What a Trixie Bet Actually Costs You in 2026

Updated October 2026
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A Trixie is a system bet offering partial cover: three doubles and one treble, four bets woven from three picks. Slip one selection and three of the four bets are still live. Lose two outright and the whole thing is dead. The shape looks generous on paper, but the cost is in the stake — four bets where a plain treble asks for one — and in what the bookmaker takes from every line. On a Trixie at combined odds of around 6.00, the margin sits inside the doubles and the treble alike, and the maths decides how much of any return actually clears. This page works through the mechanism, the arithmetic and the ten GB-licensed brands that take Trixie bets in 2026.

A blank paper betting slip beside a pen on a wooden counter
A Trixie is a full cover bet, meaning it covers all possible multiple bets over a given number of selections.

As of 27 October 2026, the Gambling Commission’s public register of operating licences was checked for each operator named below.

Staying in Control While Betting

The Trixie is a bet for someone who wants to back three opinions at once. It is also a bet that can quietly drain an account when two legs go down, because three of the four bets vanish together. Before the arithmetic, the honest framing.

An empty football stadium with floodlight masts at dusk
Worked example: a Trixie on selections at decimal odds of 2.0, 3.0 and 4.0 with £1 on each of the 4 bets (£4 total) returns £50 if all three win (doubles 6.0 + 8.0 + 12.0, treble 24.0).

Every online bookmaker in Great Britain must be signed up to GAMSTOP, the national multi-operator self-exclusion scheme, since 31 March 2020. Self-exclusion lasts six months, one year, five years, or five years with auto-renewal. After the minimum period chosen, the exclusion stays in place for a further seven years unless the customer asks GAMSTOP to remove it. GAMSTOP covers online sites and apps; high-street bookmakers run a separate in-shop scheme. A punter who opens an account with one licensed brand is signed up to the same network whether or not they ever use it.

Identity checks happen at the door, not at the first deposit. Since 7 May 2019 every licensed remote operator has to verify the customer’s name, address and date of birth before any deposit or any bet, free bet included. The £150 financial vulnerability check — a public-record search for bankruptcies or county court judgments — kicks in once deposits minus withdrawals clear £150 in any rolling 30 days. It is not a credit check; it does not look at income. Affordability checks in the stricter sense were announced in stages in July 2026 with no start date; the Commission has not brought them into force.

The minimum age is 18. Credit cards were banned for any gambling transaction in Great Britain on 14 April 2020, including credit-card funding through an e-wallet. Debit cards and bank-based payments are not covered by that ban.

Help is not hard to find if the betting slips from a habit into something heavier. GamCare runs the National Gambling Helpline; GambleAware funds treatment and education; the NHS runs gambling clinics across England; Gamblers Anonymous runs peer-support meetings. A punter who stops using Trixies and stops using singles alike can self-exclude from every GB-licensed site at once through GAMSTOP.

Free Bets, Bonuses and the Trixie

A free bet lands in the account after a first deposit, a first settled bet, or a promotion — exactly which varies from brand to brand, and the page describes offers qualitatively rather than reproducing the terms of any one of them. What every offer shares is a set of conditions the punter has to clear before withdrawing. The Trixie rarely fits those conditions cleanly.

An empty courtroom with wooden benches in morning light
A Lucky 15 has 15 bets over 4 selections (4 singles, 6 doubles, 4 trebles, 1 fourfold), and a Heinz has 57 bets over 6 selections.

The headline figure that matters is the wagering requirement. Since 19 January 2026 a 10x cap applies to bonuses offered by GB-licensed operators: a £10 bonus needs £100 of qualifying bets before any winnings can be withdrawn; a £50 bonus needs £500. The cap is on wagering, not on the value of the bonus, and operators may still attach minimum odds, expiry windows and excluded bet types beneath it. Mixed-product promotions — an offer that ties betting to casino, bingo or lottery — are banned outright.

A free bet with no wagering condition is a different shape. Its stake is usually not paid back with a win, which is the part the marketing copy softens. The free-bet value at given odds works out as the free-bet amount multiplied by (odds − 1) divided by odds, scaled by the payout share of the market. A £10 free bet at odds of 4.00, if the market pays out roughly 95p in the pound, is worth roughly £7.14 in expected terms — not £40. The arithmetic is on the side, not on the front of the page.

Trixies sit awkwardly with most free-bet terms. One major brand excludes Trixies, Patents and Yankees from its free bets outright, allowing only straight accumulators. Several others allow Trixies but apply a minimum-price floor of 1/2 (1.50) per leg. The free bets themselves typically expire seven days from credit. When a Trixie is built from legs at 2.00, 2.50 and 3.00 — the kind of prices a punter might actually back — every leg passes the floor. The combination does not need to, because the floor applies per leg. Build a Trixie around a long-odds outsider and one leg is enough to fail the floor; the whole bet is forfeit.

Two further wrinkles the Trixie punter meets often:

Genuine value from a free bet on a Trixie comes from clearing the wagering requirement at the lowest possible margin loss. Football match odds, outright winner markets at tight prices and short-odds favourites all carry a thinner bookmaker margin than exotic or outright markets. A punter who backs three short-priced favourites in a Trixie to clear bonus money turns over the required amount with less expected loss than the same turnover on three long-priced outsiders.

Strategy, Forecasts and the Limits of Trixie Systems

Search interest in “trixie betting strategy” and “trixie bet system” is steady in the UK. The systems that surface fall into three shapes, and one of them has a real edge, while the other two are dressed-up versions of the same bet.

The first shape is the bankroll hedge: staking the same amount on every line, treating the Trixie as four independent bets that share three legs. The hedge works because losing one leg still returns two doubles from the other two; the treble is gone, the system is still live. The Trixie punter trades a slightly higher total stake for insurance on a single losing leg. The second shape is the boosted-odds singleton: backing one strong tip each day, repeating three times, and combining into a Trixie once the third has landed. This is plain accumulators under another name, with the same low hit-rate and the same wide variance. The third shape is the lay cover: pairing a Trixie with a betting exchange lay bet on the treble to lock in a position regardless of outcomes. That is a betting-exchange strategy with its own cost: commission on lay wins, lay liability bigger than the Trixie stake, and exposure that defeats the purpose of a system bet if it goes wrong.

Forecast pages, tipsters and tip subscription services that promise “winning Trixie systems” have no track record that survives scrutiny. Every price carries the bookmaker’s margin; the margin is the average cut the book takes across every outcome, computed from the implied probabilities of the odds on offer. A punter beating the margin for any sustained period is beating a market that prices itself to win on average, and the law of large numbers is not on their side.

What does work, in the same narrow sense any sports betting works:

The advice is prosaic because the maths is prosaic. A punter looking for an edge finds it in shop selection and stake sizing, not in product names.

How a Trixie Bet Works — The Mechanism in Full

The Trixie is a full-cover combination: three doubles and one treble over the same three selections. Four bets in total. The punter picks three outcomes — three football results, three horse races, three tennis matches, three selections from any combination the bookmaker accepts — and the betting slip places one unit stake on each of the four bets built from them.

A Patent, by contrast, adds the three singles for seven bets. A Yankee takes four selections and runs 11 bets: six doubles, four trebles and one fourfold. A Lucky 15 takes four selections and runs 15 bets: four singles, six doubles, four trebles and one fourfold. A Heinz runs six selections and 57 bets; a Goliath runs eight selections and 247. The shape scales; the principle does not.

Walk-through on a £1 unit stake. Pick three football teams, all priced at decimal odds of 2.00, 3.00 and 4.00. The bets are:

Bet Legs included Decimal price
Double 1 2.00 × 3.00 6.00
Double 2 2.00 × 4.00 8.00
Double 3 3.00 × 4.00 12.00
Treble 2.00 × 3.00 × 4.00 24.00

Total stake at £1 per line: £4. If all three selections win, the returns are £6, £8, £12 and £24 — £50 in total, of which £46 is profit. Lose the first leg (2.00) and Doubles 1 and 2 die; Double 3 (3.00 × 4.00) returns £12 and the treble returns nothing. Lose the first and the second and every bet is dead.

The rule the bookmaker applies. A Trixie needs a minimum of two winning selections to return anything. With one winner the bet has lost: the three doubles and the treble each require at least two legs to settle. This is the property that makes the Trixie look insurance-like. It is not insured — the unit stake covers four bets, and three of them depend on two specific pairs coming in.

Settling. Each leg settles independently. A void leg (a non-runner horse, a postponed match, an opponent withdrawal) reduces the Trixie to whatever combination the remaining legs provide: two legs and one double, or three legs and three doubles. The bet does not die on a single void, and bookmakers publish a void-rule table in their terms. Each-way Trixies add a second layer of place bets on top: in horse racing, the place portion pays separately on each leg’s place terms, and the combination bets run on place odds as well.

Staking variations. A “Lucky 31” is what a Trixie looks like with four selections (31 bets). A “Super Trixie” is not a separate product, but a Trixie is sometimes sold in a “win-only” form or in an “each-way” form, where the second layer doubles the total stake. Read each book’s betting-slip labels; the underlying mechanics do not change.

Worked Arithmetic — What the Bookmaker Keeps

The full calculation the page earns its keep on is what a Trixie pays at given prices and stake, and what the combined price does *not* tell the punter.

Three illustrative selections at decimal odds of 1.50 (1/2), 2.00 (evens) and 2.50 (6/4) on a £2 per line stake, total stake £8:

With all three winners, the return is £2 × (3.00 + 3.75 + 5.00 + 7.50) = £2 × 19.25 = £38.50. The profit on a £8 stake is £30.50. The band the arithmetic gives depends on how the legs settle: hit all three and the return climbs into double-digit multiples of the unit stake; hit two of three and one double survives (the pair that does not include the loser), returning between roughly £3 and £5 per line; hit one and the bet is over.

The combined treble price of 7.50 means a straight treble at the same £2 stake returns £15. The Trixie spends £6 more than that — £8 vs £2 — and adds the three doubles as cover. The punter paying for the cover is paying for the partial-return cases, not for a guaranteed outcome.

That cover is not free. Every leg carries the bookmaker’s margin, and the margin compounds across the doubles and the treble. The true payout share on the treble alone is the reciprocal of the sum of the implied probabilities — in this illustration, 1 ÷ (1/1.50 + 1/2.00 + 1/2.50) = 1 ÷ (0.667 + 0.500 + 0.400) = 1 ÷ 1.567 = 63.8% payout share, margin 36.2% on the treble. That margin is steeper than a typical 1X2 football margin of 5–10% because the illustrative prices are kept tight and round; real-world football match odds carry thinner books, while longshot and combination markets carry fatter ones.

The honest framing of the Trixie’s cost: it is four bets at the bookmaker’s margin, not one bet at the headline combined price. Spread the four margin-laden prices in the slip, and the average edge the bookmaker holds climbs the wider the price spread gets.

Ten GB-Licensed Bookmakers — How Each Takes a Trixie

The brands below each hold a Gambling Commission remote licence that appears on the Commission’s public register. They are not a ranking and not a recommendation. The page ranks them by what each one’s terms say about a Trixie-punting customer, the verbiage of which varies more than the licence alone suggests.

Bookmaker Licence holder (GC account) What the terms say on a Trixie
NetBet Netbet Enterprises Limited (39170) Daily price boosts and Profit Boosts apply to accumulators; single bets qualify separately. Trixies eligible where listed in the boost terms.
QuinnBet QuinnBet (Gibraltar) Limited (61011) Free bets valid 7 days; minimum leg odds 1/2 (1.50), maximum 50/1. Trixies, Patents and Yankees are not eligible.
BetTom Bet Tom Limited (64959) Sports welcome offer is 50% back as a free bet up to £50, with the matching 50% back as free slot funds for casino. The sport and casino legs are separate products.
Dabble Dabble Sports UK Ltd (65677) Welcome offer “Bet £10, Get £10 in Free Bets” on first deposit, 7-day free-bet expiry, stake not returned with a free-bet win.
BetUK LeoVegas Gaming PLC (39198) Free bets exclude virtual sports, esports and non-UK/IE horse racing; minimum leg odds apply per the welcome-offer terms.
DAZN Bet DZBT Limited (48756) Cash Out, Bet Builder and daily bet boosts offered; Cash Out availability is not guaranteed and bets stand if unavailable.
10bet Blue Star Planet Limited (43173) Sportsbook covers football, tennis and horse racing with Cash Out, Bet Builder and Live Streaming.
Tote TDCO Limited (54779) Best Odds Guaranteed on UK and Irish horse racing from 8 AM on race day, on single and multiple bets; not on ante-post, tote or pari-mutuel.
Betfred Petfre (Gibraltar) Limited (39544) Bet Builder, Sub Switch, Racing Post data and Extra Places available across the sportsbook; combination bet types like the Trixie are supported.
Fitzdares Fitzdares Limited (400) Cash Out, accumulators, Lucky 15s, specials and ante-post on horse racing, football, tennis, rugby, cricket, golf and American football, with in-play live odds.

NetBet — Wide Coverage With Daily Boosts

NetBet’s sportsbook runs from a Malta-based parent licence holder with a GB remote licence on the Commission register. The brand offers Daily Boosts and Profit Boosts on accumulators and free bet offers across football and other major sports. The Bet Builder carries instant dynamic odds that update as the punter adds legs; the sports-stats panel covers the major leagues.

For a Trixie punter, NetBet’s strength is the range of pre-match and in-play markets across football, tennis, basketball and American sports — enough legs to find three genuinely independent selections. The brand’s pitfall is the boost terms: where a Daily Boost names “accumulator” without naming “system”, the Trixie may not qualify, even though it comprises four bets of which three are doubles.

The verdict for NetBet: a punter looking for selection breadth rather than bonus generosity finds something here, but the boost terms need reading line by line.

QuinnBet — Sports Welcome With a Trixie Ban

QuinnBet’s free-bet terms exclude Trixies, Patents and Yankees outright. The eligible bet types for free bets are singles and straight accumulators; a Trixie staked with a free bet is treated as a normal qualifying bet that forfeits the bonus. Minimum leg odds apply at 1/2 (1.50); maximum leg odds at 50/1 (51.00); free bets expire seven days from credit.

A punter who wants to back a Trixie with a free bet is on the wrong site. A punter who wants to back a Trixie with cash, build accumulators with free bets on other sports and keep their own portfolio of system bets elsewhere has a clear split.

The verdict for QuinnBet: a Trixie punter deposits here for the sportsbook, not for the welcome offer. The bonus terms save the brand’s reputation with regulators and the cost of a misread promotion is on the punter.

BetTom — Free Bets Across Sport and Casino

BetTom’s welcome offer splits 50% back as a sports free bet up to £50 and 50% back as free slot funds up to £50. The mixed structure means a punter who only wants the sports side is paying for the casino leg as well; the bonus is treated as two separate offers under the Commission’s ban on mixed-product promotions, although the operator’s framing presents them as a paired welcome.

The Trixie itself is not named in the exclusion list, so a system bet qualifies for the sports free bet where a Trixie clears. The casino leg carries its own wagering requirement and its own game weighting.

The verdict for BetTom: a sports-only punter pays for the casino leg they do not want; a punter who plays both gets matched exposure. The Trixie terms inside the sportsbook are unobjectionable.

Dabble — Straight £10 for £10

Dabble’s welcome is the simplest of the set: Bet £10, Get £10 in Free Bets on the first deposit for new customers. Minimum odds apply; the free bet expires in seven days; the stake is not returned with a free-bet win. The offer is a free bet on a free bet — no wagering multiplier stacked on top.

For Trixie purposes, Dabble is a familiar single-and-accumulator site where combination bet terms are read by the betting slip rather than named in advance. A punter looking for the simplest welcome offer on the page finds it here, with the drawback that “simple” stops describing what happens after the welcome is gone.

The verdict for Dabble: the welcome is the cleanest of the ten, the rest of the sportsbook is a typical combination-bet site. Trixies qualify under whatever the brand’s slip allows.

BetUK — Free Bets With Sport-Type Exclusions

BetUK’s free bets exclude virtual sports, esports and non-UK/IE horse racing. The exclusions narrow where a free bet applies rather than forbid the Trixie as a structure; a punter can still back a Trixie on football, tennis or a UK/Irish horse race with the free bet. Minimum leg odds apply, and the brand publishes the floor in the offer terms.

The LeoVegas Gaming PLC parent sits behind both BetUK and the BetMGM UK app; the Commission’s register lists separate account numbers per brand, so they are independent operator brands running under different licence registrations.

The verdict for BetUK: a Trixie punter who wants a free bet on football and skips virtuals and esports finds the welcome usable. A punter who lives on US sports will need to check the boost terms before claiming.

DAZN Bet — Cash Out Caveats

DAZN Bet offers Cash Out, Bet Builder and daily bet boosts, with in-play betting available. The brand’s own help page is explicit that Cash Out availability is not guaranteed and that bets stand if it is unavailable — a clause that matters on a Trixie where a partial cash-out on the live treble might otherwise have closed a position.

The Trixie itself runs on DAZN Bet’s slip; cash-out interaction depends on whether each leg has a live market. Football in-play covers most punters; niche sports may not.

The verdict for DAZN Bet: a punter who treats cash-out as a feature on a Trixie reads the small print carefully; a punter who stakes the Trixie and waits for the result sees nothing unusual here.

10bet — A Sportsbook Built Around the Main Markets

10bet’s sportsbook is built around football, tennis and horse racing with Cash Out, Bet Builder and Live Streaming. The brand is a clean mainstream sportsbook for British punters. Trixie bets are supported on the slip and the live-streaming side covers enough race meetings and football fixtures to back three independent selections across a Saturday.

The verdict for 10bet: a Trixie punter looking for mainstream markets and live streaming without exotic-sports distractions finds the right setup. The product is unexceptional, which is often exactly what a system bet needs.

Tote — Best Odds Guaranteed Across the Combinations

Tote’s distinctive offer is Best Odds Guaranteed on UK and Irish horse racing from 8 AM on race day, on both single and multiple bets. The rule excludes ante-post, tote and pari-mutuel bets; the BOG applies to the official SP if it is higher than the price taken. The Trixie punter on a Saturday card of three races catches the BOG benefit on each leg, on each combination.

The brand sits under TDCO Limited on the Commission’s register. Pool betting and traditional fixed-odds are run separately; the Trixie lives on the fixed-odds side, where BOG is applied.

The verdict for Tote: a horse-racing Trixie punter with three early prices catches the BOG uplift on race-day SP. A football Trixie punter has less reason to be here, although the sportsbook is functional.

Betfred — Racing Post Data and Extra Places

Betfred’s app pairs Bet Builder with Sub Switch (the option to substitute a leg in an open bet with another selection at the same price), Racing Post data and Extra Places (extra each-way places on selected races beyond the standard 1-2-3). The combination helps a Trixie punter who likes racing data and wants the each-way layer.

The verdict for Betfred: the brand is a mature British bookmaker with the racing-side features a Trixie punter wants. The product portfolio is wide; the Trixie sits among many options.

Fitzdares — Premium Feel With Wide Combination Support

Fitzdares sits at the premium end of the British market, with a focus on horse racing, football and a handful of other sports. The app supports cash out, accumulators, Lucky 15s (15 bets over 4 selections), specials and ante-post across the covered sports.

The verdict for Fitzdares: a Trixie punter looking for a more focused bookmaker with combination-bet support and a premium feel finds something here. The Lucky 15 sits alongside the Trixie as a sibling product on the same slip.

Where the Trixie Fits in British Gambling Law

A Trixie is not a regulated product — the Gambling Act 2005 and the Commission’s Licence Conditions and Codes of Practice do not say which bet types an operator may offer. The Commission issues a licence by category — remote general betting standard (real events), remote general betting standard (virtual events), remote pool betting, remote betting intermediary (exchange), spread betting where the financial products are regulated separately by the FCA — and each licensed operator offers whatever bet types their terms allow.

Since the Gambling (Licensing and Advertising) Act 2014 an operator whose remote facilities are used in Great Britain needs a Gambling Commission licence wherever the operator is based. A Curaçao, Maltese or Gibraltar-issued licence alone does not authorise the taking of bets from British customers. Several of the brands on this page — QuinnBet, Betfred — run from Gibraltar; their GB-licensed status comes from the Commission’s account on the register, not from the company’s home jurisdiction.

What may be bet on is the operator’s call. No statutory list of permitted markets was found in the framework. In-play betting is offered by mainstream GB bookmakers; controls come from the operator’s licence conditions and consumer-protection duties, not from a rule book. Esports are treated like any other event; virtual events sit under a separate licence category. Politics, TV and novelty markets exist on GB-licensed books without statutory prohibition.

Stakes and limits are set by the operator, not by the Commission. The Commission has announced staged affordability checks but has not yet set a start date. The deposit-limit framework introduced phased changes (from 31 October 2025; second phase postponed to 30 September 2026); the live status of the second phase is not confirmed.

The punter pays no tax on betting winnings in Great Britain; that is general information, not tax advice, and a professional gambler asks HMRC or an adviser. General Betting Duty is the operator’s tax on gross profits (15% currently; a 25% rate applies to remote betting from 1 April 2027, with UK horse racing, SSBT, pool and in-person betting staying at 15%). Whether any of the duty lands in the prices the punter sees is not established.

Offshore Sites and What They Cost

A bookmaker without a Gambling Commission licence that still takes bets from British customers commits an offence under section 33 of the Gambling Act 2005, aimed at the operator. A British customer who bets on an unlicensed site does not commit a statutory offence that the material reviewed identifies — but the practical protections evaporate.

An unlicensed site does not run GAMSTOP, does not run the £150 vulnerability check, does not apply the 10x bonus cap, does not guarantee that the free bet advertised is the free bet paid, and does not give the punter a route to an ADR body or a Commission complaint if funds are withheld. The punter may also find that the same site’s terms give the operator unusually wide discretion to void winning bets, or to limit accounts mid-week.

The enforcement that exists is operational, not blocking: cease-and-desist notices, search-engine de-referrals, registrar and payment-provider work. The Commission has been given or is about to receive court-order DNS blocking powers; write “announced”, never “in force” without a date in source.

The honest framing: a GB-licensed brand means identity checks at the first deposit, a £150 vulnerability check on the way, a 10x bonus cap, a GAMSTOP option and a complaint route — and a ten-day identity verification that delays the first deposit. An unlicensed brand means none of those protections and the possibility that the account never returns the balance. Neither is automatically safer for every punter; the only automatic statement is what each side guarantees and what each side does not.

How the Page Decides Between the Ten

The ten brands here are on the Commission’s register on the date checked, each running remote general betting licences for real events. The ranking order is not a win-order. It is a read-order: the brands that read the cleanest on a Trixie slip to a British punter come first in a list that has no first place and no last place.

Two filters shape the order:

What the ranking does not do is rank on offer size, market margin or payout speed.

Conclusion for a Punter

The Trixie is a four-bet structure with built-in partial cover: lose one leg and three bets are still live; lose two and the bet is over. The stake costs four times the unit bet, the returns scale with the combined price of the legs, and the bookmaker’s margin sits inside every line. Used as a stake-of-three-legs insurance for three strong opinions on the same day, it works; used as a lottery ticket dressed up with jargon, it costs more than the same selections staked separately.

A punter looking for the cleanest experience picks a GB-licensed brand whose terms do not exclude the Trixie from the welcome, builds the bet from three independent legs each with a real case for backing, and clears any bonus wagering at the thinnest margin the bookmaker offers. Everything else — the strategy pages, the tip subscriptions, the system-bet calculators — adds words the maths already does.

Frequently Asked Questions

What is a trixie bet?

A Trixie is a system bet on three selections made up of four separate bets: three doubles (every pair of legs combined) and one treble (all three combined). The total stake is four units: one unit on each line. A Trixie needs at least two of the three legs to win to return anything; with one winner the bet is settled as a loss across all four lines.

How does a trixie bet work?

A punter picks three outcomes from the bookmaker’s market and the betting slip automatically builds the four combinations. A £1 unit stake means £4 in total: £1 on each of the three doubles and £1 on the treble. Each leg settles independently; a non-runner or a void leg reduces the structure to whatever the remaining legs allow. The returns are the sum of the winners, multiplied by the unit stake.

How can it be checked that a bookmaker holds a Gambling Commission licence?

The Commission’s public register at the official regulator site can be searched by business name, trading name, domain or account number. Every licence holder listed on this page was checked against that register on 27 October 2026. Punters who want to verify themselves use the register’s search rather than trusting the licence number printed in a footer, as a single brand on the register does not make a single brand the only licensed one.

How is the return on a bet worked out from the stake and the odds?

Return equals stake multiplied by decimal odds. Net profit equals stake multiplied by (odds minus 1) when the bet wins. A combination bet multiplies the odds of each leg together to arrive at one combined price, then applies the same return formula. A £2 single at decimal odds of 4.00 returns £8 (£6 profit); a £2 accumulator of two legs at 2.00 and 3.00 returns £12 (£10 profit).

What is the bookmaker’s margin and how can it be seen in the odds?

The margin is the share of every pound bet the bookmaker keeps on average across all outcomes, equal to one minus the payout share. The payout share is one divided by the sum of the implied probabilities (one over the odds for each outcome of a market). A two-outcome market priced at 1.80 and 2.10 implies a margin of around 7%; the same outcome expressed as a “5% margin” or a “95% payout share” is the same number described differently.

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