This is the most straight forward way to place a bet on a horse. Simply put, you fancy a horse to win, you put a fiver on it and if it wins the race you get paid and if it doesn’t win you get nothing! Unlike an each-way bet you are only covered for 1st place and nothing else so it all comes down to how risky your choice is and the odds being offered by the bookie.
Each-way bets are great if the odds on a horse are over 4/1 (minimum) but of course not all favourites are given such generous odds and many of them start at much less e.g. 2/1 or 5/4 so really your only option is to put your stake ‘On The Nose’.
If, for example, you put £5 on a horse at 3/1 and your horse wins then you get 3 times your stake = £15 PLUS your original stake back, which in this case is £5 giving you returns of £20. And although this is a very attractive prospect if your horse even comes in 2nd place you get nothing!
The example in the picture is a Paddy Power online betting slip on Kauto Star. With odds of 5/4 and a £5 stake the potential returns would be £11.25 if he were to win.
Betting on the nose is great for horses with short odds that you believe will win just bare in mind that not all favourites win their respective races and that maybe you could up your chances of a return if you backed a different horse, with longer odds, each-way.