I have never had a 'fixed odds' bet and was not too sure how exactly it works so could someone tell me if this is right or wrong;

(how I think it works)
The odds of the horse/dog you bet on are the odds you'll get no matter what
On 'all in' you can only bet win and place
If your horse/dog you betted on is scratched for whatever reason you do not get refunded

Thnaks :

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The more you bet the more you win