Favoured by bookmakers in the United Kingdom and Ireland and common in horse racing, fractional odds quote the net total that will be paid out to the winning bettor relative to the stake. The term "fractional odds" is something of a misnomer, especially when visually reinforced by using a slash (as opposed to, "e.g.", a colon or the word "to" or "on") to separate a potential gain from the amount that a bettor must wager in order to receive it upon a win, because the "fraction" in question represents not the odds of winning or even the reciprocal of the odds of winning but rather the fraction (for any odds longer than "even money" or chances of winning less than 50%, an improper fraction) of the amount at stake that the upside outcome represents. This fraction may be derived by subtracting 1 from the reciprocal of the chances of winning; for any odds longer than "even money," this fraction will be an improper one. Odds of 4:1 ("four-to-one" or less commonly "four-to-one "against"") would imply that the bettor stands to make a £400 profit on a £100 stake. If the odds are 1:4 (read "one-to-four", or alternatively "four-to-one "on"" or "four-to-one "in favor""), the bettor stands to make £25 on a £100 stake. In either case, "against" or "on", should he win, the bettor always receives his original stake back, so if the odds are 4:1 the bettor receives a total of £500 (£400 plus the original £100). Odds of 1/1 are known as "evens" or "even money".