Greyhound racing betting in GB: ten licensed bookmakers, the markets they show, and what the odds keep

Updated October 2026

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A greyhound race settles inside half a minute of starting-box opening and the betting clock around it runs only slightly longer than the race itself. Most of what happens between booking a bet and watching the trap spring open is licensed territory, margined odds, and a small handful of conditions a punter reads once before clicking. The picture below sits inside Great Britain, where the Gambling Commission is the regulator for every brand named, and where greyhound racing itself is governed by the Greyhound Board of Great Britain across eighteen licensed stadia. New Zealand, by contrast, ran its last races before the Racing Industry (Closure of Greyhound Racing Industry) Amendment Act 2026 phased the sport out on 1 August 2026, a turn of events worth mentioning because several UK-facing greyhound products and tipster feeds still draw on Antipodean form.

Current as of 27 October 2026 · verified against the Gambling Commission’s public register and each operator’s own terms.

Greyhound racing in the betting calendar

Where the races come from and who governs them

British greyhound racing is overseen by the Greyhound Board of Great Britain, the regulator that licenses the stadia and writes the rules of the sport. The track network counts eighteen licensed venues across Great Britain, and meetings on those tracks run most evenings, with Saturday and Wednesday evenings carrying the heaviest cards. A greyhound meeting is a short, repeatable event: six traps, an artificial lure running on a rail ahead of the dogs, a sprint over distances between roughly 230 and 900 metres, and a result that lands before a settled punter has finished drinking their tea. That brevity is what makes greyhound racing a natural fit for online betting: the cycle from price-to-bet to settled slip is shorter than for almost any other sport, and bookmakers price the markets accordingly.

Internationally, the sport had two strongholds in the English-speaking world: Great Britain and Ireland, both still running, and New Zealand, where the industry has now wound down. The New Zealand phase-out was announced by Winston Peters on 10 December 2024 and put into statute by the Racing Industry (Closure of Greyhound Racing Industry) Amendment Act 2026, which received Royal Assent on 2 April 2026 with the final closure date set for 1 August 2026. Before the wind-down, Greyhound Racing New Zealand organised seven affiliated clubs – Auckland, Waikato, Whanganui, Palmerston North, Canterbury, Otago and Southland. The Australian, American and Irish circuits are independent of those, and each of them feeds the form lines the GB racing media still circulate. None of those external competitions affects a GB bettor’s protection in any way; a bet placed with a GB-licensed brand on an Irish, Australian or American meeting is still a bet placed under a GB licence.

The shape of a greyhound meeting, from card to result

A typical British greyhound card offers somewhere between eight and fourteen races, with each race running roughly six greyhounds out of an eight-trap maximum. Bookmakers open a market well before the first race and leave it live until the traps spring – that is the off. From the off onward, in-play prices run for the few seconds the race lasts, and most bookmakers settle in-running or accept cash-out requests during the sprint itself. Meetings are graded by category: graded finals (the top tier), opens (mid-tier), and maiden, novice and puppy races for less-experienced dogs. The bigger the meeting, the deeper the market – race winner, place markets (each-way equivalents), forecast and tricast (first and second in order, or first, second and third in order), and trap challenges where the market asks which trap number will win rather than which named dog.

This page narrows its focus accordingly. It does not cover New Zealand at any length beyond noting the legal change, because a ban phased out the racing itself and there are no current meetings to bet on. It covers Ireland lightly, where licensed Irish bookmakers operate a parallel circuit and some GB-licensed brands stream or price into it. The bulk of the material below is about Great Britain and the brands the Gambling Commission currently lists against remote general betting licences that cover greyhound markets.

Ten licensed bookmakers ranked for greyhound racing betting

The comparison shortlist

The ten brands below are all operators whose remote betting licence sits on the Gambling Commission’s public register. The Commission licenses individuals and companies, not brands, and the same licence number frequently covers trading names that look like separate firms to a reader walking into a shop. Several of the names in the league table below sit under licences that also back sister brands; readers comparing offers will not always be comparing genuinely independent operators. The table sets out licence numbers so the comparison can be checked; it does not award positions. Treat the order as a shortlist to investigate, not a leaderboard.

Two columns carried research on every brand; a third column of payment-method coverage or specific minimum-price qualifiers did not pass the data for most rows and was dropped from the table rather than left as a column of dashes. Each licence number is an actual reference on the Commission’s register at the time of writing; readers verifying a brand should treat the register as authoritative and treat this table only as a starting list. Anyone comparing offers on the Welcome packages should also read the small print: three of the brands above bundle a free bet into a multi-part welcome, and one of them – BetGoodwin – splits a £15 welcome into three £5 tokens, each tied to a different bet type. The split matters at settling time, because a stake that worked for an acca token may not qualify for the Sub-Cover token.

What the comparison does not include

No unlicensed brand appears in the table above. Where comparison pieces elsewhere mention Curaçao or Anjouan licences for UK-facing greyhound products, those licences do not authorise taking bets from customers in Great Britain; the legal test for that is set out in the next section. Brands operating only outside the GB consumer market – for example, an Australian bookmaker serving Australian customers only – also do not appear, even if their greyhound products are deeply developed: the customer this page addresses is in Great Britain, and the regulatory comparison only makes sense there.

How GB bookmakers are licensed to take a greyhound bet

The Gambling Commission and the Act that drives it

The Gambling Commission licenses the commercial betting market in Great Britain under the Gambling Act 2005. The 2005 Act covers England, Scotland and Wales; Northern Ireland runs older legislation and is not part of the GB market for betting purposes, so any statement about a GB licence should be read as covering only customers in England, Scotland and Wales. Since the Gambling (Licensing and Advertising) Act 2014 came into force, an operator whose remote betting facilities are used by customers in Great Britain needs a Commission licence wherever the operator itself is based: Gibraltar, Malta, the Isle of Man, the Channel Islands or the UK mainland all count as overseas for these purposes. A foreign licence does not substitute for a Commission licence, and a remote betting site running only on a Malta Gaming Authority permit is not licensed to take bets from a customer sitting in Manchester.

The Commission publishes a public register of every licence holder, searchable by business name, trading name, domain or account number. That register is the only authoritative test of whether a brand holds a Commission licence. Anyone reading this page who wants to check a brand themselves should open the register and look the brand up directly; do not rely on a banner at the bottom of the operator’s homepage, because licensed operators use .com as well as .co.uk, and the domain alone proves nothing. There is no statutory list of permitted sports or markets, so the existence of a greyhound market at a licensed site follows from the operator’s own product decisions and from the fact that greyhound racing is recognised by the GBGB as a regulated sport.

Licence types and what they cover

Commission licences are issued in categories. For greyhound betting on the products this page is about, the relevant categories are remote general betting standard (real events), which covers betting on actual sports and racing meetings, and remote betting intermediary, the licence type that covers betting exchanges. Pool betting on greyhound racing is a distinct licence category and applies to off-course pools. Spread betting, where a customer trades on the outcome at a margin, sits under the Financial Conduct Authority where it covers financial instruments; Spreadex, for example, holds both FCA and Commission authorisations. Where a brand offers spread betting on greyhound markets specifically, the customer should expect losses that can exceed the deposit – that is the FCA’s standing warning about spread products, and the Commission’s own rules do not give a customer a deposit ceiling to lean on.

Minimum age for any form of gambling with a licensed operator is eighteen, with no exception. Since 7 May 2019, licensed operators have also been required to verify the customer’s name, address and date of birth before any deposit or any bet, including a free bet, can be placed. The verification step means there is no anonymous play at any of the brands on the table above; readers expecting a no-KYC route into a licensed greyhound market will not find one inside the GB-regulated market. This is a constraint some readers will dislike. It is also the reason a GB-regulated brand can offer a free bet at all: the identity trail that funds safer-gambling controls and dispute resolution is built on that verified customer.

Where the legal frame fails to cover a customer

A customer in Great Britain who bets with an unlicensed brand loses the protections the Commission’s framework provides. There is no GAMSTOP coverage at an unlicensed site, so a self-exclusion from GAMSTOP does not stop the customer opening an account with an unlicensed operator. There is no approved alternative dispute resolution service for an unlicensed brand – the customer has no Independent Betting Adjudication Service route and no Commission complaints channel. There is no £150 financial vulnerability check, no 10x bonus wagering cap, no British dispute-resolution body and no British consumer redress if the operator withholds funds. None of this is a finding that the customer is acting unlawfully; the law targets the operator under section 33 of the 2005 Act, not the punter sitting at home. It is, however, the reason every brand on the table above is a licensed brand rather than a wider sweep of the global betting market. The official enforcement route against unlicensed operators uses cease-and-desist notices, search-engine referrals and work with payment providers, registrars and hosts, with court-order DNS blocking powers pending or in hand; readers should treat the protections a licensed brand offers as the floor, not as cosmetic.

Responsible gambling controls that apply to a greyhound bet

GAMSTOP and the suite of self-exclusion tools

GAMSTOP is the national multi-operator self-exclusion scheme, mandatory for every online operator licensed by the Commission since 31 March 2020. A customer registers once with GAMSTOP and the exclusion propagates to every participating online bookmaker; periods run six months, one year, five years, or five years with auto-renewal, and after the minimum period the exclusion stays in force for a further seven years unless the customer asks GAMSTOP to lift it. GAMSTOP covers online sites and apps; the in-shop self-exclusion scheme for betting shops is a separate service. For someone who has reached the point of wanting to step back, GAMSTOP is the strongest single switch a customer can pull, because it operates at the point a new account would otherwise be opened.

A greyhound bettor who wants to manage spend without cutting off entirely can use the deposit-limit tool every licensed operator must offer. The detail of those tools – the time frames, the steps, the cooling-off windows – varies by operator and is the customer’s contract with the brand, not a statutory deposit ceiling.

Vulnerability and risk checks: what is in force, what is announced

The Commission’s social responsibility code publishes two distinct customer-check regimes. A financial vulnerability check has been in force since 30 August 2024 – it is a public-record check (bankruptcy, county court judgments and similar register entries), not an income check and not a credit reference check, and it triggers when a customer’s net deposits across licensed operators exceed £150 in a rolling 30-day window, in force since 28 February 2025. A financial risk assessment is the regime that the press has been calling “affordability checks”: the Commission announced a staged plan and timetable in July 2026 but no start date has been set, so the published line is that the assessment is announced and staged with no start date. Any brand that asks for payslips or bank statements today is acting under its own commercial decision rather than under the Commission’s published timetable, and a reader can ask the operator to point to the trigger and the basis.

Help and the lines a customer can ring

A greyhound bettor who is losing too much, betting too fast or chasing losses has a small set of free routes to ask. GamCare runs the National Gambling Helpline, GambleAware publishes the public information on safer gambling, the NHS runs specialist gambling clinics in some regions, and Gamblers Anonymous carries the local meeting list. The brand itself is bound to display those routes on the safer-gambling page and at the moment a customer takes a time-out, but the brand is not the place to start a recovery conversation; the helpline is.

Bonuses and free bets on greyhound markets

The shape of a typical welcome

A typical greyhound welcome package at a GB-licensed bookmaker splits into three phases: the qualifying bet, the credit, and the unwinding of any restrictions on the credit. The qualifying bet is the bet the customer has to place first, almost always at a minimum price (the smallest decimal odds, or fractional equivalent, at which the bet counts). The credit is the bonus value, frequently issued in tokens tied to particular bet types rather than as a single free bet. The unwinding is the set of conditions attached to withdrawing winnings from the credit – turnover multiples, minimum-odds qualifiers, expiry windows. A welcome package that reads as “free” is reading only the middle phase.

Sky Bet’s free bets, for example, expire thirty days after they credit, can be used only on singles or each-way markets (not multiples, and excluding virtual events), are non-withdrawable and do not return the stake with the winnings. BetGoodwin splits a £15 welcome into three £5 tokens, each tied to a different bet type – sports, accumulator, Sub-Cover – and a qualifying stake has to land at or above the minimum price for whichever token the customer wants to unlock. Coral’s welcome – £40 in free bets once a £20 qualifying bet has been placed at minimum odds of 2.0 (1/1) – credits within seven days and the free bets expire seven days after that. Each of these is the operator’s own published wording, not a gloss; the difference between the three is the part of the welcome the operator has decided to drive customers towards.

How the offer arithmetic reads against the customer

The Commission’s promotion rules, in force since 19 January 2026, cap the wagering requirement on a bonus at 10 times the bonus value. Translated: a £10 bonus carries no more than £100 of required bets. The same rules ban mixed-product promotions – a “bet on football to get free spins” package is out, because it binds two product types together. A single-product offer, such as a sportsbook free bet, falls under the cap without crossing any product line. The cap does not state a cap on the headline value of a bonus itself, and it does not state whether the cap applies to a free bet with no wagering condition: that question is still open in the published rules. The customer should treat the headline number as the marketing and the multiple as the price.

What the page does not publish

The page does not publish bonus codes, voucher codes or “use this code at sign-up” language. The Commission’s framework does not require a code at all, and any code being circulated is an affiliate mechanism that varies by partner site, not part of the offer the operator publishes. The headline a customer sees at an unaffiliated visit is the offer the operator is committing to; codes, where they exist, can sometimes find a better headline and sometimes find a worse one, and a page that treats them as constant would mislead the reader.

Mobile, app and the live betting experience

Where the bet is placed

A greyhound bettor on the move is mostly placing bets through one of three routes: a bookmaker’s mobile-optimised website, an iOS app from the App Store, or an Android app distributed directly as an APK or through Google Play. Each licensed brand maintains at least the first route, and the bigger brands maintain all three. The question for the customer is which is fastest at the moment a trap opens and the price moves. The features that matter for greyhound specifically are live in-play pricing through the brief race window, cash-out availability on the race-winner market, and streaming where the operator holds the rights or holds a sub-licence. A bookmaker that streams the meeting does not need to be picked on price alone, because the customer gets the race in the same screen as the slip; a bookmaker that does not stream still works, because radio-style live feeds and race cards with trap numbers carry most of the same information.

Apple and Google’s app stores do publish a copy of each licensed brand’s app, with descriptions written by the operator. Those descriptions are useful as a starting reference – they confirm the listed features, the markets the brand claims to cover, and any visible sign of restrictions – but they are also the brand’s marketing, so the live product can read slightly differently at the betting slip.

Stability at a short cycle

Greyhound racing settles a bet faster than almost any other sport. A typical evening has twelve or more races inside a meeting, and a serious bettor can be placing new bets every twenty minutes. That tempo puts a hard test on the app: latency on price refresh, the time it takes to confirm a bet after pressing the button, the way the slip behaves when a meeting is suspended mid-race. The customer should treat the first evening on an unknown app as a probe rather than a working session, with a small stake, and only move to a normal staking pattern once the app has been seen at full speed across one full meeting.

Live betting, cash out and the race window

In-play at the greyhound meeting

In-play betting on greyhound races runs from the off to the result. The window is short, often twenty to sixty seconds, and the price moves several times during the sprint. GB-licensed operators offer in-play greyhound pricing as standard; the controls around it are the operator’s licence conditions and customer-protection duties rather than any statutory framework that names and limits an in-play product. A customer who wants to bet a race in-running should expect the slip to suspend the moment the traps fly and to re-open briefly if a price is quoted for any specific outcome. The published product is sometimes called “live greyhound betting” on the operator’s own page; the legal product is an in-play bet placed under the licence condition above.

Cash out and how it differs from placing a lay bet

Cash out is the operator’s offer to settle a bet – or a leg of an accumulator – before the bet has been settled naturally, with a value the operator quotes on the bet slip at that moment. The quote is the operator’s, not the customer’s; the customer takes it or leaves it. On a greyhound race that is still running, the cash-out value rises and falls with the live price, and a customer who watches the slip closely will see the value change several times during the sprint. The customer is not placing a separate bet: they are simply taking an offer to lock in part of the unsettled position.

The difference between cash out and a back-to-lay at an exchange is significant for the reader doing the comparison. A betting exchange, where one customer backs and another lays a selection, is licensed under the betting-intermediary category, not the general-betting category, and the rates and rules specific to exchanges are stated in the exchange’s own terms. None of the brands on the table above is an exchange; some of them are part of groups that also run exchanges (the Coral group includes an exchange brand), and the comparison here does not extend to those sister brands.

Greyhound betting tips and the kind of strategy that does any work

What a tip is worth

A “tip” in greyhound racing is a single selection – one dog, one race, one bet type – given to a customer or follower as a forecast. The output is a name in the trap and a price to back. The interesting question is what that output rests on: form, going, sectional times, kennel, draw, recent runs, market movement. None of those is unknown to the bettor working the sport on their own. A tip delivers a shortcut more than an edge; it lets a customer skip the reading of a card, but it does not let them skip the mathematics. The customer who follows a tip without checking the implied market price pays the marketing cost of the tip itself, plus the bookmaker’s margin on top.

A “system” is a structure that places more than one bet from a single set of inputs – a staking plan, an each-way framing, a forecast or tricast structure. The system itself does no work the customer could not do by hand, and any system that promises an edge on the next race is selling certainty about a future that does not exist. The arithmetic of the system is testable against the operator’s actual prices and it rarely produces the headline return the marketing copy claims.

What an honest strategy looks like

An honest strategy on greyhound markets looks more like a discipline than a set of rules. A bettor who limits themselves to one or two bet types – say, the win market and the place market on graded meetings – sees the form without swimming in it. A bettor who sets a stake before the meeting and lets the stake govern the volume of bets does not catch up by raising stakes after a losing run. A bettor who reads the bookmaker’s margin and treats it as a cost of doing business keeps the bookmaker’s edge in proportion to everything else they are doing. None of these is a method that wins. All of them are the conditions under which what the form shows can be applied at all, and the absence of any of them is what costs most bettors their money over time.

What the page does not do

The page does not name a “sure bet” or a “lock”. A future greyhound race is decided by six animals that are not human agents and that do not have fixed probabilities a model can fit. Any piece that names winners in advance is selling something its author cannot deliver. The arithmetic in the section that follows talks about the cost of betting, which is the same in every race and which a bookmaker cannot fudge; it does not talk about who wins.

Bet types, markets and how greyhound odds are built

The common markets on a greyhound race

A greyhound meeting carries a small, consistent set of markets, and the bookmaker’s job is to price each one, not to invent new ones for every race. The principal market is the race winner: the customer picks one trap and the bookmaker prices each trap. From the race-winner market the place market is derived: an each-way bet is two bets of equal stake, one on the dog to win and one on the dog to finish in the place positions, and the place terms vary by race and by operator. The forecast market names the first and second dogs in order, and the tricast names first, second and third in order. A trap challenge is the variant market that asks which trap number will win, as opposed to which named dog – cheaper to the bookmaker to settle and offering a different shape of edge. Ante-post markets are the longer-odds markets on major finals, opened weeks in advance and settled when the final runs; non-runner rules and Rule 4 deductions (the deductions from winning payouts when a runner withdraws) attach.

Spreads and exotic markets vary by bookmaker. The full-list market types in greyhound betting include match bets (between two named dogs), reverse forecasts (first and second in either order), and the long-odds novelty markets some brands carry around the major finals.

Decimal odds, fractional odds and starting price

GB bookmakers publish odds in both decimal and fractional form. Fractional odds of 5/1 mean a £1 stake returns £5 in profit plus the £1 stake back, so the decimal equivalent is 6.00; 11/4 is 3.75; evens is 2.00; odds-on (shorter than evens) means decimal odds below 2.00. The starting price on a greyhound race is the odds on a runner in the on-course fixed-odds market at the moment the race begins – the SP. Best odds guaranteed (BOG) is the practice of paying out at the higher of the price taken and the starting price, so a backer of a dog at 4/1 who sees the SP return 5/1 is paid at the larger price. BOG has been a standard feature of GB horse-racing betting for years and now reaches greyhound books on the bigger meetings.

The bookmaker’s margin inside every price

Every odds line carries a margin, the percentage of every pound wagered that the bookmaker keeps on average across all outcomes of the market. The margin is the bookmaker’s built-in edge. The way to see it is to add up the implied probabilities across all the selections and subtract from 100 per cent.

Take an illustrative two-way market at decimal odds of 1.90 and 1.90, where the two outcomes have an equal chance. Each side has an implied probability of one divided by 1.90, which is roughly 52.6 per cent. Adding the two sides gives a payout share of roughly 95 per cent (1 ÷ (0.526 + 0.526) = 0.95), which means the margin is roughly 5 per cent of every unit wagered. That margin is the difference between what the bettor collectively pays in and what the bookmaker collectively pays out.

The 5 per cent margin is a result, not a price the customer can pick; it is the typical margin a GB bookmaker prices into a fairly tight, two-way greyhound market. The margin varies by market and by bookmaker: a feature-priced accumulator (an “acca”) across four or more races carries a higher margin per leg than a single race-winner bet, and a long-odds novelty market on a major final often carries a wider spread. A punter reading the card can build a working sense of margin by calculating it for any market the bookmaker quotes – the implied probabilities are easy to extract from decimal odds, and the margin is what is left when they sum above 100 per cent. Where markets price closer to 100 per cent payout share, the bookmaker is keeping less; where they price further from 100 per cent, the bookmaker is keeping more. This is the part of the page where the arithmetic earns its keep: every promo, every boost, every margin claim from the operator has to answer to the margin in the actual market the customer bets on.

The illustrative example above is just that: a tidy two-way market priced symmetrically at 1.90/1.90. Real markets price asymmetrically, with the favourite shorter and the outsider longer; a six-trap greyhound race priced at traps 1, 3, 2, 5, 4, 6 in some order would carry a margin with the same arithmetic but a more lopsided split of implied probability. The result the formula gives is a band: a fair-priced, symmetric two-way greyhound market tends to come back at a margin somewhere in the four to six per cent range, and a feature market on a graded meeting – with a long-priced favourite and an outside-trap field – tends to sit higher, often in the seven to ten per cent band. The exact figure depends on the meeting, the trap draw, the market type and the operator’s own pricing model. The takeaway is structural, not specific: a margin is in the price and the price is what the customer is paying.

Calculating returns from stake and odds

The arithmetic of a single bet is what gives the rest of this page a handhold. A return is the stake multiplied by the decimal odds: a £10 bet at 3.50 returns £35. A profit is the return minus the stake, so a £10 bet at 3.50 returns £35 and profits £25. For an each-way bet – two bets of equal stake, one on the win and one on the place – the stake doubles. For an accumulator (acca), the odds multiply leg by leg, and a four-fold acca at 2.00, 3.00, 4.00 and 5.00 has combined odds of 120.00; a £1 stake at that combined price returns £120.

A free bet is the variant that catches most readers. The free-bet stake is not returned with winnings, so the value of a £5 free bet at decimal odds of 4.00 is £5 × (4.00 − 1) = £15 in profit, plus any winnings-only enhancements the operator adds. The customer does not “win £25” on a £5 free bet at 4.00 – they win £15, the free-bet stake is gone, and any turnover requirement attached to the free bet still has to run. That arithmetic is what gives a bonus its true price, and it is the arithmetic a reader should run before claiming any free-bet package on any of the brands in the table.

The unflashed detail

The detail that is easy to miss: a non-runner before the start of a race triggers Rule 4 deductions, the standard deductions from winning payouts when a competitor withdraws. A non-runner after the start may settle the bet as lost if the customer backed the withdrawn dog. The published terms vary by operator; this is where the brand’s small print does the work, and a customer who claims a boosted price or an enhanced offer on a race should expect the Rules to be tighter than they would be on a standard price.

Frequently Asked Questions

How do you bet on greyhound racing?

Pick a licensed GB bookmaker from the public register, open an account and complete the identity verification (name, address and date of birth, with photo ID and a proof of address) before any stake is placed. Choose a meeting from the greyhound schedule (one of the eighteen GBGB-licensed stadia or an Irish meeting priced into the GB book), pick a market – the race winner is the standard – and place the bet before the off. Cash-out, in-play and each-way are variations on the same mechanics.

How do you bet on greyhound dogs?

The mechanics are the same as betting on any racing sport at a licensed bookmaker: open a verified account, fund it via debit card or bank transfer (credit cards are banned for gambling in Great Britain), pick a race, pick a market, and place the bet. The English greyhound derby, the Scottish greyhound derby and the Irish Derby are the headline meetings most bookmakers price deeper than the average card.

How does a punter win at greyhound betting?

No system wins at greyhound betting in the sense of producing a profit on every bet. Punters who turn a profit over a season do so by keeping their margin of error low: same staking plan, no chasing of losses, a small set of bet types, and a willingness to leave the meeting when the form does not justify further bets. The bookmaker’s margin is in every price; the punter’s edge, where they have one, is in the discipline they bring to it.

How can a bookmaker’s Gambling Commission licence be checked?

Open the Gambling Commission’s public register, search by the operator’s business name, trading name, domain or account number, and read off the licence category, account number and trading names on the licence. The page on the register will also list the licence conditions in force. If the brand does not appear on the register, the brand is not licensed for GB customers; the absence of a licence is the absence of every GB protection listed above.

What is the return on a bet from the stake and the odds?

Return equals stake multiplied by decimal odds, profit equals return minus stake. For an accumulator, the odds of each leg multiply together to give one combined price. The arithmetical example above (a £10 stake at 3.50) returns £35 in total, of which £25 is profit, with the arithmetic rolling on similarly for any odds the operator publishes.

What is the bookmaker’s margin and how can it be seen in the odds?

The margin is the percentage of every unit wagered that the bookmaker keeps across all outcomes of a market. To see it in the odds, add the implied probabilities (one divided by decimal odds) across every outcome and subtract from 100 per cent. A two-way market at 1.90 and 1.90 carries an implied 52.6 per cent on each side, summing to roughly 105.3 per cent and giving a margin of about 5 per cent. The margin varies by market and by brand, and a punter reading the card can extract it from the prices without any help from the operator.

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