and in-play, live streaming and a live calendar with results and stats. The site competes most heavily in football — its strongest market — and the racing side sits lower in the product mix than at a racing-first firm.

The product breadth costs the punter in focus. The bet builder is most useful where the firm has the most fixtures: football, basketball, tennis. On a midweek all-weather card, the firm’s racing coverage may simply be thinner than a racing-first operator’s. A live-streaming product that covers football more reliably than racing is a feature with a quieter caveat.

The app excels for those who split their betting between the pitch and the course, though specialists seeking pure racing depth may find other platforms more focused.

London Bet — combined sportsbook and casino, with racing a side product

Thistle Bet Limited runs the sportsbook alongside a slots product, with horse racing and greyhounds among the listed sports. The marketing leans on the casino-and-slots side and the racing product sits further from the centre of gravity. In-play pricing covers the major meetings.

The combination costs the punter in regulatory separation as well as focus. A slots product carries its own product-restriction and time-out rules; a punter who turns the deposit limit on for sports may find the casino spend sits inside a different bucket. A single budget across the two products is the punter’s job to enforce.

Worth it for a customer who plays slots as well as bets on racing and wants one wallet; less so for a sports-only punter.

Ladbrokes — full racing product, BOG, with the offers stacked on top

LC International Limited runs the racing side at scale: odds boosts on horse and greyhound bets, BOG on UK and Irish racing, in-play and acca boosts. The marketing calendar runs through the year — racing festival specials, a Grand National offer, the Cheltenham build-up. Several named brands run under the same licence-holder; the punter reads one book on a Ladbrokes site and another on a Coral site, with shared terms behind them.

A heavily marketed product carries the cost heavily marketed products carry. Promo cadence is fast; the punter’s inbox fills with offers; T&Cs differ per promotion, and the minimum odds on a welcome offer is a hurdle smaller-betting customers clear without noticing and larger-stake customers clear on the second read. BOG sits with the usual per-customer, per-race caps.

Worth it for the volume punter who wants every racing product the chain offers; less so for a customer whose welcome choice is a quiet welcome.

What the law actually says about tipsters in Great Britain

The Gambling Act 2005, as amended by the Gambling (Licensing and Advertising) Act 2014, requires a Gambling Commission licence from any operator whose remote gambling facilities reach customers in Great Britain, regardless of where the operator itself is based. A Curaçao, Malta or Gibraltar licence is not a substitute; the test is the GB one. The Commission’s public register — searchable by business name, trading name, domain or account number — is the whole proof of who holds one. The betting licence categories are: remote general betting standard (real events), remote general betting standard (virtual events), remote general betting limited, remote pool betting and remote betting intermediary. Each reviewed operator above holds a remote general betting standard (real events) licence; Ladbrokes additionally holds an intermediary licence, which covers betting exchange operations.

There is no statutory list of what may or may not be bet on. An operator with a category licence offers markets under its own rules and the Commission’s Licence Conditions and Codes of Practice. In-play betting is permitted; esports are treated like any other event; politics, TV and novelty markets are offered by GB-licensed firms with no statutory prohibition. There is no state-set cap on stakes; operators set their own, and may restrict customers. The minimum age to bet is 18, and identity — name, address, date of birth — is verified before any deposit is taken or any bet is struck, including with a free bet or bonus.

Financial spread betting, where it falls inside the regulator’s perimeter, is the Financial Conduct Authority’s territory, not the Commission’s. The distinction matters to the punter: spread-bet losses can exceed the deposit in a way a fixed-odds bet cannot.

What the licence costs the operator — and what it gives the punter

A GB-licensed operator carries duties the offshore operator does not. Identity is checked before the first bet. A financial vulnerability check applies to remote betting once a customer’s deposits minus withdrawals pass £150 in a rolling 30 days. GAMSTOP coverage is mandatory for online operators and runs for six months, one year, five years, or five years with auto-renewal; a minimum-period exclusion stays in force for a further seven years unless the customer asks for it to be removed. Credit cards have been banned for gambling in Great Britain since April 2020, including credit-card-funded payments through an e-wallet; debit cards and bank-based payments are not covered by that ban.

Bonus terms are now constrained by promotion rules in force since January 2026: wagering requirements on bonuses cap at 10x (so a £10 bonus at 50x needed £500 of bets; under the cap that figure falls to £100), and mixed-product promotions — an offer that demands gambling on two or more product types, such as “bet on football to get free spins” — are banned. The cap is what the “free bet” and “100% bonus” headlines hide.

Advertising sits with the ASA and the CAP Code rather than with the Commission; betting adverts are not shown on TV from five minutes before a live sporting event to five minutes after it, before the 9pm watershed, with horse and greyhound racing excluded. The Premier League clubs’ voluntary withdrawal of front-of-shirt gambling sponsorships from 2026/27 is a club decision, not a law.

What an offshore book costs the punter

A GB licence is compulsory at the point of consumption. Providing gambling facilities in Great Britain without one is an offence under section 33 of the Gambling Act 2005. No offence targeted at the customer who bets with an unlicensed firm was found; what that customer loses is protection. No GAMSTOP coverage, no Commission complaints route, no approved dispute-resolution body, no British redress if funds are withheld, no 10x bonus cap, no £150 vulnerability check. Enforcement is disruption through cease-and-desist notices, work with registrars, hosts and payment providers, and the court-order DNS blocking powers the Commission has been given or is about to receive. The honest framing is the simple one: a licensed operator carries checks, limits, GAMSTOP and the bonus cap, and verification before the first bet; an unlicensed operator carries none of those, and may not pay out what it owes.

Safer gambling tools and what they cost the punter to set

A licensed operator offers safer-gambling tools because the licence requires it, and because the tools cost the punter a small amount of effort for a large amount of protection. Unibet lists deposit limits, a Player Profile test, product restrictions and self-exclusion, alongside GamCare, GambleAware, GAMSTOP, Gambling Therapy and the BGC. The other reviewed brands carry parallel tools under the same licence condition.

Deposit limits sit at the front. The Remote Technical Standards since October 2025 require operators to apply a gross deposit limit a customer can set on a fixed time frame; a second phase was postponed to September 2026, and whether it is live on each operator’s site depends on the rollout. Limits are the customer’s choice; there is no state-set ceiling, only the option to set one.

Self-exclusion through GAMSTOP applies across every GB-licensed online operator at once. The betting shops of any firm run a separate multi-operator self-exclusion. A self-excluded customer who opens a new account with different identity details is gaming the system; the operators’ checks are designed to make that harder, and the customer pays the price when the breach is found.

Financial vulnerability checks against public records — bankruptcy and county-court judgments are the typical data sources — catch the worst of the worst cases before they deepen. They are not income checks. The “financial risk assessments” the press calls affordability checks sit on a Commission-announced staged plan, with no start date. Until they begin, the £150 vulnerability check is the boundary that triggers a closer look.

The help line that matters is GamCare’s National Gambling Helpline. GambleAware funds research and treatment. The NHS runs specialist gambling clinics. Gamblers Anonymous runs groups. A punter who feels the betting has stopped being entertainment has a clear route into help; the cost of asking is small, and the cost of not asking can be very large.

In-play horse racing, cash out and what each costs the punter

Live betting on horse racing is a smaller share of in-play turnover than football, but it is real: meetings held at smaller courses are streamed and priced live by GB-licensed operators, and the major firms offer cash out on most in-running markets. Two features stand out — the in-play product and the cash out — and each carries its own cost the marketing copy tends to fold away.

Cash out lets the punter close a bet before the race finishes. The price offered reflects the live state of the race and the bookmaker’s margin at the moment of the offer. The cost sits in the gap between that price and the price available on the same outcome by waiting for the result: cash out always favours the bookmaker more than the open market does, because the bookmaker builds the offer from its own book. A punter who uses cash out as a discipline tool — never chasing, never waiting for the photo finish — gets a feature used as intended. A punter who uses cash out to cut a losing position has paid the cost of the position rather than the cost of the discipline.

In-play pricing on horse racing carries limits the firm rarely promotes. Liability caps per race apply — a per-customer cap on how much the operator will accept in-running on a single race — and on a tight handicap with a non-runner in the field, the in-play price can be suspended for minutes at a time. A punted race can pass through the suspended-price window before the market reopens, and the punter’s intended stake may not get placed.

Bet builder, each-way, acca insurance, price boosts — each carries a cost shaped by the market it sits in. The bet builder stitches legs from the same race into one price; the margin compounds with each leg, and the punter pays more margin for the convenience of one slip. Each-way is two bets and a doubled stake; place terms vary by race and operator, and a non-runner changes the place terms. Acca insurance refunds the stake on one leg letting the accumulator down, usually as a free bet whose stake is not returned. Price boosts lift a headline number without changing the structure; the margin moves with the boost and the long-run cost of taking boosted prices is the cost the punter is paying for the marketing line.

Worked example: how the margin sits inside a price

Take an illustrative two-way market at decimal odds of 1.90 for each side — 9/10 in fractional form, an example rather than any quoted price. The “true” payout share of a fair market, with no margin, sums to 1.00: a £1 stake on each side returns exactly £1 to the winner in aggregate. The bookmaker’s actual payout share is 1 ÷ (1/1.90 + 1/1.90), which works out to about 0.95 — or 95%. The margin is 1 minus 0.95, or roughly 5%. Out of every £100 staked across both sides at those prices, the bookmaker keeps around £5, and £95 returns to the winners.

A 5% margin is a typical figure for a major British firm’s racing book on a competitive meeting, and it sits lower — sharper — than the margin on a smaller meeting or a less-popular sport. The margin is the cost the punter pays on every bet, including the winning ones, because the winning bet is paid at the margin-embedded price rather than at a fair price.

The condition behind the band is the assumption of a balanced book at the price stated — the bookmaker writes the price expecting roughly equal money on each side, and the 5% margin holds. In practice, the punter’s price moves with the shape of the bets placed; the headline 1.90 may be available on Monday and gone by race-day morning. A punt at 1.90 one day and at 1.70 the next is a punt at a different margin, and the second margin is worse for the punter. The conclusion claims what the arithmetic shows: the bookmaker keeps roughly 5% of every unit bet on this illustrative market, and the punt at the worse price pays a higher share still.

Why no tipster — free or paid — can promise a win

The chain from form study to price is long, and the breaks in it are real. Past form is past; class moves reshuffle the field; trainer and jockey changes rewrite a horse’s chances; going and draw can flip a race. The market’s price is doing the same sum across thousands of punters, and arriving at a number. A tipster who beats the market has an edge, and an edge has to be measured in hundreds of bets rather than tens before it is statistically visible.

A free tip is not free. The marketing cost of a tipster-app built into a bookmaker is the marketing the book pays; the punter pays with attention and the temptation to chase the next race. A paid tip is not more accurate because it is paid: a £30 monthly subscription transfers money from the punter to the tipster, and the tipster’s responsibility ends at the email. The punter’s bankroll takes the risk on every bet the tip suggests.

Staking discipline is the only edge a tipster does not offer. A flat 1% or 2% of bank per bet survives losing runs; doubling-up progressions break on a long-enough run, and a long-enough run arrives sooner than the punter expects. A bankroll protected is a bankroll that can absorb the next ten losers without forcing a recovery bet, and recovery bets are where most tipping strategies fail.

The harder truth sits in how the price moves. A tip published with a horse at 8/1 is a different bet to the same horse at 5/1 the next morning — the value has gone, and the punter who takes the new price is paying the tipster’s marketing rather than a punt on form. Tips with published prices collapse once the market moves; tips without a named price cost the punter the discipline of taking the right number when it arrives.

Picking a horse racing tipster in Great Britain: the practical order

The decision runs through a small number of steps, in roughly the order below.

1. Check the operator’s licence on the Gambling Commission’s public register — search by business name, trading name, domain or account number. A GB licence is the requirement; an alternative jurisdiction is not a substitute.
2. Decide whether the welcome offer is a free bet, a cash-back or a deposit match. Read the wagering requirement (capped at 10x under 2026 promotion rules), the minimum odds on the qualifying bet, the expiry window, and whether the stake is returned on a free-bet win.
3. Decide whether the racing product covers what the punter bets on — ante-post or in-running, jumps or flat, big meetings or smaller meetings. A bet builder and live streaming is most useful where the firm has the most fixtures.
4. Look at the running-cost features — BOG, with its cap; cash out, with the way it favours the bookmaker; each-way terms, varying by race and operator; the rule 4 schedule for non-runners.
5. Set a deposit limit before the first deposit, register with GAMSTOP if a multi-operator exclusion is needed, and check the safer-gambling tools sit on every product the bookmaker offers.
6. Staking at one unit per race — flat across the week, sized at 1% to 2% of bank — is the only discipline a tipster does not offer. The bank survives; the streak of losers folds into the average rather than into the next-deposit decision.

Where this guide ends the decision is still the punter’s: a licence is a floor, not a ceiling, and the cost the bookmaker charges on top of the licence is the cost that matters.

Frequently asked questions about horse betting tipsters

How does someone become a betting tipster?

A tipster is a person or a service that publishes picks — a horse, a price, sometimes a stake. Becoming one is not licensed or regulated in Great Britain; the activity is a published opinion rather than a regulated service. What does carry regulation is the bookmaker used to place the bet. A tipster who recommends a GB-licensed book earns a marketing cut from that book; a tipster who points at an unlicensed firm does not pay the GB system its money back. The published record that matters is the tipster’s long-run strike-rate and average price, not the title on the website.

Who is the best betting tipster?

No public ranking settles it. A free sheet has an economic advantage — it can distribute volume — and a paid sheet has an alignment problem — its income comes from subscriptions, not from winners. The question to ask of any tipster is the strike-rate at the average price taken, over a sample of at least a few hundred bets, before paying anything. The honest answer is the one no marketing line ever gives.

What is a tipster in betting?

A tipster publishes picks and the reasoning behind them. The picks are the tipster’s product; the price the punter takes may differ from the price the tipster named; the race-day outcome is independent of the pick. A tipster who nails the form and ignores the price is recommending bets at no value; a tipster who nails the price and misses the form is the more dangerous of the two — a confident line, no edge.

What is a value bet, and why is no tip ever certain?

A value bet is a price higher than the probability the form suggests, with the bookmaker’s margin taken out. “Probability the form suggests” is itself a range, not a number — class, going, draw, trainer and jockey all move the estimate. The market’s price is the same probability done across thousands of punters; where the tipster’s number is higher than the market’s number, a value bet may exist. No tip is certain because the form picture is incomplete and the market picture is live; every bet can lose, even the best-priced one.

What is the bookmaker’s margin, and how can it be seen in the odds?

The margin is the share of every unit staked on a market the bookmaker keeps in the long run. It appears as the gap between the implied probabilities of all outcomes and 100% — what is left over after the implied probabilities are summed is the overround. A two-way market at decimal odds 1.90 on each side implies 1 ÷ 1.90, or about 52.6%, for each outcome, summing to about 105.3%, and the 5.3-point gap is the margin. The bigger the implied sum, the larger the margin and the worse the price for the punter.

How is the return on a bet worked out from the stake and the odds?

Decimal odds: return = stake × odds; net profit = stake × (odds − 1). Fractional odds: a 5/1 price pays 5 × stake in profit and 6 × stake in return if the bet wins; an evens (1/1) price pays stake in profit and 2 × stake in return. Each-way is two bets at the same stake — win and place — and the place part pays at a fraction of the win price, fixed by the race’s place terms. A combination bet multiplies the odds of each leg: a double at 3.00 and 4.00 has a combined price of 12.00, and a £1 stake pays back £12 if both win.

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