What is Payout?
Whether it is a horse racing bet, a sports bet or even a slot machine that you are playing, the aim is to receive a payout at the end of it.
The payout on a sports bet is known when you strike the bet. Should it win you can work out what the payout will be based on the odds you take. For example, if you back a horse at evens with a $12 (£10) stake, the payout will be $25 (£20) ($12 winnings plus the $12 stake).
On most occasions with a sports bet you will receive a betting slip that has your potential payout on it, especially if you strike the bet with one of the on-course bookmakers at a racecourse.
Casino payouts are more unknown. If you play a slot machine your payout will be the winnings from all the various payout lines, while games like blackjack and roulette have their own payout ratios depending on which bet you place on those games.
Wherever you bet, whether it is with a bookmaker online or in a shop, in a casino or on one of the fixed odds betting terminals, you need to make sure you are aware of the maximum payout.
Most fixed odds betting terminals in the will have a maximum payout of between £500 ($623) and £1,000 ($1,246). On horse racing and sports bets the maximum is much larger and it would be bigger still at a casino, especially in the larger casinos in Las Vegas.
Beware that if you win really big in casinos and at some bookmakers, you will most likely be required to provide ID before you can claim your payout.