Each Way Bet

Each Way Bet Explained

In horse racing, each way betting is popular because it covers horse finishes in the top four spots. However, some bookmakers extend the total payouts to a race's fifth or sixth positions. It holds two bets, whose results are curated individually.

You are first required to stake the same amount on both individual bets. If your runner wins, you collect the win part of the bet and the place dividend because they have won the race and are within the top three finishing places. If they finish second or third, you only collect the place dividend. Usually, the place dividend is around 20% of the winning dividend.

The table below shows the mechanism used to determine the place terms in horse races:

How Does Each Way Bet Work?

Each way bet has two inherent components: a 'win' part of the bet and a 'place' part.

• Win: It means that a selection wins the race or event.
• Place: It means that your selection will finish in one of the predetermined positions. This varies depending on the event and bookmaker.

Example: If you wager real money and place an each way bet of 50 euros, you are wagering 50 euros on the selected horse to win and an equal stake of 50 euros for the place of finishing within the chosen positions. This totals the stake to 100 euros.

How To Calculate Each Way Bet Winnings

The winnings from each way betting fundamentally depend on the bookmakers’ offers, place terms, and whether your choice wins or only places. You must consider individual portion of the bet separately to calculate your winnings.

• Win Bets Return: The winning is your stake multiplied by the odds. This is straightforward, as you only have to check the result. However, winning the race allows you to enjoy the placing return.
• Place Bets Return: The return is your stake multiplied by the place odds. The place price is generally a fraction of the win odds, influenced by various factors and declared by your bookmaker.

Example: Let's say you’re using real money and wager 100 euros each way bet on a horse with winning decimal odds of 20.00, with place odds (1/4 of the odds) up to four places. If your horse wins, you win both bets. That is, a win return of 1000 euros (50 euros 20 odds) and a place part return of 250 (50 euros 20 * 1/4), totaling 1250 euros. If you lose but end up in the top four, you only get a trade off of 250 euros. If you lose and are beyond the fourth position, you lose the bet.

However, win portion bets are limited in success rates, as a loss will set you back entirely. On the other hand, each way bets can have that extra edge, but if the odds don't match, you won't make any significant prowess and stand to lose more if both lose.

Each Way Bet Markets and Examples

Horse racing and greyhound racing are the most popular sports for each way betting. This is mainly because these bets are always available as an option. Although still applicable to other sports, it depends on the nature of the event, as each way bets are available on outright markets with many participants, unlike specific matchups. There are different examples of each way bets that you should know about as a player:

• Each Way Bet: It's the typical selection of win and place part. If your horse wins, you receive the winning and place portions. If it loses but places, you’ll get places paid. If neither, you lose your stake.


• Each Way Multi Bet: It is a series of single each way bets where winnings from the first leg are reinvested as another each way bet on the second leg and so forth through the remaining legs. If the selection of any of the legs fails to run among the offered places, the bet loses, and you collect nothing.


• Each Way Treble Bet: It involves two treble bets of wins and places. If all three horses win, you get the win and place portions as total payouts. If one or two horses win and the others place, your place portions will pay out. If any of the horses finish outside the places, you will receive no payout.


• Each Way Fixed Bet: It’s an each way bet with fixed odds.


• Each Way Double Bet: It comprises a win double and a place double. If both horses win, the win double and place double portions pay out. If one wins and the other places, only the place potion will pay out. If either of the horses finishes outside the places offered, there is no payment.

Sports/Tournaments Where Each Way Bets Are Available

While each way bets can be used on various sports, the number of places and selections may vary depending on the event’s dynamics. Examples of sports where each way betting is available include:

• Grand National: Different bookmakers will provide varying place terms for the Grand National, but the standard terms are four places (1/4 of the odds). Some sportsbooks will offer extra places in the race, so due diligence is essential before deciding.


• Cheltenham Gold Cup: The Cheltenham Gold Cup isn’t a handicap like the Grand National. You get only three places in the Gold Cup (1/5 of the odds). However, with more runners, you can get extra places and different place odds.


• Wimbledon 2024: Wimbledon has men's and women's championships, both sharing the same place part odds. Two places are available (1/2 of the odds), so a 40/1 outright bet will pay out at 20/1 if your selection is the runner-up.


• Premier League: Most football outright markets have two places (1/3 or 1/4 of the odds, depending on the bookmaker). However, not all sportsbooks offer this option.


• The Master's Golf: Most top golf tournaments have five or six places (1/4 or 1/5 of the odds, depending on the bookmaker). This is because golf tournaments have many participants and open doors to many possibilities.

Hedging vs Placing Separate Each Way Bet

Hedging each way bets can be achieved by placing two separate bets on other horses to win the same race or by placing them in addition to your initial bet. This is commonly used to mitigate the risk of losing or increase the possibility of winning.

However, this increases your total stake amount and requires a more complex win betting strategy. Be cautious with hedging, do thorough research on the runners and non runners, and wager stakes within your financial means.

Strategies and Tips To Bet Each Way

To come up with an each way betting strategy, you have to consider several factors. This will help you develop a good betting routine and increase your chances of success. The primary considerations include:

Odds

Although higher odds are attractive, always be cautious before making a wager. Check if the place odds will recoup your initial stake amount even if your selected horse doesn't win the race but achieves a placement position.

Number of Runners

When a race has many horses, it offers more payout places. Although this increases your chances of winning, it leaves room for mistakes. On the other hand, if there are few runners, you have limited places. You will need to make a precise analysis before placing your bets. 

Confidence in Your Selection

Bettors usually make better selections with detailed information about the event. This may include the number of horses, their previous records, and the history of the tournament. These are key ingredients to making a good selection. It eliminates the chances of making hasty decisions or second-guessing.

Risk Tolerance

Every bettor has a certain level of risk tolerance. Each way betting offers a certain degree of security. However, punters must combine their best selection with their risk tolerance levels. Having realistic limits and betting responsibly are keys to a healthy gaming experience. 

Conclusion

Each way betting enhances your betting experience by offering an alternate betting strategy. It requires thorough analysis and detailed information about the race participants or the tournament history. This betting strategy has revolutionised horse betting by providing a new way to bet on races and other sports events.