Each way betting is a popular choice among gamblers, especially in horse racing. But what exactly does it mean?
In simple terms, when you place an each way bet, you are making two separate bets. The first part is a bet on your selection to win. The second part is a bet on your selection to place, usually finishing in the top positions.
Each way betting can be appealing because even if your selection doesn't come first, you might still win something if it finishes in a placed position.
This type of bet is common with beginners because it's an option that offers more chances of winning than a straight win bet. In this post, we'll explain the details and help you understand how to place an each way bet.
What Is an Each Way Bet?
An each-way bet consists of two parts: a win bet and a place bet. If you place an each-way bet, you are essentially making these two bets in one go.
The win part of the bet is straightforward. It's a bet on your chosen selection to come first.
The place part of the bet is where it gets interesting. This is a bet on your selection to finish in one of the top positions. The number of places can vary depending on the competition, the number of participants, and the bookmaker. Typically, it covers the top two to four positions.
If you place an each way bet, you are staking money on both parts. For example, if you bet £5 each way, you're actually placing £5 on the win and £5 on the place, making the total stake £10.
If your selection wins, both the win and place parts pay out. If your selection only places, you'll receive a payout for the place part but lose the win part.
An each-way bet can be a great way to still be in with a chance to get a return on your investment, even if your selection doesn't come first.
How Many Places Does an Each Way Bet Pay?
The number of places an each way bet pays depends on the type of event and the number of participants.
In horse racing, for example, the places are usually determined by the number of runners:
- Fewer than 5 runners: No each-way betting because there are not enough competitors.
- 5 to 7 runners: Usually pays out on the top two places.
- 8 or more runners: Often pays out on the top three places.
- Handicaps with 16 or more runners: Usually pays out on the top four places.
This means if your selection finishes within these positions, you’ll get a payout for the place part of your bet.
Sometimes, bookmakers offer enhanced each way terms, which can cover more places than standard. Always check the terms before placing your bet to know how many positions are included.
Understanding how many places pay out can help you make smarter betting choices and manage your expectations.
How To Calculate Each Way Bets
Calculating each way bets might seem tricky at first, but it's quite straightforward once you break it down.
First, remember that an each-way bet consists of two parts: a win bet and a place bet. Let's use an example to illustrate this.
Suppose you place a £5 each-way bet on a horse with odds of 10/1. Your total stake would be £10 (£5 for the win part and £5 for the place part).
Win Bet Calculation
If your horse wins, you calculate the payout for the win part like this:
- Stake: £5
- Odds: 10/1
- Win Payout: £5 x 10 = £50 (plus your £5 stake back, total £55)
Place Bet Calculation
Each way terms (often a fraction of the win odds, usually 1/4 or 1/5) determine the place payout. If the place terms are 1/4, you would do the following:
- Stake: £5
- Place Odds: 10/1 divided by 4 = 2.5/1
- Place Payout: £5 x 2.5 = £12.50 (plus your £5 stake back, total £17.50)
Total Return
If your horse wins, you add the win and place payouts together:
- Total Return: £55 (win) + £17.50 (place) = £72.50
If your horse only places, you just get the place payout:
- Place Only Return: £17.50
Understanding these basics helps you know what to expect from your each-way bets and manage your betting better.
Each Way Betting Example
Let’s take a look at some worked examples of each-way bets.
Each Way Horse Racing Example
Let's say you place a £5 each way bet on a horse with odds of 12/1. Your total stake would be £10 (£5 for the win part and £5 for the place part).
If the horse wins:
- Win Part: £5 x 12 = £60 (plus your £5 stake back, total £65)
- Place Part: Assuming place terms of 1/4, £5 x 3 = £15 (plus your £5 stake back, total £20)
- Total Return: £65 (win) + £20 (place) = £85
If the horse places:
- Place Part Only: £20
No payout for the win part if the horse only places.
Each Way Football Betting Example
Each way bets can also be placed on football, like betting on a team to win a league.
Suppose you place a £5 each-way bet on a football team to win the league at odds of 8/1, with place terms for the top three positions.
If the team wins the league:
- Win Part: £5 x 8 = £40 (plus your £5 stake back, total £45)
- Place Part: Assuming place terms of 1/3, £5 x 2.67 (rounded) = £13.35 (plus your £5 stake back, total £18.35)
- Total Return: £45 (win) + £18.35 (place) = £63.35
If the team finishes in the top three:
- Place Part Only: £18.35
No payout for the win part if the team doesn't come first.
Each way betting can add flexibility to your betting strategy, offering potential returns even if your selection doesn’t win. However, winning is still never guaranteed.
Should You Bet Each Way or To Win?
Deciding whether to bet each way or to win comes down to your personal betting preferences, such as how much risk you're willing to take.
Betting to Win
A win bet is simple. You place your money on a selection, and you win if it comes first. The potential return is higher, but so is the risk. If your selection doesn't win, you lose your stake.
Betting Each Way
An each-way bet, on the other hand, offers a bit of a safety net. While you make two bets (one to win and one to place), you can still get a return even if your selection doesn't come first but finishes in a top position.
When to Choose Each Way
Choosing each way is often a smart move if:
- Odds are High: If your selection has long odds, an each-way bet can give you a good chance of at least some return.
- Uncertainty: If you're not very confident that your selection will win but believe it has a strong chance to place.
When to Choose Win Only
You may choose to go for a win-only bet if:
- Confidence: You feel strongly that your selection will win.
- Short Odds: The potential return on a win bet can make more sense financially when odds are short.
Ultimately, the choice depends on your risk tolerance and confidence in your selection. Always consider your budget, too; only bet money you are comfortable losing, and remember that winning is never guaranteed.