Guide To Each Way Betting
- Win money even if your horse doesn’t win, but finishes 2nd, 3rd or even 4th depending on the race!
- Available on many sports and antepost bets, not just football
- Get either 1/4th or 1/5th of the odds to win on your Each Way bet
- Effectively means putting on two bets; one to win, and one to “place”
What is each-way betting?
Usually only offered in racing and ‘outright’ market contexts, an each-way bet allows the customer to stake money on both their selection winning and finishing in one of the pre-set place positions (second, third etc.).
Why bet each-way?
You may want to back Hurricane Fly for March’s Champion Hurdle (a bet that’s currently 14/1) or Manchester City to win the FA Cup (currently 6/1). In either case the advantage of betting each-way is that you will see a return if Fly is second or third past the post, whilst you will still pick up a sum if City are runners-up.
How does each-way betting work?
When you place an each-way bet, you are actually placing two wagers for twice the stake. The first part of the bet concerns the win, and for you to see a return from this part of the wager, your selection must be declared the event’s winner.
Part two is named the ‘place’ bet and will produce a return if your selection either wins or finishes in one of the place positions. In horse racing, your nag finishing first or second in a field of between five and seven entries will see a place return. In a race with between eight and fifteen runners, all punters receive a place return should their selections be either first, second or third. Furthermore, it is not uncommon for bookmakers to pay out on horses finishing in fourth, fifth and even sixth place in even larger fields.
Depending on the size of the field and assuming your selection hasn’t won, your place return will be a fraction of the size of the return you would have received had your selection have been the event’s victor. This fraction will be displayed on the sportsbook web-page concerning the tie or race in question. Again, in horse racing the most common terms offered are 1/4 and 1/5, whilst our previous FA Cup example is offered at 1/2.
It is unlikely that your bookie will pay out on three places (or 1/5) if a non-runner sends a field from eight to seven before the starter has waved his flag. Rather, near enough all turf accountants pay out in accordance with the number of gee gees at the start come race time and not how many were declared when the each-way bet was placed. You place your each-way bet knowing that the payout terms may change subject to non-runners.
The key piece of advice would always be, however, to think before you choose to bet each-way. It is less sensible to do so if your pick has odds of less than 5/1 as you would earn a lesser return than the amount you originally staked.
Each-way betting – in practice
If your each-way wager is declared the winner, you will receive both the return for the win and the return for the place. Let’s take last season’s Grand National as an example. Say you backed the eventual winner, Pineau De Re, £10 each-way at 25/1. As the Grand National has a field of around 40 runners, the place return will be set at a quarter (1/4).
This means that you would have pocketed a return of £332.50 from your original £10 each-way bet. Why? Because, remember, you receive a return for the horse winning,
£10 X (25/1 X 1) + stake = £260
and a return for the horse being placed,
£10 X (25/4 X 1) + stake = £72.50.
Had Richard Newland’s horse failed to win and instead only grabbed a place, you would not get your hands on the win return, rather only the £72.50 for achieving a place. Still not a bad earner from a £20 bet!