To settle a bet means calculating how much a winning bet is worth, most of which nowadays is done by computer systems. However the computer is only as good as the information being entered into the computer so it is worthwhile knowing how to spot a mistake should it happen.

Betting odds are usually expressed as a fraction which represents the fraction of your stake that you will win if your selection wins eg: 20/1 (twenty to one), which means that for every one stake, you will win 20 stakes, but as you will get your stake back, the total amount returned in this example will be 21 stakes.

Single bet: for example this is a simply bet on say the Grand National that a particular runner will win a race and to calculate what you could win you multiply the basic factor by the stake eg: £5 win at 5/1 is 5 x 6 = £30.

Betting each-way: Putting a bet on each way really means placing two bets – The first bet is a standard win bet, and the second bet is if the runner finishes anywhere in the first three places (some bookies have a finish in the first four policy while others have a first five – for example Paddy Power did this for the Grand National). Settling an each-way bet isn’t as difficult as it may seem – You multiply the fractional odds by the place factor, which will give you the each-way basic factor, then add one or two, depending on whether the selection was placed or won.

If you place an each-way bet on a horse in an eight runner race and your horse, which has odds of 15/1 comes second in the race, then the win part of the each-way bet wouldn’t get you any winnings but the place part does achieve a win eg: 15/1 multiplied by the place factor (1/5 for 8-runner races) plus one (to include the place part of your stake) which works out as: 15/1 * 0.2 + 1 = £4.00.

If you were lucky enough that your horse won the race, the each-way factor would be calculated as 15/1 multiplied by the win factor and the place factor (the place factor plus one = 1.2), plus two (your two stakes) which works out as 15/1 * 1.2 + 2 = £20.00. This new each-way basic factor is then multiplied by the each-way stake to get the settlement figure.

[flickr]tag:horse pedigree,jockey(,2)[/flickr]Red Rum had a flat racing pedigree, making him more genetically suited to racing short, straight distances. However, Rummy’s true talent came out in steeplechases. His power, speed and jumping ability carried him to his first Grand National title in 1973.

The very next year, Red Rum returned to take his second title. He was the first horse to take consecutive firsts since Reynoldstown in 1935-1936. Red Rum’s spirit and grace had already begun to charm the leagues of Grand National fans.
In the following two years, Red Rum lost out on the title, coming in second both times. When he returned in 1977 to try again, he was largely regarded as past his prime. He was 12 years old and not expected to place highly.

He surprised sporting fans around the world when he came in a remarkable 25 lengths ahead of the nearest horse, taking his third Grand National win. To this day, Red Rum’s third win is known as one of the greatest moments in horse racing history.

Red Rum’s career included many wins other than his Grand National Victories. Most notably, he won the Scottish Grand National just three weeks after his 1973 Grand National win. To date, he is the only horse to have taken first in both races consecutively.

Red Rum was headed for the Grand National once again in 1978 but suffered a hairline fracture in one of his heels shortly before the race. He was retired soon after, but his public life and fame by no means diminished with the end of his career. Red Rum was a national celebrity by this time and traveled all over the country for various engagements. He often led pre-race parades at Aintree and was a popular guest at charity benefits and public events.

When Red Rum died on October 18, 1995, his remains were lovingly buried at the winning post at Aintree Racecourse. Ginger McCain, the trainer who led this remarkable horse to his life of victory, said that the burial place was perfect. He reported that he was comforted by the thought of all future winning horses racing over Red Rum on the way to their own victories.