If you’re not too familiar with betting, or even if you are, an each way bet is a great way of maximising your chances of getting a return on your bet – be it horse racing, greyhounds golf, football or pretty much any other betting market you can think of.
As each way betting is most common within the world of horse racing, we’ll focus on that in order to give you a detailed breakdown of exactly what this type of betting is, how it works and how you can use each way betting to potentially maximise your profit.
Each Way Betting Explained
What most people don’t know is that an each way bet actually consists of two separate bets – one for your selection to win and one for it to place. The place terms will depend on the type of race or event you’re betting on, but usually your selection has to come in the top three for your place bet to be considered a winner. You’ll also need to remember that some races/events pay ¼ odds for a place and some pay 1/5 odds, so make sure you check these terms when placing your bet, as it will affect your potential returns.
As this works as two separate bets, your unit stake is doubled. For example, if you place a £1 each way bet, the total stake will be £2. Keeping up? The major advantage of placing this style of bet is that your selection doesn’t have to win in order for you to get a return, however it’s worth remembering that if you’ve chosen a selection with short odds, you may not make your stake back if it only places. You can find out more about Lucky 15 Bets here to see another type of betting you can do on various sports.
How Does an Each Way Bet Pay Out
So, now you know what each way bets are and how they work, we’ll show you an example of how this type of bet pays out.
Let’s say, for example, you place a £1 each way bet (total stake £2) on a horse at 12/1, in a race that is paying ¼ odds for a place…. If your horse wins, you’ll receive £13 back for the win part of the bet and £4 for the place part, giving you a total return of £17. If your horse was to come second or third then the win part of your bet would be a loser, but you’d still receive the £4 for the place part of the bet, giving you a £2 profit on your original £2 bet.
As mentioned earlier, most punters choose to place these bets on slightly longer odds where you can still get a pretty healthy return if your horse doesn’t actually win, but manages to come in the top 3 or 4.
Each Way Bets on Horse Racing
Each way bets on horse racing are extremely popular because, as stated previously, it’s a great way of potentially getting a return without your horse actually winning the race (and if your horse does win, even better!). Here are a few examples of when you might want to place an each way bet, rather than a straight win bet.
- There is a short-priced favourite in the race that perhaps isn’t worth ‘backing’.
- The horse you have selected is an outsider that you may not think will win the race, but might just sneak a place.
- You are betting on more than one horse in the race.
The general rule of thumb is that you should only really be betting each way if a horse has odds of 4/1 or better. That’s because anything less than 4/1 really doesn’t represent value for money, as you will be due to make a loss if your horse fails to win the race.
As mentioned, each way bets on horse racing are by far the most popular, but there is also great value in placing these kinds of bets on other sports, too – golf in particular. During golf tournaments, there are often some great players and really good prices, thanks largely to the sheer number of players that participate, so it’s a great way to potentially bag a big winner, in the form of an each way bet.
During the major tournaments, such as the Masters and the US Open, bookmakers often have special offers on and will often pay up to 10 places – so keep an eye out for these golf betting opportunities.
Each Way Bet Calculator
Hopefully you’ve processed that and are now pretty comfortable with the concept of each way betting. However, if you feel like you need a little more help, why not have a go at using an easy to understand each way bet calculator here. It can help you work out possible returns on your bets.