Backing to win
The most common form of bet is the 'Win bet' (also known as a Single) whereby you stake an amount of money that one runner or team will win a particular event.
You might for example back Liverpool £5 to win at home to Aston Villa at odds of 7/4. If Liverpool win you get back £13.75 including you stake. (Remember that fractional odds of 7/4 might be shown as 2.75 in the decimal format, which includes your stake.) If Villa win or the match is drawn you lose your £5.
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