# Each Way Betting on Horse Racing Explained

**Accumulator.**

Sometimes called a parlay. A bet where the winnings from one bet are placed on the next bet. The winnings accumulate, giving a large theoretical return. In reality, not very profitable as it only takes one to lose and your whole bet loses.

**Arbitrage.**

A combination of bets which guarantees a theoretical risk free profit. These sometimes occur when one bookie offers a price which is out of line with the rest of the market. Opportunities don’t last long as the bookie will adjust their prices accordingly.

**Asian Handicap.**

A type of bet where one team is given a handicap make the odds of beating the handicap around evens and the odds of not beating the handicap around evens. Popular in Asia.

**Banker.**

A bet that is highly likely to win. Odds are usually less than 1.5 for these types of bets.

**Betting Exchange.**

A place where people bet against each other. The exchange takes a commission from each winning trade.

**Book Value.**

The over round that a bookie builds into the odds. For example a typical football match will be booked to 110% meaning that if you bet on all outcomes you’d lose about 10%. Very similar to payout which is defined as 100/book value. To work out book value simply use this formula, Book Value = 1/outcome1_odds + 1/outcome2_odds + …

**Bookmaker, bookie.**

The person who accepts a bet.

**Decimal odds.**

The odds expressed as a decimal, with the stake included in the overall price. For example decimal odds of 3 equals fractional odds of 2/1, as the stake is included in the former but not the latter.

**Double.**

An accumulator with 2 bets. ufa

**Double chance.**

A bet that is offered on the 3 way market where you bet on 2 outcomes. For example you might bet on the home win or draw. Odds are usually very poor but you are much more likely to win the bet.

**Draw no bet.**

A bet where the draw returns your stake. This is exactly the same as a +0 Asian Handicap.

**Each Way.**

A type of bet where you can still win if your choices comes in 2nd/3rd/4th depending on the market. The bet is split into 2, half placed on a straight win and half on, say the next 4 places. This is popular in horse racing but is used in football, in some markets, eg. First goal scorer.

**European Handicap.**

Do not confuse with Asian Handicaps. This is where a team is given a goal start but the bet cannot be drawn. Three prices are quoted, on for the team giving the handicap, one for the team with the handicap and one for the handicap draw. For example if a team is given a +1 European handicap and the match is lost by a single goal, the bet still loses, unlike with Asian Handicaps where the stakes are refunded. A +1 handicap is equivalent to a +0.5 Asian Handicap, a -1 handicap is equivalent to a -1.5 Asian Handicap.