An each-way bet is essentially two bets in one within a sports context. This type of bet is commonly placed in horse racing, but can also apply to individual player bets in sports like golf or soccer. Opting for an each-way bet is considered less risky compared to betting solely on a win.
What is Each Way Betting?
Many bettors prefer each-way bets for significant events like the Grand National. Bookmakers will set odds for the event and also establish terms for each-way bets, such as offering 1/4 of the odds for the first four places.
Mechanics of an Each Way Bet
Placing an each-way bet means you are making two simultaneous bets: one for your selection to win and another for it to place. Under typical terms like 1/4 odds for the first four places, the placement condition only affects the ‘place’ portion of the bet, not the ‘win’ part.
For example, consider a bet on Chelsea at 12/1 to win the Premier League with a £10 each-way wager:
- £10 on Chelsea to win at 12/1
- £10 on Chelsea to place at 3/1 (which is 1/4 of 12/1)
If Chelsea clinches the Premier League title, you collect on both parts of your bet, yielding £130 from the win and £40 from the place, totalling £170 from a £20 stake. If Chelsea finishes second, you lose the win bet but gain £40 from the place bet, still securing a profit from your original £20 stake.
Each Way Betting in Horse Racing
An each-way bet in horse racing covers two outcomes: the horse winning and the horse placing (usually in the top two, three, or four). This split bet consists of a ‘win’ and a ‘place’ component, effectively doubling your stake but potentially reducing the payout odds on the place bet.
Calculating Your Winnings from Each Way Bets
If your selection wins, you earn:
- The stake and the winnings from the ‘win’ bet
- The stake and the reduced winnings from the ‘place’ bet
If your selection only places, you collect:
- The stake and the reduced winnings from the ‘place’ bet
- You forfeit the ‘win’ portion of the bet
The odds for the ‘place’ part of the bet often range from 1/4 to 1/5 of the original odds, depending on the event specifics.
Example of an Each Way Bet
Imagine placing an each-way bet on a horse at 20-1 odds to win, with the place odds at 1/4 of that, making it 5-1. A £1 each-way bet means you stake £2 in total:
- If the horse wins, you gain £26 (£20 win plus £6 place)
- If the horse places but doesn’t win, you still earn £6
How Each Way Odds Are Determined
The odds for the ‘place’ bet are usually set at 1/4 or 1/5 of the win odds. This ratio can vary based on the number of competitors and the type of race. For instance, a race with 5-7 runners might offer 1/4 odds for placing, whereas races with more runners could offer 1/5.
Understanding Each Way Placing Positions
To win the ‘place’ bet, your selection must finish within the designated top positions, which can range from the top two to the top five in larger events like the Grand National.
Tips for Each Way Betting
Our team of expert tipsters at Bookies.com provides daily updates and advice to help you decide if each-way betting is the right strategy for you. Utilize tools like our free bet calculator to estimate potential winnings from each-way bets.
