Settling Bets

Settling machines and calculators mmmm..... marvellous things that have got me through many busy afternoons. If Kids can use them at school, why can't we?
To calculate the returns from any single on a calculator:
Assuming the odds are 7/4 and the stake is Ł6
7 divided by 4 plus 1 = 2.75, multiply the 2.75 by 6 and hey presto your return is Ł16.50
The plus one is the important bit - miss that off and the bookie keeps your stake! All you calculate is the winnings i.e. Ł10.50 (1.75 x 6)
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2. I Can Only Do Singles!

Any bet is just a single or a series of singles. For example a double is your stake invested on the first selection as a single, then the returns from that invested as a single on the second selection.
A treble would have needed a third single etc. etc. If you can work out a single you can work out any bet!
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3. How Many Doubles In 4 Selections?

Dead Easy! Using a simple formula:

(Number of Selections) Multiplied By (Number of Selections Minus One)
Answer of the above Divided By
(Number of Selections In Bet) Multiplied By (Number of Selections In Bet Minus One)

For Example: How many doubles in four selections?
                4 x 3         12
                -----   =     --      = 6 doubles
                2 x 1           2

Check these out:
5 selections is 10 doubles, (5 x 4) divided by (2 x 1) = 10
7 selections is 21 doubles, (7 x 6) divided by (2 x 1) = 21

Now for Trebles.....
A Double is 2 selections, for each additional selection in a bet, an extra calculation is required.
With doubles the formula is 4 x 3 divided by 2 x 1
With trebles the formula is 4 x 3 x 2 divided by 3 x 2 x 1 How many trebles in four selections:

        4    x    3   x   2                24
        ----------------     =          ----      = 4 trebles
        3    x    2   x   1                 6

You may have noticed that with doubles the bottom part of the bet is always 2 ( 2 x 1)

and with trebles the bottom part of the bet is always 6 (3 x 2 x 1)

With a fourfold the bottom of the bet is 24 (4 x 3 x 2 x 1), etc.

So now you can stake and settle a Yankee!
Knowing that with four selections: There is one fourfold, 4 trebles and 6 doubles which equals 11 bets
and each part of the bet can be broken down in to singles

If this seems like hard work.... there is an easier option Table Of Bets In Selections
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4. My Selection Dead Heated!

Pity! The return is not as much, as half your stake is lost, but it's still better than a loser!
Simply convert the returned price to a dead heated price.

For example a 3/1 Dead Heat is the same as an Even Money winner
This is logical as if you stake Ł1 on a 3/1, half your stake is lost i.e. 50p, but the other half goes on the 3/1 winner to return Ł2 Or put another way.... Ł1 on the Even Money = Ł2
Think of a 2/1 as 2 over 1, so 2 = the top of the price and 1 = equals the bottom of the price. This is how to convert a price:

(Top of Price) = (Top of Price Added to Bottom of Price Minus The Figure Below)

(Bottom of Price) = (Bottom of Price Multiplied By Number of Dead Heaters)

For our 3/1 it reads:
     3                           2
   over     becomes    over
     1                           2

NB You must calculate the bottom of the new price first, 1 (bottom of price) x 2 (no. of dead heaters). Then You can calculate the top ( 3 + 1 = 4, 4 - 2 = 2)

Try these: 6/1 becomes 5/2, ( 1 x 2 ) = 2 below ( 7 - 2 ) = 5
7/2 becomes 5/4, ( 2 x 2 ) = 4 below ( 9 - 4 ) = 5.

An alternative method for a dead heat, is to knock one of the decimal price and divide this by 2.
Decimal 7/1 is 7. Then minus 1 = 6, then divide by 2 = 3, so this is 3/1.
Decimal 6/1 is 6. Then minus 1 = 5, then divide by 2 = 2.5, so this is 2.5 to 1, which is 5/2

Each Way bets involving Dead Heats
The stake is multiplied by:
number of places paid divided by number of dead heaters
then applied at the full odds.

For example:
You have Ł1 each way on a golfer at 20/1, 1/4 odds 1, 2, 3, 4 & 5
There is a winner, second & third, then your selection finishes in a four way tie for fourth.
Your Ł1 stake is multiplied by:
2 ( places paid are 4th & 5th) divided by 4 ( four players in the tie)
so your Ł1 stake drops to 50p....Ł1 x (2/4) = Ł1 x 1/2 = Ł1 x 0.5 = 50p
The stake is then applied at the full odds of 20/1 @ 1/4 = 20/4 = 5/1 so the return is Ł3
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5. I Had The Favourite But It Was Returned As Joint Favourite!

The same principle can be applied to converting prices on unnamed favourites, as on dead heaters.
For example
If you have Ł1 on an favourite that wins at 8/1 co fav of 4
It converts as:
     8                           5
   over     becomes    over
     1                           4
Again this can be checked by remembering that with 4 co favs, 75p of your stake is lost (25p on each of the 4 but only one won), just 25p goes on the 8/1 that actually won
Therefore 25p at 8/1 = Ł2.25 Or put another way Ł1 at 5/4 = Ł2.25

NB. The alternative method for dead heats, needs changing for the number of co favourites. If there are 4 co favs, instead of knocking 1 of the decimal price you must knock 3 (always the number of co favs -1). Then instead of dividing by 2, divide by 4 (always number of co favs).
For our example above this gives:
Decimal 8/1 is 8. Then minus 3 = 5, then divide by 4 = 1.25, so this is 1.25 to 1, which is 5/4.
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6. The Dreaded Rule 4!

When a runner is withdrawn a deduction is made from your winnings, to take account of the fact that, had the bookmaker known the withdrawn horse was not going to run, then your horse would would have been a shorter price.
But you can work it out! Using this formula:

(Top of Price)       x    (100 Minus The Rule 4 Amount)      New Top
--------------             --------------------------------- =               ---------
(Bottom of Price) x                       (100)                            New Bottom

For example a 10/1 with a 20p in the Ł Rule 4

10   x    80           80
--         --- =      ---      this then cancels down to 8/1
1    x   100         100

However many selections you have in a bet with a rule 4, convert the original price to that with a rule deducted, then calculate the bet in the usual way on the new prices.
.
The Full Table of Rule 4 Deductions
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7. "They Were Both Second, It Must be More Than That!"

How many times have I heard that one?
Settling win to win and place to place each way bets is simple.
All you have to do is remember that the two parts of the bet are distinctly separate, one is win and one is place
For Example:
Ł1 each way single on a 5/1 winner at 1/5 the odds a place 1,2,3 is:
Win Part: Ł1 at 5/1 returns Ł6
Place Part Ł1 at 5/5 returns Ł2 - giving a total of Ł8

Note that the 5 from the place odds of 1/5, becomes the new bottom part of the place odds, making a 5/1 become a 5/5

If the price was 5/1 at 1/4 the odds a place 1,2,3 the return is:
Win Part: Ł1 at 5/1 returns Ł6
Place Part Ł1 at 5/4 returns Ł2.25 - giving a total of Ł8.25

Some punters seem to think that as their selection was second, they should get more than their friend who backed the third - but that just doesn't happen - the place part is the same for the 2nd or 3rd
(OK ....it is different in the USA, but let us keep it simple!)

So how do we settle a double on 2 winners? Easy!
After all, we now know a double is made up of '2 singles'
Remember, the win and place bets are separate!
Using the same 2 prices above 5/1 at 1/5 1,2,3 and 5/1 at 1/4 1,2,3
Win Part: Ł1 double 5/1 and 5/1 returns Ł36
Place Part: Ł1 double 5/5 and 5/4 returns Ł4.50
Giving a total return of Ł40.50

If one selection wins and one selection is second, the win double is a loser and returns nothing, while the place double is successful and still returns Ł4.50
If both selections are just placed the bet returns the same Ł4.50
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8. Each Way All Each Way

Most major bookmakers settle bets by default as 'win to win and place to place'. However, if you write 'each way all each way' or 'equally divided' on your slip, this is what you get.
Some punters always take this option. As a general rule, depending on prices, if you have a mixture of winners and places in your bet, your returns are greater with 'each way all each way'. On the otherhand if all your selections win, you are better with 'win to win and place to place'. Smaller independent may have 'each way all each way' as their default rule. With these bookmakers, if you want 'win to win and place to place' you must write it on the slip. Always read the rules if your are betting 'away from home'. Smaller bookmakers adopt this rule because should a punter have an acculmulator with every selection winning, the payout would be less than 'win to win and place to place' as a larger part of the stake is invested on just the place part of the bet.

For example, take the bet above: Ł1 each way 5/1 at 1/5 1,2,3 and 5/1 at 1/4 1,2,3
We know that with 'win to win and place to place' if both win the returns are Ł40.50 With the same selections in a Ł1 'each way all each way' double the return is only Ł33.

The win and place bets are no longer separate bets, any returns are invested equally on the win and the place.
The initial Ł1 each way is invested on the 5/1 at 1/5 1,2,3 and returns Ł8 ( 6 + 2 ).
This Ł8 is then equally divided for the win and place bets on the second selection.
Therefore, Ł4 is place on the win at 5/1 and Ł4 on the place at 5/4 ( 5 / 1 at 1/4 - 1,2,3 = 5/4).
This Ł4 place bet, returns Ł9, giving a total return of Ł33 ( 24 + 9 ).

As both selections won the return is lower - but what if there had been a mixture of winners and places? i.e. the 5/1 at 1/5 1,2,3 won - but the 5/1 at 1/4 1,2,3 was only placed.
We know from above that the 'win to win and place to place' would return Ł4.50
However, with 'each way all each way' the return is Ł9 - twice as much!
As above the initial Ł1 each way at 5/1 at 1/5 1,2,3 returns Ł8 ( 6 + 2 ) as that selection won - but as the stake is divided on the second selection as Ł4 win (lost) and Ł4 place on a 5/1 at 1/4 1,2,3 placed to give Ł9.

What if both selections were only placed?
The initial Ł1 each way on the 5/1 at 1/5 returns Ł2
This Ł2 is then split as Ł1 each way on the 5/1 at 1/4, the return is Ł2.25
So with 2 places the double returns Ł2.25 'each way all each way', which is only half of the Ł4.50 from the 'win to win and place to place'.
This demonstrates how 'each way all each way' is only better with a mixture of winners and places.
So as Clint Eastwood (Dirty Harry) would say "You have to ask yourself a question.... do I feel lucky?.....Well Do Ya?".
Although the bookmaker may not have a 357 Magnum pointed at your head, your choice could cost a lot of money!

I know of one punter who always had a Ł1 each way accumulator, every Saturday on 4 selections. Whenever he collected anything, it was always with a mixture of winners and places. He asked himself 'the question' and the following week he changed his bet to 'each way all each way' - you guessed it!
All 4 of his selections won and he collected over Ł500. The only trouble was, had he stuck to 'win to win and place to place' he would have collected over Ł1200! Of course it would have been different with 2 winners and two places.

One easy solution, to ease your troubled mind, is to split your stake.
Why not do 2 x 50p each way doubles?
One 'each way all each way' and the other 'win to win and place to place'. This way you get the best of both worlds and the bookie has to work harder for his money, having two bets to settle instead of one!
Of course the prices of your selections are important. If you have short priced selections in your bet, 'each way all each way' returns are very low, as too much is invested on the place part.
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9. Settling Short Cuts

It is not always necessary to get the calculator out. Whenever you are settling a winning bet, or comparing bookmakers odds for the best value before a bet is placed, always look for easy options. Do not always start with the price of the first selection, play about with the order.
For Example a Ł5 treble, at 4/7, 8/11 and 2/5, may have your hand already reaching for the calculator. Does Ł5 at 4/7 look a bit too much like hard work?
What about Ł5 at 2/5? This obviously returns Ł7
But Ł7 at 8/11 may have your calculator finger poised again, no worries - Ł7 at 4/7 returns Ł11 - and hang on a minute - that leaves Ł11 on the 8/11 to return Ł19. Your calculator battery has just been saved a pounding.
OK, that example was nice and easy - if it had been 40/85, 8/13 and 4/11 - I would be pressing buttons. But look for short cuts.
In the example at the Top of the page. Ł12 at 4/7 and 10/11 returns Ł36 pound. This is because Ł7 at 4/7 returns Ł11, then Ł11 at 10/11 returns Ł21 - leap of faith coming.... - so if Ł7 gets Ł21 that's the same as 2/1, so Ł12 at 2/1 returns Ł36.
Therefore 4/7 & 10/11 is the same as 2/1
So is 4/5 and 4/6 ( 6 at 4/6 gets 10 at 4/5, returns 18, 18 for 6 = 2/1)
There are lots more out there.
1/2 and 1/3 = even money
1/3, 1/4 & 1/5 = even money
You don't have to be exact, to have a quick idea of your returns
Slightly altering the last example to 2/7, 2/7 and 1/5 returns almost the same.
As 2/7 is between 1/3 and 1/4, 2 x 2/7 is practically the same as a 1/3 & 1/4. One is as low as the other is high. For a Ł10 stake 1/3, 1/4 & 1/5 returns Ł20, 2/7, 2/7 and 1/5 returns Ł19.65, very similar!
But if you do take a few liberties with the prices, if you always round them to a better figure, remember your bookmaker's return may not be quite as generous

It is often easy to work the bet out to a certain figure then apply the return as odds to your actual stake. Say a Ł10 on double 8/13 and 9/4. Using Ł4 at 9/4 returns 13, then Ł13 at 8/13 returns Ł21. As the return is roughly Ł21 for a stake of Ł4, that is just over 4/1. Therefore the return for a stake of Ł10 will be Ł50+.
When comparing bookmakers prices, particularly on football, always remember to ignore prices that are the same.
For example:
Hills may go 1/3, 4/9, 1/4 & 4/7
Ladbrokes may go 1/3, 2/5, 1/4 & 4/7
Obviously we can ignore the 1/3, 1/4 & 4/7 in both bets. So Hills would pay the most in this case, as 4/9 is better then 2/5. ( 4 divided by 9 = 1.44, which is better than 2 divided by 5 = 1.4 )

If the screen is beginning to blur and you are reaching for the paracetamol, don't worry there is always Bet Settler

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