Best Odds Guaranteed Sites for $$$$ 2026: A Working Punter's Guide
Best odds guaranteed sounds like a gift. Take a price in the morning, watch the favourite drift, and the bookmaker tops you up to the bigger starting price when the race goes off. In practice the wording around it is where the value lives, and the wording is not the same at every bookmaker. This page is a working guide to the mechanic: how it is built, who is licensed to offer it, what the headline uplift quietly caps at, and what it costs a punter who reads it too quickly. The angle throughout is cost. What does this feature take out of your stake, what does it return when it fires, and where does the small print turn a generous-looking promise into a smaller one?

Data current as of $27 October 2026 and checked against the Gambling Commission’s public register of operating licences.
How BOG Is Built
The starting price and the early price
The starting price is the price on offer in the fixed-odds market at the off. For British horse racing the SP is set as the median of a sample of bookmakers on course — the shortest price in the longer-priced half of the sample, so at least half the firms sampled offered that price or a bigger one. That figure is what settles bets where no fixed price was taken, and it is the figure a best-odds-guaranteed bookmaker tops you up to when your early price is shorter.

A punter who takes 5/1 (6.00) on a horse in the morning and the SP returns at 8/1 (9.00) gets paid at 9.00 if the horse wins. The difference between 6.00 and 9.00 on the same stake is the BOG uplift, and it is the only number the promotion actually delivers.
What the uplift does and does not cover
BOG is a horse-racing promotion. It is offered by some UK bookmakers on UK and Irish racing and, less commonly, on selected meetings overseas. It does not apply to football, tennis, golf or any other sport — the name says what it covers, and a price boost on a Saturday afternoon accumulator is a different mechanism with different small print.

It also does not override the rest of the racing rulebook. Non-runners, each-way terms and Rule 4 deductions still apply. Sky Bet’s published terms spell out one common interaction: if a price taken receives a Rule 4 deduction, the deduction still applies unless the horse returns at a bigger SP, in which case the bet is paid at SP with no deduction. A punter expecting the SP to wash the deduction away reads the rule again and finds a condition hiding inside the headline.
Where the cap sits
Every BOG bookmaker places a ceiling on the uplift. Sky Bet’s ceiling is £50,000 per bet or per race for horse racing — beyond that, the early price is what gets paid. Most firms cap lower, sometimes at a few hundred pounds. The cap matters at the top of the market: a winning bet at a 100/1 SP that drifted from 33/1 pays the difference on £50,000 of stake at Sky Bet and pays nothing on the £50,001st pound. The cap is rarely the binding constraint at recreational stakes, and it is the first number a serious punter reads.
The Landscape of BOG Operators
Selection criteria for this ranking
The ten operators ranked in this page are holders of a Gambling Commission remote licence for Great Britain, taken from the Commission’s public register. Every brand named below is on that register; the account number, the licence holder and what each operator’s own terms say about best odds guaranteed are set out in the table further down the page. Two notes before the table.
First, more than ten brands hold the licence. The Commission’s register lists hundreds of remote betting licences across the market; the featured set on this page is a curated one and is not the whole of British licensed betting.
Second, the featured set is not ranked by generosity of BOG uplift. Several firms on the list do not offer BOG at all — Matchbook is a betting exchange and the mechanic does not translate to peer-to-peer markets; Smarkets is the same shape; Spreadex’s product is split between spread betting and fixed odds and the headline is phrased for the spread side. Where BOG is absent the table says so.
What the comparison columns tell the reader
The comparison block on this page sets three things beside one another: the Gambling Commission licence account and licence holder, what the operator’s own terms state about best odds guaranteed, and a working judgement on what that combination delivers. The licence column is a verification aid — for any punter who wants to confirm a brand is on the register, the account number is what the Commission’s search takes. The terms column is the operator’s own language, not a paraphrase. The judgement column reads those two lines together.
| Brand | Gambling Commission licence | Best odds guaranteed in the operator’s own terms |
|---|---|---|
| Sky Bet | Account 67370; SBG Sports Limited | Confirmed: best odds guaranteed on UK and Irish horse racing, capped at £50,000 per bet or per race; Rule 4 deductions preserved unless the SP is bigger, in which case the bet is paid at SP with no deduction |
| BetVictor | Account 39576; BV Gaming Limited | Confirmed: best odds guaranteed on UK and Irish horse racing |
| Coral | Account 54743; LC International Limited | Confirmed as part of the standard racing promotion suite |
| Midnite | Account 101839; Midnite Limited | No data on best odds guaranteed in the public terms |
| Smarkets | Account 39173; Smarkets (Malta) Limited | No data on best odds guaranteed — exchange commissions apply |
| Betfair | Account 39439; PPB Counterparty Services Limited | No data on best odds guaranteed on the sportsbook side; the exchange runs on commission |
| Matchbook | Account 39504; Triplebet Limited | No data on best odds guaranteed — exchange commissions apply |
| Fitzdares | Account 400; Fitzdares Limited | Confirmed: best odds guaranteed offered on antepost and racing markets |
| VBet | Account 44662; SCGO Limited | No data on best odds guaranteed in the public terms |
| BoyleSports | Account 39469; Boylesports Enterprise | No data on best odds guaranteed in the public terms |
The table is a starting point, not the ranking. The judgement on each operator sits below it.
Statutory and Licensing Frame
The Gambling Commission and the 2005 Act
The Gambling Commission licenses the whole commercial betting market in Great Britain under the Gambling Act 2005. The Act covers England, Scotland and Wales; Northern Ireland runs on older legislation, and a GB licence does not extend there. Since the Gambling (Licensing and Advertising) Act 2014 an operator whose remote facilities are used in Great Britain needs a Commission licence wherever the operator is based — a Curaçao, or a Maltese, or a Gibraltar licence is not a substitute.
There is no state monopoly and no cap on the number of licences. The categories that matter for this page are remote general betting standard (real events) — the standard sportsbook licence — and remote betting intermediary — the licence for betting exchanges. A brand on the register will sit under one or both. Midnite sits under remote general betting standard; Betfair sits under remote general betting standard and runs an exchange; Matchbook sits under both; Smarkets sits only under remote betting intermediary.
How to verify a licence
The Commission’s public register is searchable by business name, trading name, domain or account number, and it is the whole test of whether a brand holds a GB licence. A punter who wants to check should type the brand’s account number into the register and read the categories, the trading names and the licence holder against what the operator’s own site says. The licence holder is not always the trading name: Coral sits under LC International Limited; Betfair sits under PPB Counterparty Services Limited; Sky Bet sits under SBG Sports Limited. Two trading names can sit under one licence holder — Ladbrokes and Coral are both under LC International Limited — and that is normal.
A GB-licensed operator may use a .com domain as well as a .co.uk, and the domain proves nothing. The licence does.
What the licence requires
Identity verification before the first deposit is mandatory at a GB-licensed operator since 7 May 2019 — name, address and date of birth checked against public records, including before a free bet or a bonus is credited. The minimum age is 18. Credit cards are banned for gambling in Great Britain since 14 April 2020, including credit-card-funded payments through an e-wallet; debit cards and bank-based payments are not covered by that ban.
General Betting Duty is the operator’s tax on gross profits at 15% until 1 April 2027, when a new remote betting rate of 25% takes effect within the duty; the player pays no tax on betting winnings in Great Britain. From 1 April 2027 the rate change applies to remote betting generally; remote bets on UK horse racing, in-person betting, pool betting and self-service terminals in licensed premises stay at 15%. A punter should not read this as a price increase — how any operator passes duty on through odds is not established.
Responsible Gambling and Player Protection
GAMSTOP and self-exclusion
GAMSTOP is the national multi-operator online self-exclusion scheme and a mandatory licence condition for online operators since 31 March 2020. Periods are six months, one year, five years, or five years with auto-renewal, and after the minimum period the exclusion stays in place for a further seven years unless the customer asks GAMSTOP to remove it. GAMSTOP covers online sites and apps; betting shops use a separate self-exclusion service.
Every brand named on this page is a GAMSTOP member. That is not a choice — it is the licence.
The £150 vulnerability check
A financial vulnerability check has been in force since 30 August 2024 under LCCP condition 3.4.4 and applies to licensed remote betting when a customer’s deposits minus withdrawals exceed £150 in a rolling 30-day period (since 28 February 2025). The check is a public-record check — bankruptcy, county court judgments, similar entries — and is not an income check and not a credit reference check. Financial risk assessments were announced in a staged plan by the Commission on 7 July 2026, with no start date. Until the Commission sets one, do not read “affordability checks” as a thing the bookmaker is doing.
Deposit limits and stakes
Operators must offer a gross deposit limit on a fixed time frame under RTS 12; the first changes have applied since 31 October 2025 and a second phase was postponed to 30 September 2026. There is no state-set ceiling for stakes in sports betting: a bookmaker sets its own maximum stake and may restrict a customer. The cap on the BOG uplift is the bookmaker’s, not the law’s.
Where to get help
GamCare runs the National Gambling Helpline. GambleAware funds treatment and education. NHS gambling clinics operate in several regions. Gamblers Anonymous runs peer-led meetings. A punter who needs any of these is past the stage where the next leg of an accumulator is the right next move.
Bonuses, Free Bets and BOG
The welcome offers at the featured operators
Sky Bet’s welcome offer for new customers is £30 in free bets, credited as three £10 free bet tokens after a deposit of at least £5 and a first single or each-way bet of at least 5p at odds of 1/1 or greater. Coral’s sports welcome offer is “Get £40 in Free Bets when you bet £20”: a deposit and sports bet of £20 or more at minimum odds of 2.0 (1/1), with £40 in free bets issued within 7 days and expiring 7 days after issue, for new GB customers who opt in. Midnite’s sports welcome offer pays £25 in free bets and 50 free spins to new customers who bet £5 or more on pre-match odds of EVS (2.0) or greater within 14 days of sign-up, with the free bets and spins valid for 7 days.
BoyleSports’ Acca Insurance is a separate promotion: opt-in, a minimum stake of £5, minimum odds of 1/2, and a maximum refund of £20 paid as a free bet that expires in 7 days, with bets placed and settled on the same day. None of these welcome offers is best odds guaranteed. The welcome bonus is settled at the early price taken, and any drift is not paid on the bonus stake unless the bookmaker’s own terms extend BOG to free bets. Most do not.
What the 10x wagering cap means
Wagering requirements on bonuses are capped at 10x as of 19 January 2026: a £10 bonus at 50x wagering is not allowed, and under the cap no more than £100 of wagering can be required. The cap is part of the LCCP and applies to every GB-licensed operator. Free bets with no wagering condition are outside the cap in form; the Commission has not published a binding read of whether the cap applies in practice. Mixed-product promotions — an offer that requires gambling on two or more product types such as betting, casino, bingo and lottery, “bet on football to get free spins” being the textbook shape — are banned.
The cap is a ceiling on how much a punter must turn over before withdrawing bonus-derived funds. A £20 bonus at 10x means £200 of qualifying bets; the same £20 bonus pre-cap could have demanded £1,000 of bets. The cap does not change the stake required to clear a bonus — it sets the worst case. Free bet stakes are usually not paid back with a win, which is a separate cut from the wagering cap and a separate cost the small print carries.
BOG and the welcome bonus
A welcome free bet is rarely covered by best odds guaranteed. Sky Bet’s published BOG terms apply to bets settled from cash stakes, and the uplift cap of £50,000 per bet or per race is calculated on cash. A punter who takes a £10 free bet on a horse at 6/1 and the SP returns at 10/1 is paid on the free bet’s own rules, not on BOG. That is the standard shape — and the rare exceptions are operators who state otherwise. Read the BOG terms; read the free bet terms; read them against each other before assuming the uplift applies to the bonus stake.
The Reviewed Operators
Sky Bet — the highest stated BOG cap among the featured set
Sky Bet offers best odds guaranteed on UK and Irish horse racing with an uplift cap of £50,000 per bet or per race, and it pays the SP rather than the deduction where the SP is bigger than the Rule 4-adjusted early price. The licence sits under SBG Sports Limited on Commission account 67370. The welcome offer is £30 in free bets after a 5p qualifying bet at minimum odds of 1/1, settled as three £10 tokens. The big number is the cap. For a high-stake punter running the rule on a Saturday feature race, that ceiling is the strongest in the featured set as of the data this snapshot was taken.
Coral — a standard racing promotion with a deeper welcome offer
Coral runs best odds guaranteed as part of its standard horse-racing promotion suite under LC International Limited on Commission account 54743. The welcome offer is heavier than Sky Bet’s in headline terms: £40 in free bets for a £20 qualifying bet at minimum odds of 2.0, with the tokens issued within 7 days and expiring 7 days after issue. The heavier welcome sits beside the same BOG cap most standard bookmakers apply; Coral does not publish a cap higher than the industry default. A punter weighing the two against each other is comparing a higher cap and a smaller bonus against a lower cap and a bigger bonus — and which one wins depends on stake size.
BetVictor — confirmed BOG with BetFinder and enhanced streaming
BetVictor offers best odds guaranteed on UK and Irish horse racing, alongside enhanced live race streaming and a BetFinder feature for finding racing bets and Smart Stats. The licence sits under BV Gaming Limited on Commission account 39576. The product is built around the racing page — the streaming and the stat features sit on the same surface as the BOG button, and a punter who bets mainly on racing gets a tighter working environment than at a sportsbook-led brand. The cap is not published in the public terms above the standard ceiling.
Midnite — newer licence, no published BOG
Midnite’s site cites Gambling Commission licence 101839 and shows in-play events, an acca builder, popular accas and price boosts with maximum-stake limits. The licence holder is Midnite Limited. The site does not state a best-odds-guaranteed promotion in the public terms, and the welcome offer is structured around free bets and free spins rather than the racing uplift. A punter looking for BOG on a Saturday feature race will not find it here as of this snapshot. The brand is on the register; the racing promotion is not in the public terms.
Smarkets — exchange commission, not BOG
Smarkets applies a standard commission of 2% on eligible exchange bets, and new customers have been offered 0% commission for 60 days with a minimum first deposit of £10. The licence sits under Smarkets (Malta) Limited on Commission account 39173, and the category on the register is remote betting intermediary. Best odds guaranteed does not translate to an exchange: a backer’s bet is matched against a layer at the price the backer took, and there is no house SP to top up to. The savings line on Smarkets is the commission, not the uplift.
Betfair — sportsbook and exchange under one name
Betfair’s sportsbook offers in-play betting, Bet Builder, free live streaming of UK and Irish horse racing and football within the app, and a 90 Minute Payout market. The licence sits under PPB Counterparty Services Limited on Commission account 39439, and the categories cover both the sportsbook and the exchange. Best odds guaranteed is not stated in the public terms on the sportsbook side; the exchange runs on commission in the same way Smarkets does. A punter on Betfair is choosing between a sportsbook without published BOG and an exchange without a BOG mechanism at all.
Matchbook — exchange-only product
Matchbook is a betting exchange where customers bet against other users, with Bet Builder, multiples, in-play betting and live streaming of horse racing and greyhounds. The licence sits under Triplebet Limited on Commission account 39504, and the categories are remote general betting standard and remote betting intermediary. Best odds guaranteed is the wrong tool for an exchange — the price taken is the price settled, with no house SP in the loop — and Matchbook does not state one. The product is commission-led.
Fitzdares — antepost racing focus with BOG
The Fitzdares app offers cash out, accumulators, Lucky 15s, specials and antepost markets on horse racing, football, tennis, rugby, cricket, golf and American football, with in-play live odds. The licence sits under Fitzdares Limited on Commission account 400. Best odds guaranteed is offered on the antepost and racing markets per the public terms. The racing focus is the brand’s identity: a punter whose betting is racing-heavy gets a bookmaker that builds the page around it, and BOG sits on that page as part of the package.
VBet — full sportsbook, no published BOG
The Vbet app is published by SCGO Limited and offers Bet Builder, pre-match and in-play betting, live streaming and a live calendar with results and stats. The licence sits under SCGO Limited on Commission account 44662. Best odds guaranteed is not in the public terms above the snapshot date. VBet is a broad-market sportsbook rather than a racing-led one, and a punter looking for BOG will not find it in the standard racing column. The brand is licensed and the product is wide; the racing uplift is the missing piece.
BoyleSports — Acca Insurance, not BOG
BoyleSports’ Acca Insurance requires opt-in, a minimum stake of £5, minimum odds of 1/2 and pays a maximum refund of £20 as a free bet that expires in 7 days, with bets placed and settled on the same day. The licence sits under Boylesports Enterprise on Commission account 39469. The headline promotion at BoyleSports is the accumulator insurance — a refund on a one-leg miss — rather than the SP uplift. A punter whose weekend bet is a five-fold acca rather than a single racing bet will read this product as the more useful one; a punter whose weekend bet is a single at Kempton reads it as the wrong shape.
Settling a Bet: The Calculation
What a winning bet pays back
The return on a winning bet is the stake multiplied by the decimal odds; the profit is the stake multiplied by the decimal odds minus one. A £10 stake at 5/1 (6.00 decimal) returns £60 (£10 × 6.00), of which £50 is profit. The same £10 at 1/1 (2.00 decimal) returns £20, of which £10 is profit. For a combination bet the odds of the legs multiply into one price — three legs at 2.00, 3.00 and 4.00 give 24.00 — and the return is the stake multiplied by that combined price.
The decimal conversion is the cleaner mental model for a punter who works in fractional: 5/1 is 6.00, 11/4 is 3.75, evens is 2.00. The formula is the same in both directions: return = stake × (a/b + 1) = stake × ((a + b) / b), where a/b is the fractional form.
The bookmaker’s margin in the odds
The bookmaker’s margin is the slice of every pound bet that the bookmaker keeps on average, and it is built into every price on the market. For a two-way market the payout share is 1 divided by the sum of 1 divided by each outcome’s decimal odds, and the margin is 1 minus that share.
Take a two-way market priced at 1.90 / 1.90 (9/10 in fractional form, illustrative rather than quoted). The payout share is 1 ÷ (1/1.90 + 1/1.90) = 1 ÷ 1.0526 = 0.95, so the margin is 1 − 0.95 = 0.05, or 5%. A £10 stake at either outcome returns £19 if it wins, and the £9 gap between the £19 return and the £10 stake is the gross profit; the 5% margin is what the bookmaker keeps from every pound bet across the market as a whole, not from any single losing bet.
For a three-way market — the 1X2 of a football match — the same formula extends to three outcomes, and the margin is what is left after the three reciprocal prices are summed. A bookmaker running a margin of 5% on a 1.95 / 3.50 / 4.20 football match is keeping 5p on every pound bet across the home win, draw and away win outcomes combined.
What BOG does to the margin
Best odds guaranteed does not change the bookmaker’s margin in the odds offered in the morning; it changes the price the punter is paid at when the SP drifts bigger. The margin built into the early price is the same margin the punter pays if the horse wins at the early price, and the uplift is the difference between that early price and the bigger SP — a windfall on the drift rather than a reduction in the margin taken. A punter who backs every favourite in every race at 6/1 and the SP returns at 8/1 in half of them has done better than the early prices implied; a punter who backs every favourite and the SP returns shorter in half of them has done worse, and BOG does not help in the second half. The promotion is asymmetric in the punter’s favour and that asymmetry is why it is a headline.
Offshore and Unlicensed Brands
What the GB licence means and what it does not
A GB licence is compulsory at the point of consumption: an operator whose remote facilities are used in Great Britain needs a Commission licence wherever it is based. Providing gambling facilities in Great Britain without the licence the Act requires is an offence under section 33 of the Gambling Act 2005 — up to 51 weeks’ imprisonment, a fine up to level 5, or both; six months in Scotland — aimed at the operator. The Commission does not pursue a customer who merely bets on an unlicensed site. What the customer loses is the layer of protection the licence brings: no GAMSTOP coverage, no Commission complaints route, no approved dispute-resolution body, no British consumer redress if funds are withheld, no obligation on the operator to honour the 10x bonus cap or to apply the £150 vulnerability check. Verification before the first bet is a feature of the licensed market; an unlicensed brand runs on its own house rules.
Enforcement against unlicensed brands is disruption, not blocking. The Commission issues cease-and-desist notices, refers sites to search engines, works with registrars, hosts and payment providers, and has been given, or is about to receive, court-order DNS blocking powers. ISP blocking is not in operation as a standing system. A punter who ends up on an unlicensed site reads that shape: checks, limits, GAMSTOP, the bonus cap, and the verification requirement on the licensed side; none of those and possible loss of funds on the other. Neither is “the safe choice” by default.
Payment-method friction
Credit cards are banned for gambling in Great Britain at licensed operators and that ban extends to credit-card-funded payments through an e-wallet. Debit cards and bank-based payments are not covered. A licensed operator that lets a punter deposit with a credit card is in breach of condition 6.1.2 of the LCCP. An unlicensed operator is outside the LCCP entirely. A punter who deposits by credit card at a brand that does not appear on the Commission’s register is reading the wrong protection in two places at once.
A Working View of the Featured Set
Reading the table as a punter
The ten operators in this ranking are on the Commission’s register; that is the floor. Above the floor the choice depends on the punter. Sky Bet is the right choice at high stakes because of the £50,000 cap; Coral is the right choice at recreational stakes where the welcome bonus carries the week; BetVictor is the right choice for a punter whose Saturday is built around the racing page; Fitzdares is the right choice for the antepost-focused racing bettor; Midnite, VBet and BoyleSports are right choices for punters who do not need BOG and want a broad-market sportsbook instead. Smarkets, Betfair and Matchbook are the right choices for a punter who wants to lay rather than back and is happy to pay commission in exchange for the price.
Where the BOG value actually sits
Best odds guaranteed pays off when the early price is taken short and the SP drifts long. The pattern is well-known to racing punters: the morning favourite, the well-backed second favourite, the unfancied runner who has caught the eye. The promotion is worth less when the price is taken long and the SP returns shorter — that half of the asymmetry is what the punter pays for the chance at the uplift. A serious racing punter takes early prices on horses they expect to shorten and accepts the drift risk on the rest; a recreational punter takes the price they like and treats BOG as a free option. Both reads are correct; the difference is the size of the betting bank.
The single number a punter should know
The single number is the cap. At Sky Bet it is £50,000 per bet or per race; at the other featured operators it is lower or not published. Beyond the cap the early price is what is paid. The cap is rarely binding at recreational stakes; it is the first line of the BOG small print a serious punter reads.
Frequently Asked Questions
Which bookmakers do best odds guaranteed?
Best odds guaranteed is offered on UK and Irish horse racing by several UK bookmakers; in the featured set Sky Bet, BetVictor, Coral and Fitzdares state BOG in their public terms, with Sky Bet capping the uplift at £50,000 per bet or per race. Other featured operators either do not state BOG publicly or run an exchange or spread-betting product where the mechanic does not apply. The Commission’s public register is the way to confirm a brand holds a GB licence.
Which bookmakers offer best odds guaranteed?
The same answer: BOG is offered on UK and Irish racing by Sky Bet, BetVictor, Coral and Fitzdares among the featured set, with the cap varying by operator. An offer is worth taking only when the small print around the cap, the Rule 4 interaction and the eligible meetings suits the punter’s bet. The licence account numbers on the Commission’s register let a punter verify any brand named here.
What bookmakers offer best odds guaranteed?
Several — and a punter weighing them reads three lines of the small print for each: the cap, the eligible meetings (UK and Irish racing is the standard scope), and the Rule 4 interaction. Sky Bet’s published terms are a worked example of the third line: if the early price carries a Rule 4 deduction, the deduction stays unless the SP returns bigger, in which case the bet is paid at SP with no deduction. That interaction is the rule’s quietest clause and the one most often missed.
How can it be checked that a bookmaker holds a Gambling Commission licence?
The Commission’s public register is searchable by business name, trading name, domain or account number, and it is the whole test of whether a brand holds a GB licence. A punter who wants to check should type the brand’s account number into the register and read the categories, the trading names and the licence holder against what the operator’s own site says. Two trading names can sit under one licence holder — Ladbrokes and Coral both sit under LC International Limited — and that is normal. A .com domain proves nothing; the licence does.
How is the return on a bet worked out from the stake and the odds?
The return on a winning bet is the stake multiplied by the decimal odds. A £10 stake at 5/1 (6.00 decimal) returns £60 (£10 × 6.00), of which £50 is profit. The decimal conversion of a/b is (a + b) ÷ b — so 5/1 is (5 + 1) ÷ 1 = 6.00, 11/4 is (11 + 4) ÷ 4 = 3.75, evens (1/1) is 2.00. For a combination bet the odds of the legs multiply into one price — three legs at 2.00, 3.00 and 4.00 give 24.00 — and the return is the stake multiplied by that combined price.
What is the bookmaker’s margin and how can it be seen in the odds?
The bookmaker’s margin is the slice of every pound bet that the bookmaker keeps on average across a market. For a two-way market the payout share is 1 divided by the sum of 1 divided by each outcome’s decimal odds, and the margin is 1 minus that share. At 1.90 / 1.90 the payout share is 1 ÷ (1/1.90 + 1/1.90) = 0.95 and the margin is 0.05, or 5%. A £10 stake at either outcome returns £19 if it wins; the margin is what the bookmaker keeps from every pound bet across the market as a whole, not from any single losing bet.
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