The amount of money you are willing to gamble - be it a cautious £2 (minimum) or a rather more flamboyant £500.
Also referred to as the 'price' is a way of expressing the probability of a horse winning a race. If you picked a winner, your winnings (also known as 'returns') are calculated according to your horse's odds.
If your horse's perceived chance of winning the race is less than 50/50 it is described as odds against e.g 2/1, 7/1, 15/2, 50/1 etc and if your horse wins you receive your stake back plus the stake multiplied by the odds against it.
If your horse's perceived chance of winning the race is more than 50/50 it is described as odds on e.g 1/2, 4/7, 3/10 etc and if your horse wins you receive your stake back plus the stake multiplied by the odds on it.
Even Money (or Evens)
If the perceived chance of your horse winning the race is 50/50 it is described as evens. In this case if your horse wins you will receive your stake back doubled.
Long Odds or Short Odds
Sometimes, instead of a horse's odds being expressed as a fraction, you might hear that they are simply 'long' or 'short'. Odds that are said to be long (e.g. 50/1) point to the fact that a horse is very unlikely to win the race. Conversely, short odds (e.g. 2/1) indicate that a horse has a good chance of winning.