Category: FAQ

Otherwise known as ‘vigorish’ – an Americanisation of the Russian word ‘vyigryshi’, meaning ‘winnings’ – ‘overround’ is the profit margin that bookmakers factor into a betting market, such that they make money regardless of the outcome. In a ‘fair’ market, the odds for each outcome, once converted to implied probability, should add up to 100%. In a simple coin toss, for example, the odds against tossing heads are 1/1 or ‘even money, which converts to an implied probability of (1/ (1+1))*100 = 50%; the same is true for the odds against tails, so it’s easy to see that 50% + 50% = 100%. However, to guarantee a profit, bookmakers offer odds that are shorter than they should be in a fair market.

Sticking with the coin toss example, let’s say a bookmaker offers odds of 10/11, rather than 1/1, about each outcome. Fractional odds of 10/11 convert to an implied probabiliity of (1 / ((10/11) + 1)) * 100 = 52.4%; 52.4% + 52.4% = 104.8% so, by creating an ‘overround’ book, the bookmaker can expect to pay out £100 for every £104.80 paid in, which yields an expected profit 4.80/104.80 = 4.6%. This approach requires only that each outcome, in this case, heads or tails, is backed proportionally to its chance of winning.

In the same way as the name of the multiple bet known as a ‘Heinz’, which consists of 57 bets in total, is derived from the ’57 Varieties’ advertising slogan once used by the H.J. Heinz Company, the ‘Alphabet’ is so-called because it consists of 26 bets in total; in other words, the same number of bets as there are letters in the English alphabet.

The ‘Alphabet’ is a multiple bet on six different selections in six different events, typically horse races or football matches. Selections are combined in two patent bets, one on selections 1, 2 and 3 and another on selections 4, 5 and 6, one yankee bet, on selections 2, 3, 4 and 5 and in six-fold accumulator bet, on selections 1, 2, 3, 4, 5 and 6. Each patent consists of three singles, three doubles and a treble, making seven bets apiece, while the yankee consists of six doubles, four trebles and a four-fold accumulator, making 11 bets. Thus, 7 + 7 + 11 + 1 makes a total of 26 bets.

Of course, the ‘Alphabet’ is not a ‘full cover’ bet. Covering all the permutations of singles, doubles, trebles and accumulators for six selections requires 63 bets in total, and is catered for by the more expensive ‘Lucky 63’ bet. By not covering all the permutations, punters run the risk of missing out if results fall the wrong way; if, for example, selections 1, 2, 5 and 6 win, the Alphabet punter collects on four singles and two doubles, whereas – notwithstanding the increased outlay – the Lucky 63 punter collects on four singles, six doubles, four trebles and a four-fold accumulator.

Point-to-point racing is essentially grassroots steeplechasing for amateur jockeys and trainers. Point-to-point race days are organised at a local level by a hunt, or a recognised club or association, and staged on a variety of racecourses, approved, but not licensed, by the British Horseracing Authority (BHA). Jockeys riding in point-to-point racing must be members of, or subscribers to, a recognised hunt and horses qualify by virtue of being owned by members or subscribers and having a registered ‘hunter certificate’.

Traditionally, point-to-point meetings are staged February and May, which corresponded to the period outside the main fox hunting season, in the days before it became illegal to hunt foxes with packs of dogs in Britain. A meeting typically consists of six or seven steeplechases, the vast majority of which are run over a distance of three miles and a minimum of 18 brush fences, although shorter and longer distances are possible, depending upon the specific type of point-to-point race being contested. All point-to-point courses have basic facilities, including a bar and toilets, but there is no dress code and, overall, the atmosphere is friendly, relaxed and informal.

The Yankee is a common bet for most punters. If you haven’t chanced your arm betting on one, you’ve probably heard about it.

So what’s a Yankee?

Firstly, it has nothing to do with someone who lives in the United States of America. At least, I don’t think so. Not even a gambling man with a penchant for poker and trifecta (whatever that is!).

A Yankee bet consists of 11 equal value bets on four selections: six doubles, four trebles and one four-fold accumulator.

You can have a straight win Yankee or do it each-way (which covers the place too) that costs double the price.

A £1 straight win Yankee costs £11.

For example, if you got very lucky and bet on four selections at the following odds: 2/1, 3/1, 7/1 & 10/1.

You would win £2,133 (including your £11 stake). Nice work, hey.

If you backed four even money favourites you’d show a total profit of £61 to £1.

Other multi bets include: Lucky 15, Canadian, Heinz, Super Heinz, Goliath. In fact, multi bets allow you to select up to 25 different individual bets into one bet.

These are often employed by gamblers who follow football where the odds on individual matches are often short. Multi bets are a popular for the simple reason a gambler can stake a small amount of money with the hope of winning several hundred pounds if not thousands.

I always remember my Dad, while on holiday at Great Yarmouth, cheering home the last of his four winners in an each-way Yankee.

He won over £700.