If you’re placing a bet on something with odds of 100/1 then you have to know from the outset that it is unlikely to win. That doesn’t mean that it never will, of course, and we’ll show later that such wagers have come off plenty of times, yet it is very much considered to be outsider territory.
Given the fact that they will have to pay out relatively largely sums on such bets, bookmakers aren’t stupid enough to make the odds so outrageous unless they think it really is extremely unlikely to come true. The only thing you’ll want to know is what your likely payout will be if your selection wins.
Payouts
When it comes to the payout that you can expect to receive from a bookmaker should a 100/1 selection win, it is reasonably easy to work out if it’s a straight Win bet that you’ve placed. In simple terms, you just need to times your stake amount by 100 and then add the stake back on at the end.
That being said, mathematics is far from being the favourite subject of most people and so it is entirely reasonable for the entire thing to stress you out. The good news is that the bookie will do all the sums for you, but here are some chosen stake amounts to give you a sense of what you can expect to be paid depending on your own stake selection:
| Stake Amount | Payout | Profit |
|---|---|---|
| £1 | £101 | £100 |
| £2 | £202 | £200 |
| £5 | £505 | £500 |
| £10 | £1,010 | £1,000 |
| £25 | £2,525 | £2,500 |
| £50 | £5,050 | £5,000 |
| £100 | £10,100 | £10,000 |
Each Way Payout
Though the sums on a Win bet are relatively straight-forward, it would be unfair to say the same thing about Each-Way bets. Even those with odds of 100/1 are still tricky to figure out for the simple reason that you’re actually placing two separate bets that bookmakers treat as one for the purpose of ease. You’re placing a Win bet and a Place bet at the same time. That means that your stake amount is doubled to cover the two parts of the bet, whilst any payout on the Place part of the wager will see the odds reduced by varying amounts depending on the bookmaker and any offers in place.
Here is a look at what the payout would be for your bet depending on whether your selection ends up winning or finishing in the places. We are also assuming that the bookmaker will pay at 1/4 odds for the Place part of the wager:
| Each Way Stake Amount | Total Bet | Win Payout | Place Payout |
|---|---|---|---|
| £1 | £2 | £127 | £26 |
| £2 | £4 | £52 | £254 |
| £5 | £10 | £635 | £130 |
| £10 | £20 | £1,270 | £260 |
| £25 | £50 | £3,175 | £650 |
| £50 | £100 | £6,350 | £1,300 |
| £100 | £200 | £12,700 | £2,600 |
Examples
It is fair to say that any bets that have won with odds of 100/1 tend to make headlines. There have been more than a few over the years, with the best place to head for an example being Aintree Racecourse. The ‘World’s Greatest Steeplechase’ takes place at the course on the outskirts of Liverpool every April, with the tricky nature of the jumps that the horses have to take on combined with the large size of the field occasionally meaning that horses with long odds can take home the prize. Here is a look at the five horses that managed it between the first ever running of the event and the 2022 renewal:
| Year | Horse | Age |
|---|---|---|
| 1928 | Tipperary Tim | 10 |
| 1929 | Gregalach | 7 |
| 1947 | Caughoo | 8 |
| 1967 | Foinavon | 9 |
| 2009 | Mon Mome | 9 |
As you can see, it isn’t exactly a common occurrence for a horse with odds of 100/1 to win the Grand National, proving the point about just what an outsider bet it actually is. Of those listed above, there is little doubt that Foinavon is the most famous case. After all, none of the other selections have given their names to one of the fences on the Aintree course. The story of Foinavon is one of perseverance and fortune. The horse’s trainer had been hoping to ride him in the event but was unable to make the weight, so three days before the race a jockey called John Buckingham, who had never ridden in the Grand National before was brought on board.
The pair were given odds of 100/1 and neither the trainer nor the owner were present, indicating just what they thought of their chances. There were 44 starters in the race and 28 of them were still running as they approached Beecher’s Brook on the second time around. Two riderless horses were leading the race, with Popham Down veering to his right in front of the fence and causing a pileup. Only Rondetto managed to clear the fence out of the front runners, but then unseated his rider. Having been in 22nd place, Buckingham was far back enough to miss the carnage and steer Foinavon safely over the fence.
With just six fences left, Buckingham had established a 30-length lead, with 17 horses re-mounting and giving chase. Honey End, the favourite, closed the lead to 20 lengths by the final fence but it wasn’t enough. Foinavon won the race and delighted his backers, thanks to his odds of 100/1. Interestingly, the horse’s time was actually faster than the previous year’s winner and also quicker than the winner of three other recent winners. This was in spite of the hold up at Becher’s Brook, suggesting that his performance wasn’t as farcical as is sometimes suggested.