This is an introductory guide and so I will start right at the beginning.
A bet is when money is put at risk in the hope of receiving more cash if a particular event occurs. If the bet is won we get that additional money; if we lose, we usually lose all of the money put at risk.
For example, we may want to place a bet on a horse race. If our horse is offered at 4 to 1 and we stake £5, then we would win £20 if the horse wins plus we get back our £5 stake. If the horse loses we lose the £5 stake.
Bets can use stakes other than money, you can “bet the ranch”, or offer up your car, and even husbands and wives have been put up as stakes. But this book is only concerned with bets using ...