Category: English

Bookmakers offer a wide variety of bets. Some of the most common are as follows.

 

Win single
This is one bet on the winner of a race.

 

Each way single
Two bets, one bet for the selection to win and the other for it to be placed. The place bet is settled as a fraction of the win odds. The number of places and the fraction of odds vary depending on how many runners there are and the type of race as shown below.

Number of     Type of race       Number of     Fraction of
runners                                 places           win odds
16 or more     handicap           4                 1/4
12 to 15         handicap           3                 1/4
8 to 15           not applicable    3                 1/5
5 to 7             not applicable    2                 1/4
4 or less         not applicable    1 (win only)   both bets win

 
Double
A win double is one bet on two runners to win two different races. If the first selection wins, the returns are put onto the second selection.
An each-way double is two separate bets of a win double and a place double on two runners in two different races. The win bet is the same as a win double. For the place part of the bet if the first selection is placed the returns become the stake for the second selection to be placed.

 

Treble
This is one bet on three selections in three different races. If the first selection wins, the returns are put on to the second selection and if the second selection wins the returns are put onto the third selection.

 

Accumulator
A bet on any number of selections, in different races where the winnings on the first horse go onto the second and then onto the third and then onto the fourth and so on. It is one bet win and two bets each way. Obviously, the returns can be quite large, depending on the prices of the winning selections. It is therefore worth checking that your winnings would not exceed the bookmaker’s maximum payout.

 

Straight forecast
Nominating which selections will finish first and second in the correct order.

 

Reversed forecast
Nominating two selections to finish first and second in either order. It is two bets.

 

Combination/full cover forecast
Selecting any number of runners in one race to finish first and second in either order. To calculate how may bets there are, Simply multiply the number of selections by one number fewer.

For example:

 

Tricast
Selecting three runners in the same race to finish first, second and third in the correct order.

 

Trixie
Three selections in three different races, comprising three doubles and one treble. It is four bets win and eight bets each way.

 

Yankee
Four selections in four different races, comprising six doubles, four trebles and one fourfold. It is 11 bets win and 22 bets each way.

 

Super yankee/Canadian
Five selections in five different races, comprising 10 doubles, 10 trebles, five fourfolds and one fivefold. It is 26 bets win and 52 bets each way.

 

Heinz
Six selections in six different races comprising 15 doubles, 20 trebles, 15 fourfolds, six fivefolds and one sixfold. It is 57 bets win and 114 bets each way.

 

Super heinz
Seven selections in seven different races, comprising 21 doubles, 35 trebles, 35 fourfolds, 21 fivefolds, seven sixfolds and one sevenfold. It is 120 bets win and 240 bets each way.

 

Goliath
Eight selections in eight different races, comprising 28 doubles, 56 trebles, 70 fourfolds, 56 fivefolds, 28 sixfolds, eight seven folds and one eightfold. It is 247 bets win and 494 bets each way.

 

Patent/twist
Three selections in three different races, comprising three singles, three doubles and one treble. There are seven bets win and 14 bets each way.

 

Lucky 15
Four selections in four different races, comprising four singles, six doubles, four trebles and one fourfold. It is 15 bets win and 30 bets each way. If there are four winners, a 10 per cent bonus is paid, usually at starting price. If there is only one winner, double the starting pnce odds are paid. These bonuses and consolations apply only to the win part of the bet. So if an each-way lucky 15 has just one placed horse, double the odds is not paid on the placed selection. Similarly, if one selection wins and one is a non-runner, the consolation is not paid.

 

Lucky 31
Five selections in five different races, comprising five singles, 10 doubles, 10 trebles, five fourfolds and one fivefold. It is 31 bets win and 62 bets each way.

The bonuses paid vary with different bookmakers. Some pay a bonus on four winners and five winners, others pay a bonus on only five winners. It is certainly worth shopping around to find the best offers. A consolation of double the starting price odds is paid for one winner.

 

Lucky 63
Six selections in six different races, comprising six singles, 15 doubles, 20 trebles, 15 fourfolds, six fivefolds and one sixfold. It is 63 bets win and 126 bets each way.

Bonuses vary with different bookmakers. A 10 per cent bonus is usually paid for five winners. For six winners, the bonus is likely to be between 15 and 25 per cent. A consolation of double starting price odds is paid for one winner.

Frenchmen Francois and Louis Blanc invented roulette with a single zero in 1842. They removed the double zero from the wheel and haphazardly rearranged the numbers 1 to 36. Despite removing one of the pockets, they kept the payout odds for a winning number at 35/1. This cut the house advantage to just 2.7 per cent, which proved extremely popular with gamblers. Since gambling had been made illegal in France in 1837, they introduced the game to Bad-Homburg in Germany. It was a great success. When gaming was outlawed in Germany, Francois and his son Camille brought the game to Monte Carlo.

In 1857 Prince Charles III of Monaco decided to introduce gambling to the principality to boost its finances. Gambling had just been outlawed in Germany. This prompted Leblanc to bring his game of single-zero roulette to Monte Carlo. Monte Carlo had the monopoly on roulette until 1933.

Two main versions of the game are played online – American and European roulette. Both games have the same basic principle of predicting the winning number but the betting layout and wheel are different.
Players bet on which number the ball will land in after it has been spun around the wheel. Bets are made by placing chips on the layout, which is marked with the same numbers. A wide choice of different bets can be made including individual numbers and groups of up to 18 numbers. Bets made on the winning number are paid at set odds. To start playing, onscreen chips are bought. To make a bet, players touch on a chip with their mouse pointer and drag it to the correct betting position. A timer indicates how long a player has left to bet. The ball is spun from the last winning number. So if the last winning number was 36, on the next spin the starting point of the ball will be number 36. The winning number will appear on the screen. The winning bets are automatically calculated and paid by the software.

Keep a notebook to record details of your online gambling activity. It is very easy to delude yourself into thinking that you do not lose. A record also helps you judge how well you are playing. If your records reveal that you are losing too much, too often, then you can analyse what is going wrong and take measures to reduce losses. Maybe you need more practice. Maybe you need to modify your betting strategy.

If you are gambling in the USA you will find the record useful if you have a big win. In the USA, gambling wins are subject to tax by both the IRS and many state governments. If players win more than $600 on the sports betting, $1200 on slots or $1500 on keno, the casino will notify the IRS. Players may offset gambling losses against winnings, but it is necessary to keep detailed records. The IRS requires players to keep an accurate diary. detailing dates, bets made, address of gaming establishment, names of people with you and the amount won or lost. Proof of expenditure like casino receipts and bank records will need to be shown if you are audited.

Know when to stop gambling
It can take an enormous amount of discipline to stop betting, particularly If you are on a winning streak. It is possible to get carried away by the excitement of the game. You may have intended to spend only an hour gambling but you’re on a winning streak, so you continue. Because you are betting with your winnings rather than the initial stake money, you decide to place larger bets. Your next best loses, what do you do? For a lot of people, the tendency is to bet more heavily to recoup that loss. This will usually continue until you run out of funds.

Try to decide in advance at what stage you are going to stop betting. Set yourself an amount to win or lose or impose a time limit. Stop playing when you have reached your limit. As soon as a winning streak stops, either bet smaller stakes or stop playing. This approach will minimize your losses.

You should always stop playing if you are tired. You need to ensure that you are concentrating on the game. When you are tired, you take longer to make decisions and are more likely to make mistakes.

It is also wise to avoid alcohol. It tends to slow down your reactions and your ability to think. It also lowers your inhibitions and makes you less likely to care about losses. You should certainly never play if you are drunk.

 

Staying in control
The majority of gamblers are able to keep to their budgets and bet without its becoming a problem. However, for some people, it can become addictive, leading to financial ruin and family breakdown. If you start losing more than you can afford, seek help.

You can recognize that you have a problem if you:
•    view betting as a way of earning money
•    continually exceed your budget
•    bet money that was intended for living costs
•    borrow money for betting
•    take days off work to bet
•    spend all your free time betting
•    find your betting interferes with family life.

There are organizations that can offer solutions. Many have a telephone help line where you speak to a councillor. They also hold meetings where gamblers can discuss their problems and find solutions. There are also organizations that support  gamblers’ families. Your general practitioner will also be able to offer advice on counselling.

Some sites also offer self-exclusion schemes. During the period of self-exclusion, they will not take bets from you.

 

GamCare certification
GamCare is a registered charity that is the UK’s national centre for information, advice and practical help regarding the social impact of gambling.
It gives certification to businesses that implement the GamCare code of Practice for Remote Gambling, which involves Implementmg the following practices:

•    age verification systems
•    controls for customer spend
•    reality checks within game screens
•    self-exclusion options for players
•    information about responsible gambling and sources of advice and support
•    social responsibility content and sources
•    training for customer services in problem gambling and social responsibility.

Details of accredited companies are available on the GamCare website

With internet gambling you are not restricted by local opening hours of casinos and betting shops. You can bet 24 hours a day, seven days a week in the privacy of your own home. With poker, for example, you will always find a game on. Games can be played for money or simply for amusement.

Betting over the internet does have its financial advantages. The costs of operating online gambling firms are considerably cheaper than those of offline firms. These savings are often passed on to the customer in the form of low commission charges and bonuses. For example, betting exchanges charge commission of just 5 per cent or less, with loyal customers often being charged lower rates. As a comparison, a traditional bookmaker will charge around 17 to 20 per cent. With horse racing and sports betting prices can be up to 20 per cent better than with traditional bookmakers. There are also savings to be made with online casinos. With bricks and mortar casinos, you may have to pay admission costs, membership fees and travelling costs. There are none of these costs with online casinos. Many internet betting firms are located offshore. This means that bets are often tax free although this may change later with any new legislation. Players do, of course, have to bear some costs. You will need to invest in a computer and subscribe to the internet.

In casino games, software is used to make the games random. For example, with roulette there is no dealer spinning the ball in most online casino, although some of them have started having live games with live dealers, instead a random number generator selects the winning number. With card games computer software with a random number generator determines the order of the cards dealt. Games are played at a much faster pace. This is because the human factor is removed and computers are used to deal cards, place bets and calculate payouts.
Social contact is limited. With online poker, for example, you don’t see your opponents. This means that you cannot assess someone’s likely hand through body language as you would in a traditional game. You can, however, chat to them via the site’s messaging service.

Setting a budget
Before you begin gambling, you should work out a financial budget. Calculate all your household and living costs, including savings. Work out how much money you can realistically and comfortably afford to lose – yes, lose. Gambling is risky; not everyone wins; there are plenty of losers. You could easily lose all your capital. Be aware that if making money from gambling is your sole intention there are much easier, more profitable and safer ways of doing this.

Once you have decided your budget, make sure you never go over this limit. If your personal circumstances change, be sure to recalculate. If you spend only disposable income on gambling, you won’t encounter many problems. However, if you start betting with your rent money and lose it, you may be tempted to try to recoup your losses by betting more heavily. This is the route to financial ruin.

 

Additional costs
It’s all too easy to go over budget by forgetting to include all the costs. Casino gambling has additional costs that include things such as house advantage, commission and your time. The sites make a charge for the use of their services. Often this charge is hidden by adjusting the odds paid out for winning bets (house advantage). By paying out winning bets at odds lower than the true odds of winning, the site is able to make a profit. The level of house advantage varies with different games and in different online casinos. For example, different versions of roulette have a different house advantage. With single-zero roulette it is 2.7 per cent and with double-zero roulette it is 5.26 per cent. In some games, the charge is more obvious. With card room poker games this charge is in the form of a commission, which is usually a percentage of the pot. This charge is called the rake and is typically 5 per cent of the pot.
Do not aim too high when you are still learning. Even if your budget allows you to play in the more expensive games, stick initially to the cheaper games and gradually work your way up.

When you go to place a bet, you will see that there are prices (odds) quoted for the runners. These prices are usually made up of two numbers with a slash between, for example 5/4, 11/8, 5/1, 7/2, 15/2, 25/1. These prices are a ratio telling you what you will win for a particular stake. The amount on the left of the price is what rou will win if you bet the amount on the right. The money bet IS called the stake. If you win, your stake is refunded. The total amount won is called the returns or payout.

Example
If the price quoted is 6/1 , you will win £6 for every £1 staked. Your stake is also refunded. If you bet £5 on a horse at 6/1, your returns will be (6 x 5) + 5 = £35.

If you bet of £4 on a horse at odds of 6/4, your returns will be 6 + 4 = £10.

If you bet £1 on a horse at odd of 11/2 will return 5.5 + 1 = £6.50.

 

Odds against and odds on
Where the number on the left of the price is bigger than the number on the right the term odds against is used; where it is less it is called odds on. Where both numbers are the same, e.g. 1/1, the term even money or evens is used.

Example
1/1 is even money (always written as ‘evens’)

13/8 is odds against, 8/13 is odds on

5/2 is odds against, 2/5 is odds on

You will often hear prices quoted with the word ‘on’, for example, ‘2/1 on’. This actually means that the price is 1/2. Therefore, when the word ‘on’ is quoted, to find the correct price the order of the price needs to be reversed: 11/8 on is 8/11, 7/4 on is 4/7 and 6/5 on is 5/6. This can lead to confusion, particularly if you mishear.

 

Each way
Bookmakers also accept each-way bets. This is two bets. One bet is for the horse to win the race and the other is for it to be placed second third or fourth. The number of places paid depends on the number of runners in the race. It is important to pay particular attention to the number of places paid as some bookmakers offer lower odds than others.

If your horse wins the race, one bet will be settled at the full odds but the other bet will be settled at a fraction of the odds.

Suppose you bet £10 each way on a horse. Your stake will be £20 because an each-way bet is two bets. If the horse wins at 4/1 and one-quarter of the odds are paid for the place:
 
•    The win part of the bet pays (4 X 10) + 10 = £50.
•    The place part of the bet pays only one-quarter the odds of the win; to find the correct odds to calculate the returns you need to multiply the number on the right of the price by four. (If the bet was at 1/5 odds you would need to multiply by five.)
•    So the win odds of 4/1 become place odds of 4/4 (which is evens – 1/1). So the place part pays (1 X 10) + 10 = £20.
•    Total returns are £50 + £20 = £70.
•    If the horse were to come second, the win bet would be lost but the place bet would be won. The returns would be £20.
•    In races where there are four runners or less, it is not possible to bet each way. It is only possible to bet on the winner. If an each-way bet is placed, all the stakes go on the horse to win. This is called all up and is often abbreviated to AU.

Most casinos have a bar that’s central to the main action. A large casino may offer numerous bars interspersed throughout the floor, each with a unique theme. Some feature live music, and some are simply service bars where you can take a quick pit stop away from the flow of traffic. But if you’re picturing a quiet setting of soft music, hushed whispers, and clinking glasses, you’re going to be disappointed. There’s no escaping the games: Casino bars are in the midst of the lively pits.
Casinos profit from the fact that alcohol lubricates the ATM card. But no casino wants drunk patrons, so the line they walk is a delicate one, and the policy on pushing alcohol consumption may vary from place to place. In addition, every state has different laws governing alcohol consumption inside its casinos, so there is no single unifying rule about how alcohol is handled inside betting areas. Some tribal casinos don’t serve it at all, so if sipping on a stiff one as you play is important, make sure you do you homework before you leave home. The bottom line: The drinking environment varies widely, so the smartest play is to find a scene that suits your tastes, and always strive to stay in complete control.

Poker tournaments provide an opportunity to win big prizes for small outlays, thus many players now prefer them to cash poker. However, the strategy required for tournament play is significantly different from that required in cash games. Tournaments work by eliminating players who lose all their chips. Your twin aims in tournament play are thus to amass chips but at the same time to do everything in your power to avoid being eliminated. In freeze-out tournaments, the latter aim is even more important because there is no opportunity for re-buys.

Mason Malmuth states that in re-buy tournaments it is always mathematically correct to re-buy and that this rule holds even if all the other players at the table have many more chips than you will have after your re-buy. However, some other authorities advise against taking this policy too far.

One aspect of tournament play which differs from cash-game play is that competitors need to be very patient. This does not necessarily mean waiting patiently for a good hand but rather It means waiting for good opportunities. By opportunity here I mean a combination of good position, good read on your opponent and possibly a good hand as well. In cash games you might. be prepared to take a risk with, for instance, a drawing hand giving you a 33 per cent chance of winning the pot because you are getting good pot odds. This would be correct in cash games because you know that if you make the play in similar situations over a series of hands you will show a profit. The same reasoning does not apply in freeze-out tournaments or tournaments where the buy-in phase has ended. In a tournament, if you play a hand with 33 per cent chance of winning, no matter how good the pot odds, you are putting yourself in the position where you have a 66 per cent chance of being eliminated. If you lose in cash games, you can just take more money out of your pocket, but in a tournament, after the buy-ins are over, you do not have this option. So patience and caution are valuable assets in tournament play.

However, in the early stages of a re-buy tournament many players will take more risks than they would in a cash game, in the hope of building up a large stack of chips. This is not a bad policy during the re-buy stage, where you could play the 33 per cent draw, because the worst that can happen is that it will cost you another re-buy. Also, in the early stages of a tournament, the cost of the blinds will be low compared to the average number of chips held by the players, which allows looser play. This is not a bad policy provided you can afford to re-buy. If you cannot afford the re-buy you will have to play a lot more cautiously.
In the middle and later stages of a tournament, the structure of the game gradually changes. The blinds increase until eventually they become very large in comparison to the size of the average stack. Adopting tactics which allow you to win the blinds, therefore, becomes increasingly important and you will find that players bluff and semi-bluff much more. This is usually correct tactics. However, it now becomes less correct to just call bets speculatively mainly because it costs too much compared to the size of the stacks.
In the later stages of a tournament, stack size is all-important. A large stack is much to be feared because that player can eliminate you from the tournament. But you can more readily play against small stacks as they can do you no terminal damage, even if they win a few pots from you. If you are one of the lucky ones and have a big stack, you can take more risks and perhaps call a bit more than you would otherwise, particularly against the small stacks.
In the later stages of the tournament, players begin to be eliminated more quickly and often you will have to play at a table with between five and eight players (as opposed to the optimum nine to eleven). This means that you will have to put in a blind bet more often, for each round of the table, therefore costing you more to play than at a full table. You now need to win hands more frequently just to maintain the size of your stack. In these situations, it becomes correct to play more loosely, that is, to play more hands. The trick though is not just to play more hands, but to play them aggressively, hoping that your bets will win the pot for you uncontested.

 

Final Table Play

At the final table in small to medium-sized tournaments, there is usually a prize for the first three or four players, so you will have a 30-40 per cent chance of getting in the money. The temptation is to be very cautious. However, because the blinds are extremely high at this stage compared to the average stack and, also, because, as players are eliminated, the cost per round to play increases, it is seldom correct to play too cautiously. You will get anted away if you don’t win at least one hand for every round of the table.
It has become common practice in tournaments throughout the world for the last few players in a tournament to do a deal sharing the prize money between them. A rough estimate is that this happens at least 50 per cent of the time. For instance, if the four remaining players all have roughly the same number of chips, it is not unusual for the players to split the prize money equally, with each getting 25 per cent. Another type of common deal is where the remaining players agree to take a fixed sum each and play for the rest of the prize money. So, if there was £5000 in prize money, the four players might agree to take £1000 each and play for the remaining £1000.

 

Perhaps surprisingly, there is not a lot to say here. If you have taken on board everything I have said about play on the flop, then you shouldn’t be in with a marginal hand. If you were betting with top pair, did not get raised and fourth street looks favourable, go ahead and bet again.
Be more worried about flush cards than overcards. For example, if you had A-10, the flop was 10H, 6S, 3S, you bet and were then called by one opponent, you would feel reasonably comfortable with top pair and top kicker. If fourth street brings a KD you need not be too worried about this overcard, as the only hand you would have to fear your opponent holding is K-10, which is not too likely. You might be more inclined to fear an overpair such as J-J. Nevertheless, if you are checked to, you should consider betting as your opponent is showing weakness by the check.
If, however, fourth street brings a spade then you have to be extremely careful as a flush is a likely holding for your opponent. If your opponent checks, be cautious and check yourself – he might be slow-playing the flush. If you are first to act then again take the cautious approach and check. Your opponent must also be fearful of a flush if he does not hold one himself. So give him some credit if he bets because now all you can beat is a bluff. If he is a tricky player you might suspect a bluff, but it is going to cost you to find out. So in this type of situation it is often best just to give your hand up. Remember it is only good players who can be bluffed, so if your opponent does show down a bluff after you have passed the winner, just mark it down to experience. Believe me you will feel more of a fool if you call one or more bets and he shows you a flush. You’ll be asking yourself for the next half dozen hands why you called when you knew there was a flush out there.

 

Drawing Hands
If the position is reversed and it is you that has the drawing hand which has come good on fourth street, you have the choice of whether to bet out or to check and try to trap your opponent. In a tournament, if I was short stacked, I would probably bet as I wouldn’t want to risk being outdrawn. But in a cash game, particularly if I hit the nut flush, I would be inclined to check hoping to elicit a bluff or trap my opponent into thinking I do not have the flush. Straights are more vulnerable so I would be much less inclined to slow play a straight. It is appropriate here to give a word of caution about straights. If you have the ignorant end of the straight you need to exercise circumspection. For example, if you have 7D, 6S and the flop and fourth street bring 9D, 8S, 4C, 10C, you have the lowest possible straight (ignorant end). It is probably a winner but your opponent could have the Q-J. Much less likely is the J-7 as not too many players will be in with this sort of hand. In Hold ‘Em it is still OK to bet the bottom end of the straight, but it is a recipe for disaster in Omaha.

Fifth Street
If you get as far as fifth street (‘the river’), remember there is now much less cause to bet. You no longer need to bet to protect your hand as all of the cards are out. Most large bets on the river are therefore from big hands or are bluffs. Most players, for example, will not bet top pair top kicker on the river, because it is too likely to be beaten if called. A player who has been betting all of the way, but then checks on the river, probably has a medium-strength hand which he wants to show down for nothing. Nevertheless, I would not recommend a bluff here. If you have got nothing, just accept your fate as a bluff is too likely to be called.