In the betting ring the odds are most commonly displayed in their traditional fractional form and on boards would look like the below
4/1 – for every one unit you stake you receive 4 units back plus your initial stake
5/2 – for every 2 units you stake you receive 5 units back plus your initial stake
If the odds are displayed the other way around this means that the horse is odds on, and very likely to win the race.
¼ – for every 4 units you stake you will receive 1 unit back plus your initial stake
½ – for every 2 units you stake you will receive 1 unit back plus your initial stake.
EVENS is the equivalent of a 1/1 fraction. So you receive 1 unit for every one you stake in addition to your initial 1 outlay.
These will just look like a normal price. To work out your potential winnings multiply your stake by the number shown next your horse. For example if you put £2 to win on 5.00 you will win 10. It is important to remember that your stake is already factored in when using decimal odds.
The place price when betting each way depends on the type and amount of runners in the race (if there are 3 horses bookies would not want to pay out on first, second and third!).