An each way bet covers both a win and a place. It is only one bet but split into two to cover each scenario. We’ll guide you through all you need to know about betting, including how it’s calculated and strategies on when and how to use them.
The Basics of Each Way Betting – How It Works
As mentioned above, an each way bet is split into two parts. One part of your bet is your win stake, and one is your place stake. The place part of the bet can cover any number of places, up to 12 on rare occasions on golf.
Generally, the place side will be worked out at either ¼ odds or ⅕ odds. This is easily identified on the betting market with your bookmaker. This will determine how much you are returned for the selection placing.
So a 20/1 selection would pay 5/1 or 4/1 for the place depending on whether the race is ¼ or ⅕ the odds. We’ll show you how to calculate this further down.
Benefits of Each Way Betting
Each way betting is excellent for those who like a tilt at a high price or want to give themselves more of a chance of a return. Betting win only in a 20-runner handicap limits your chances of winning, but an each way bet (with some firms offering five or six places) can see your selection down the field but still give a return.
If you are betting at larger prices, another benefit is the chance of a bigger payout, simply down to the prices on offer. There is also a higher level of satisfaction for many punters finding a 25/1 place rather than a 5/1 winner.
Drawbacks of Each Way Betting
Each way betting is not for everyone. The cost of placing the bet is double that of a win bet, as you also cover the place. This also impacts the potential return from a winning bet. A place needs to be of a decent enough price to cover the total stake, and if you find the winner, the return will be less than if you had just had a bet ‘on the nose.’
Types of Events Suitable for Each Way Betting
The most popular sport to place each way bets on is horse racing. Handicap races with big fields have bookies offering extra places, which makes it the ideal vessel for placing this bet, especially on a bigger-priced runner.
Other sports are also suitable. Golf is one given such a huge field starts each tournament on a Thursday morning. But, again, most bookmakers will offer many places, which allows punters a lot of freedom.
Football and tennis also attract each way betting, especially on ante post wagers, while cycling is another that is making an impact in each way markets now. Betting who will finish in the first three or four in a particular stage of the Tour de France, for example.
Calculating Each Way Bet Odds
Let’s take our 20/1 selection from earlier. As we said, a race at ¼ odds would pay out 5/1 for a place and 20/1 for a win.
If we place a £5 each way bet on that 20/1 shot in a race where it’s ¼ odds the first four horses home. You have a £5 bet on the horse to win to return £105, including your stake and a £5 bet on the horse to place, which will yield another £30, including your stake. So, if the horse wins, you get both parts – £135 in total for your £10 overall stake or £30 if the horse finishes second, third or fourth.
If that 20/1 shot is in a race paying ⅕ the odds, it’s still the same £105 for your win part, but a 4/1 winner on the place pays £25.
Each Way Betting Strategies
Form study will show lots of opportunities for each way betting. A horse with form figures of 34323 will not be much use as a win bet, and a place-only bet will not be as big of a price as the place side of an each way bet. A horse like this at a double-figure price is the perfect each way betting opportunity.
One interesting strategy is to find races with five or eight runners. Five will pay for two places, and eight will pay three places each way. Field sizes like this give the best chance of hitting a place. These are especially valuable in maiden/novice races where the betting could be 4/6, 7/4, 10/1, and then 25/1+ for the rest. A lot of each way punters target these with the 10/1 shot as the race is set up perfectly for that to hit the frame.
A handicap can give opportunities for both a win bet at a shorter price, and each way bet at a larger one. The best of both worlds can work well for certain punters who put in the time to study.
Each Way Betting vs Other Betting Options
Most punters will know all about win betting. That is a great model on shorter prices but a lot riskier when it comes to bigger odds. For example, most bookmakers will offer shorter odds on place-only markets, so our 20/1 shot in a ¼ odds race would pay out as a 5/1 winner when placing, but if you looked for the same horse in a place-only market, you might only get 4/1.
There is no right or wrong way to bet when it comes to win, place or each way, but knowing how to bet each way and the right things to target, make it a powerful tool to have on your side as a punter.