Scanning the menu, "decimal odds in sports betting" leads to one family of bets. Beyond the single win bet, a betting menu holds dozens of types, and each way is one of the oldest. It splits a stake into a win bet and a place bet on the same runner. What the rest of the menu offers is variety: props, specials, combinations and more, each with its own settling rules and its own margin, explained here with examples from racing and team sports.
Prop bets, short for propositions, ask about events inside a game instead of its result: how many corners, which player scores first, whether a match goes to a deciding set. Types of prop bets split into player props, team props and game props. With examples in hand, the pattern is clear: the narrower the question, the thinner the data behind the price and often the wider the margin, which is why many props carry small stake limits.
An each way bet is two bets of equal stake on one selection: one to win, one to place. How each way betting works is easiest to see with a runner at 10.00 and a stake of ten each way, twenty in total. When it wins, both parts pay. When it finishes placed but not first, the win part loses and the place part pays at a fraction of the win odds. When it finishes outside the places, both parts lose.
Each way bets are calculated with the place terms printed beside the race: a fraction such as one quarter or one fifth, and a number of places. How many places does an each way bet pay? It depends on the field. Small fields may pay two places or none, mid sized fields usually three, and large handicaps four or more. At a quarter of 10.00, the place odds become 3.25 in decimal terms, stake included.
The field decides: small fields may pay two places or none, mid sized fields usually three, and large handicaps four or more.
Two bets of equal stake on one selection, one to win and one to place, so a stake of ten each way costs twenty in total.
A single backs one outcome, while doubles, trebles and accumulators join several selections into one bet that needs every part to come in.
The terms printed beside a race give a fraction of the win odds, such as a quarter or a fifth, and the number of places that pay.
A proposition asks about an event inside a game rather than its result, such as corners, the first scorer or a deciding set; props split into player, team and game types.
On outsiders in big fields with generous terms; on a short priced favourite the place part returns barely more than the stake itself.