A step-by-step guide to placing a bet with a bookmaker

1. Have a look at the racecard and select which horse you fancy.

2. Decide whether you want to bet to win (meaning the horse has to finish first) or each-way (meaning the horse must finish in first three or four, depending how many runners there are in the race).

An each-way bet is twice the cost, as you are placing one bet on the horse to win and another bet on the horse to be placed.

3. Go to the bookmaker and state the horse you want to back, the stake and the type of bet.  For example, ‘Can I have £5 to win on Tickle My Fancy’ or, if you want an each way bet, you would say ‘Can I have £5 each way on Tickle My Fancy’. Remember for the each way bet you would hand the bookmaker £10.

4. When you pay for your bet the ‘odds’ you get will be the official starting price, declared after the race. However, if you wish, you can choose to back the horse at the price currently offered by the bookmaker by telling them that you wish to 'take the price'. Doing so guarantees you the specific odds that are on offer at the time. So, even if the horse's price drops later on, you will still collect at the larger price.

5. The bookmaker will hand you back a copy of the betting slip which you should retain, to allow you to collect your winnings.

6. Then comes the exciting bit when you watch the race and, hopefully, jump up and down as your horse finished the race in first place. 

7. Should you be lucky enough to have backed the winner, or your each-way bet has been placed, you will need to return to the bookmaker (there are lots at Royal Ascot, so make a mental note of where their pitch is) and present your betting slip before being rewarded with (hopefully!) a generous sum of money.

If your horse has lost, simply tear up your ticket and hope for better luck next time. You may also like to remark to your friends that you will give the trainer a piece of your mind as you would never have instructed the jockey to ride the race that way!