I will be on my holidays in Crete when the Challenge cup final is being played later this year. Given Cas's good start to the season I feel we may have a chance to get to or even win the final. I therefore I want to place a bet on Cas to get to the final so that any winnings could fund flights back to Engalnd for the match.
I am not a regular betting man so need some advice,if I bet on Cas E/W on the Bet Fred site does this mean I am betting on them getting to the final and if so what fraction of the 40-1 odds will I get.

Cas 7/2 on skybet to make semi finals. That sound like decent odds.

Nothing event odds in Knock out footy. What happens if we draw one of the big boys in round 4???? (or in our case a NL1 team) Odds are crap unless you know what teams you play before.

Being runners up gives you odds of 13.33/1 that is a third of the winning odds which would give you £143.30 if Cas win it would give you £553.30 as you get the winning stake and the each way stake as well not just the winning bet.

You sure? That doesn't happen on horses. £10 goes on win and £10 goes automatically on 2nd, 3rd etc...

Thought it was same with rugby. I thought odds were quarter for a place also?

I think you need to brush up on your understanding of betting my friend. Tigerman is correct in what he says. The bookie will always advertise the odds for a place no matter what the competition is and the odds and number of places will vary from one sport to another.