A "Single" bet wins or loses depending on the outcome of the backed event. The person placing the bet must decide the amount they wish to stake, the higher the stake the higher the potential winnings.
If the selection loses, the bookmaker keeps the stake and returns nothing to the player. If the selection wins, the stake is multiplied by the odds (fractional odds) to determine the profit, and both profit and stake are returned the player. The basic strategy is to place bets on selections that you think are more likely to happen than the odds suggest. These are often described as "Value" bets.
A single bet can be modified into an each-way bet, to mitigate some risk by generating a return if the selection only finishes in a placing position