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The different types of bets available...

Single Bet: Simply backing a horse to win a race.

Place Bet: This involves backing a horse to come first, second or third in a race. If the horse places, you receive a quarter of the winning odds if it's a handicap and one-fifth of the winning odds if it's not.

Each-way Bet: Backing a horse to win and be placed. If you fancy a horse to win but you're nervous about others in the race, this is a good way to hedge your bets. Experienced punters back horses with long odds each way.

Double Bet: If you fancy two horses to win in two separate ways you can back them in a double. If your first horse wins then your entire winnings go on the second horse.

Treble Bet: The same basic concept as a double bet only involving three horses in three separate races. If you get a treble up with decent prices the pay-out can be substantial.

Accumulator Bet: If you fancy four or more horses you can back them in an accumulator. As each horse wins, the winnings go on the next. Successful accummulators can result in huge cash windfalls.

Lucky 15: A popular bet among punters who wish to win big for relatively small money. A punter must choose four horses they believe are in with a chance of winning. You receive 15 bets which consist of four singles, six doubles and a four-horse accumulator. €1 lucky 15 will cost you €15.

Yankee Bet: Similar to a lucky 15 but without the singles. You pick four horses and receive 11 bets which consist of six doubles, four trebles and an accumulator. Anyone who manages to pick four winners in a lucky 15 or Yankee bet will be smiling from ear-to-ear as the bookie calls his bank manager.