Bet Types Explained: From Singles to Goliaths
Walk into any betting shop and you will see a bewildering menu of bet types on the slip. Singles, doubles, trebles, Yankees, Lucky 15s, Heinz bets, Goliaths. It can seem like a foreign language. This guide breaks down every common bet type in horse racing, explains exactly how each one works, and gives you honest advice about which ones are actually worth your time and money.
The Single
A single is the simplest bet in existence. You pick one horse, you stake your money, and if it wins, you collect your returns. If it loses, you lose your stake. That is it. No complications, no moving parts, no hidden mechanics.
And yet, for all its simplicity, the single is the bet that most professional punters use almost exclusively. There is a very good reason for that. With a single, you only need to be right once. You do not need two, three, or six things to go your way. You need one horse to win one race. The mathematics of that are enormously in your favour compared to any form of multiple bet.
Consider this: if you back a horse at 4/1 and it wins, you make a profit of four times your stake. Clean and straightforward. No other horse in any other race needs to do anything at all. Your fate rests entirely on your own judgement about one horse in one race, and if your form analysis is any good, that is exactly where you want it to rest.
Francis's view: If I could give one piece of advice to every punter reading this, it would be this: bet in singles. The big accumulators and exotic multiples are exciting, I understand the appeal, but singles are where serious punters make their money. Master the single before you even think about anything else.
Each-Way Bets
The each-way bet is one of the most popular bet types in horse racing, and rightly so. It is essentially two bets in one. The first bet is on your horse to win. The second bet is on your horse to finish in a place position (typically first, second or third, depending on the number of runners). Because it is two bets, an each-way bet costs double the unit stake. A £5 each-way bet costs £10 in total.
Place Terms
The place part of your bet is paid at a fraction of the win odds. The standard place terms in UK racing are:
- 2 to 4 runners: Win only (no place betting available)
- 5 to 7 runners: 1st and 2nd pay, at 1/4 of the odds
- 8 to 15 runners: 1st, 2nd and 3rd pay, at 1/5 of the odds
- 16+ runners (handicaps): 1st, 2nd, 3rd and 4th pay, at 1/4 of the odds
Some bookmakers offer enhanced each-way terms as promotions, such as paying four places in a 12-runner race, or offering 1/4 odds instead of 1/5. Always check the terms before placing your bet, as these promotions can significantly improve the value of an each-way wager.
You back a horse £5 each-way at 10/1 in a 14-runner race (standard terms: 1/5 odds, 3 places). Your total outlay is £10 (£5 win + £5 place).
If your horse wins:
- Win part: £5 at 10/1 = £50 profit + £5 stake = £55
- Place part: £5 at 10/5 (2/1) = £10 profit + £5 stake = £15
- Total return: £55 + £15 = £70 (profit of £60 on a £10 outlay)
If your horse finishes 2nd or 3rd:
- Win part: Loses. You lose your £5 win stake.
- Place part: £5 at 2/1 = £10 profit + £5 stake = £15
- Total return: £15 (profit of £5 on a £10 outlay)
If your horse finishes 4th or worse: Both bets lose. You lose your £10.
When Does Each-Way Make Sense?
Each-way betting is most valuable when you fancy a horse at a decent price in a competitive race with plenty of runners. The sweet spot is generally horses priced between about 5/1 and 16/1 in races with 12 or more runners, where the each-way terms are generous enough to provide a meaningful safety net.
Each-way betting makes less sense on short-priced horses. If your horse is 2/1, the place part pays at just 2/5 (at 1/5 odds). You are putting up an extra £5 to win a measly £2 profit if it places. At that price, you are almost certainly better off just backing it to win.
It also makes less sense in small fields. In a five-runner race with only two place positions, you need your horse to finish in the top two for the place bet to pay out. That is a much harder ask than finishing in the top three or four in a big handicap.
Doubles and Trebles
A double is a bet on two selections in different races. Both must win for the bet to pay out. The returns from the first winner roll over as the stake on the second selection. This is where the appeal of multiple bets begins: the compounding effect.
You place a £5 double on Horse A at 3/1 and Horse B at 4/1.
- Horse A wins: £5 returns £20 (including stake)
- That £20 rolls onto Horse B at 4/1
- Horse B wins: £20 returns £100
- Total return: £100 from a £5 stake (profit £95)
The equivalent odds of this double are 19/1. You can calculate combined odds by multiplying the decimal prices: 4.00 × 5.00 = 20.00 (or 19/1 in fractional).
A treble works the same way but with three selections. All three must win, and the returns compound through each leg. The potential payouts are larger, but the probability of all three winning drops significantly.
A £5 treble on three horses at 2/1, 3/1 and 5/1.
- Combined decimal odds: 3.00 × 4.00 × 6.00 = 72.00
- Total return if all win: £5 × 72.00 = £360 (profit £355)
The equivalent odds are 71/1. Exciting returns, but all three horses must oblige.
Doubles and trebles are reasonable bet types when you have strong fancies in two or three races and want to boost the potential return. They are far more sensible than larger accumulators because you only need two or three things to go right. That said, remember the fundamental truth: every leg you add reduces your chance of winning.
Accumulators
Accumulators (or "accas") are multiples with four or more selections. A four-fold, a five-fold, a six-fold and beyond. All selections must win for the bet to pay out. The appeal is obvious: the potential returns from a small stake can be enormous. A £1 six-fold on horses at moderate prices can return thousands of pounds.
Here is the reality, though, and I would not be doing my job if I did not spell it out plainly. The mathematical probability of winning an accumulator drops dramatically with each selection you add.
Suppose you select six horses, each with a genuine 33% chance of winning (roughly 2/1 shots). What is the probability of all six winning?
0.33 × 0.33 × 0.33 × 0.33 × 0.33 × 0.33 = 0.0013
That is 0.13%, or roughly 1 in 730. Even with six reasonably fancied horses, you would expect to win this bet roughly once in every 730 attempts. And that assumes your assessment of 33% for each horse is accurate, which is generous.
If each horse has a 25% chance (roughly 3/1): 0.25^6 = 0.000244, or about 1 in 4,096.
Accumulators are essentially lottery tickets. They are fun as a small-stake flutter, and there is nothing wrong with having a £1 or £2 acca on a Saturday afternoon for the entertainment value. Where they become dangerous is when people start chasing the dream with serious money, or when they become the primary betting strategy. The bookmakers love accumulators. That should tell you everything you need to know.
The uncomfortable truth: Bookmakers actively promote accumulators through bonuses, enhanced odds, and "acca insurance" because multiples are their most profitable product. The overround compounds with each leg, meaning the bookmaker's margin on a six-fold is vastly greater than on six individual singles. Keep your acca stakes small and your expectations realistic.
Full Cover Bets
Full cover bets are combinations that cover every possible double, treble, and higher-order multiple from your selections. Some also include singles. The advantage over a straight accumulator is that you do not need every selection to win to get a return. The disadvantage is that they cost significantly more, because you are placing many individual bets.
Here is a breakdown of every common full cover bet type. For each one, I have included the number of selections, the number of individual bets, what those bets consist of, and the minimum number of winners you need for any return.
A Trixie consists of 3 doubles and 1 treble from three selections. It does not include singles, so you need at least two of your three selections to win to get any return at all.
If two of three win, you collect on one double. If all three win, you collect on all three doubles plus the treble, and the returns can be very healthy indeed.
At a £1 unit stake, a Trixie costs £4.
A Patent is the same as a Trixie but with singles added. It consists of 3 singles, 3 doubles and 1 treble. The inclusion of singles means you only need one winner to get some money back, which provides a safety net.
The trade-off is cost. At a £1 unit stake, a Patent costs £7. If only one of your three horses wins at a modest price, you may not recoup your full outlay. But it takes the sting out of a near miss where two of three let you down.
A Yankee consists of 6 doubles, 4 trebles and 1 four-fold accumulator from four selections. No singles are included.
You need at least two winners for any return. With two winners, you collect on one double. With three winners, you collect on three doubles and one treble. If all four win, you collect on every bet and the compounding effect can produce substantial returns.
At a £1 unit stake, a Yankee costs £11.
A Lucky 15 is a Yankee plus four singles. It consists of 4 singles, 6 doubles, 4 trebles and 1 four-fold. The singles provide a safety net, meaning just one winner gives you something back.
Most bookmakers offer bonuses on Lucky 15 bets: typically double the odds for a single winner, and a 10% or 20% bonus if all four selections win. These promotions make the Lucky 15 one of the better multiple bet types from a value perspective, particularly if you are backing horses at bigger prices.
At a £1 unit stake, a Lucky 15 costs £15.
The five-selection equivalent of a Lucky 15. A Lucky 31 consists of 5 singles, 10 doubles, 10 trebles, 5 four-folds and 1 five-fold accumulator.
The same bookmaker bonuses typically apply: double odds for a single winner, and a bonus if all five win. With five selections the number of bets escalates quickly, and the cost reflects that.
At a £1 unit stake, a Lucky 31 costs £31.
The six-selection version with singles. A Lucky 63 consists of 6 singles, 15 doubles, 20 trebles, 15 four-folds, 6 five-folds and 1 six-fold accumulator.
Again, bonuses for a single winner and an all-winners bonus typically apply. At this level, the total stake is significant, but if your selections perform well, the returns from all those compounding multiples can be remarkable.
At a £1 unit stake, a Lucky 63 costs £63.
A Canadian, sometimes called a Super Yankee, is the five-selection equivalent of a Yankee. It consists of 10 doubles, 10 trebles, 5 four-folds and 1 five-fold accumulator. No singles are included.
You need at least two winners for any return. The structure is identical in principle to a Yankee, just scaled up to five selections.
At a £1 unit stake, a Canadian costs £26.
Named after the famous "57 varieties" slogan, a Heinz consists of 15 doubles, 20 trebles, 15 four-folds, 6 five-folds and 1 six-fold accumulator from six selections. No singles.
At least two of your six selections need to win for any return. The large number of bets means that when three, four or more selections win, the returns accumulate very quickly through all the different combinations.
At a £1 unit stake, a Heinz costs £57.
The Goliath is the largest standard full cover bet. It requires eight selections and consists of 28 doubles, 56 trebles, 70 four-folds, 56 five-folds, 28 six-folds, 8 seven-folds and 1 eight-fold accumulator. No singles.
With 247 individual bets, even at small unit stakes the total outlay is substantial. At just 50p per line, a Goliath costs £123.50. At £1, it is £247. You need at least two winners from your eight selections for any return whatsoever.
Goliaths are genuinely rare in practice. They are the preserve of punters who are supremely confident in multiple selections across a card and are willing to commit a significant stake. Most recreational punters will never place one, and honestly, that is probably wise.
Francis's tip on full cover bets: If you are going to use full cover bets, the Lucky 15 is the best of the lot. The bonuses from bookmakers (double odds on a sole winner, all-winners bonus) actually give it a meaningful edge over a straight Yankee, particularly when you are backing bigger-priced selections. If you have four strong fancies on a Saturday card at 5/1 or bigger, a small-stake Lucky 15 is a perfectly reasonable bet.
Forecast and Tricast
A forecast requires you to predict the first and second finishers in a race in the correct order. A tricast goes one further and requires you to name the first three home in the exact order. These are difficult bets to win, but the returns can be very large, particularly in competitive handicaps where the finishing order is hard to predict.
Straight Forecast
A straight forecast is a bet on two named horses to finish first and second in the specified order. Horse A must win and Horse B must finish second. If they reverse, you lose. The returns are calculated by a computer using a formula based on the starting prices of the horses involved, rather than being fixed at the time of the bet.
Reverse Forecast
A reverse forecast covers both finishing orders. Horse A first and Horse B second, or Horse B first and Horse A second. Because it is two bets, it costs double a straight forecast. This is a sensible option when you are confident that two particular horses will fill the first two places but are not sure which way round they will finish.
Combination Forecast
A combination forecast covers all possible finishing orders from three or more selected horses. With three selections, that is six possible combinations (three pairs, each in two orders), so the bet costs six times your unit stake. With four selections, it is 12 combinations, and so on. The cost escalates quickly, but it does cover every eventuality within your selected horses.
Tricast
A straight tricast requires the first three finishers in the exact order. A combination tricast covers all possible orders. With three selections, a combination tricast is six bets. With four selections, it is 24 bets. Tricast dividends in big handicaps can be enormous, running to hundreds or even thousands of pounds for a £1 stake, because predicting the exact order of three horses in a large field is exceptionally difficult.
Note: Forecasts and tricasts are only available in races with three or more runners (forecasts) or four or more runners (tricasts) at most bookmakers. The returns are based on a computer calculation using the starting prices, not on fixed odds, so you will not know the exact return until after the race.
Ante-Post Betting
Ante-post betting means placing a bet on a horse well in advance of the race, sometimes weeks or even months before. The Cheltenham Festival, the Grand National, the Derby, Royal Ascot: all of these major fixtures attract significant ante-post markets.
The Attraction
The main attraction of ante-post betting is price. Because the race is far away and there is uncertainty about which horses will actually run, the odds available tend to be significantly bigger than they will be on the day. If you identify a likely contender early, before the market latches onto it, you can sometimes secure a price that is two or three times what you would get on race day.
The Risks
The risk is straightforward: if your horse does not run, you lose your stake. There is no "non-runner, money back" with ante-post bets. A horse might be withdrawn due to injury, the ground might not suit, the trainer might decide to wait for another day. All of these things happen regularly, and when they do, your money is gone.
This is a genuine risk, not a theoretical one. Horses get taken out of the Cheltenham Festival after the declarations stage every single year. A horse that is 8/1 ante-post for the Gold Cup in January might not even make it to Prestbury Park in March. You need to factor this into your thinking. The price needs to more than compensate you for the risk of non-participation.
Non-Runner No Bet
Some bookmakers offer "Non-Runner No Bet" (NRNB) promotions on selected races, typically the big festival events. With NRNB, your stake is returned if your horse does not run. This removes the main ante-post risk, though the prices are usually shorter than true ante-post odds to compensate. If NRNB is available, it is often the better option for most punters.
Francis's tip: Ante-post is worth it when you have genuine conviction based on form analysis and you believe the market has not yet cottoned on. It is not worth it as a casual punt. The "I fancy this one for the National" approach, made in December with no real form study behind it, is just throwing money into the wind. If you are going to bet ante-post, do it properly or not at all.
Which Bet Type Should I Use?
I promised honest advice, so here it is.
Singles and each-way bets should be the backbone of your betting. This is not a controversial opinion among serious racing punters. It is pretty much unanimous. Singles give you the best chance of making a profit over time because they require only one correct prediction. Each-way bets give you a safety net on horses at bigger prices, which can smooth out the variance and keep your bankroll ticking over even during losing runs.
Doubles and trebles are fine in moderation. If you have two or three strong fancies on a card and want to combine them for a bigger return, that is a perfectly reasonable approach. Just be aware that your strike rate will drop compared to singles, and size your stakes accordingly.
Lucky 15s are the best of the full cover bets. The bookmaker bonuses genuinely improve the value proposition, and four selections is manageable in terms of both cost and realistic expectations. If you are going to do a full cover bet, make it a Lucky 15, and keep the unit stake modest.
Large accumulators are entertainment, not a strategy. Treat them like a lottery ticket. A pound or two for a bit of fun on a Saturday afternoon is perfectly fine. But do not confuse them with serious betting. The mathematics are brutally stacked against you, and the bookmaker's margin compounds with every leg you add.
Forecasts and tricasts are specialists' territory. They are most useful in races where you can identify the likely first two or three finishers with some confidence, such as small-field conditions races where the form is solid. In big handicaps, they are essentially a lottery, but the dividends can be spectacular.
Ante-post betting requires conviction and discipline. Only bet ante-post when you have done the homework, you are confident in your analysis, and the price genuinely compensates for the risk of the horse not running. If in doubt, wait until closer to the day.
The bottom line: The simplest bets are almost always the best bets. Complexity benefits the bookmaker, not the punter. Master singles, understand each-way betting, and use multiples sparingly and with small stakes. That approach will serve you far better than chasing six-fold accumulators and Goliaths.
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