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Each-Way Betting Explained

Each Way Betting Explained

Each Way Betting gives those betting an extra chance of seeing a return on their bet. The term ‘each-way’ means you are betting on the outcome of two things – your selection to win and your selection to place in two separate bets. This type of bet has gained popularity mainly within horse racing betting markets in the UK, but each-way markets are available for other sports also. 

Understanding the Basics of Each-Way Betting

As mentioned, each-way betting means betting on two different outcomes – the ‘win’ and the ‘place’. For example, if you wanted to bet on a horse each way, you would be placing half your stake on your selection to win and half your stake on your selection to place (place terms can vary by race and will be discussed later).

A £5 each-way bet would have a total stake of £10. £5 on the win and £5 on the place. If your selection were to win, you would be paid out on both the win bet and the place bet. If your selection is only placed, you would lose half of the stake from the win bet and only receive a payout from the place part. 

When Best to Use Each-Way Betting

Occasionally, placing a bet each-way rather than win only can be beneficial. In horse racing, This can often be when the selection you want to bet on has large odds and has a lower perceived chance of winning. Therefore, even if your selection fails to win but still manages to place, you will still receive a substantial return for your stake. This can be an excellent strategy, especially when betting companies offer extra places in markets. 

Another time to use each-way betting is when an odds-on favourite is in the market. Many punters will not want to bet on short-priced selections and seek to gain value elsewhere. Although the favourite is heavily fancied to win, money can be made by betting on each-way selections that could finish in the places. If the favourite fails to meet expectations, you could also be looking at a healthy win payout.

Deciphering the Each-Way Betting Odds

The Win and Place part of an each-way bet will have different odds. The win part is usually prominently displayed when placing the bet and will appear in the bet slip. However, the place part will require manual calculations should you want to know what it is. 

Some standard each-way odds are 1/2, ¼ or ⅕ the odds of the win part. Using the example above, if you placed a £5 each-way bet on a selection with odds of 4/1, the win part of the bet would be £5 at 4/1. Depending on the each-way terms, in this case, ¼ the odds, the place bet would be 1/1 (Evens). 

The each-way terms of each event should be displayed on the market and the bet slip when betting online. The odds and the number of places on offer should be displayed. 

How Do Payouts Work in Each-Way Betting?

This section will look at some examples of each way bets and terms. This will then show how you can work out payouts from each-way bets, regardless of the markets and the terms on offer. 

The first example is a £5 each-way bet (£10 total stake) on a selection with odds of 10/1. Different betting operators are offering additional each-way terms on the race as follows: 

Operator A: 4 places, ¼ the odds

Operator B: 5 places, ⅕ the odds 

The selection wins. 

The payout from Operator A is as follows: 

Win: £55

Place: £17.50

The win is calculated as £5 x 10 plus the original £5 stake. 

The place part is calculated in the following way: 

 Odds (10) / Each Way terms (4) x Stake (£5) + Original Stake (£5)

10 / 4 = 2.5 x 5 = 12.5 + 5 = £17.50

Total returns: £72.50 (£62.50 profit)

The payout from Operator B is as follows: 

Win: £55

Place: £15

The win is calculated as £5 x 10 plus the original £5 stake. 

The place part is calculated in the following way: 

 Odds (10) / Each Way terms (5) x Stake (£5) + Original Stake (£5)

10 / 4 = 2 x 5 = 12.5 + 5 = £15

Total returns: £70 (£60 profit)

Using the above example, if the selection finished fifth, both operators would payout on the place part only and the stake from the win bet would be lost. 

Common Mistakes & Misunderstandings in Each-Way Betting

One of the most common mistakes when each way betting is not shopping around for the best odds and places available on each market. If one betting site offers four places and another five at the same odds, taking as many places as possible is essential to maximise the chances of a return. 

You may be unable to bet each way in some markets with insufficient outcomes. For example, in UK horse racing, when there are fewer than five runners, no each-way betting will be available. 

If your selection is of lower odds than the place terms on offer (for example, the selection is 3/1, but the place terms and ¼ the odds), you will lose money if your selection fails to win as the place return will be less than the original stake. 

Comparing Each-Way Betting with Other Betting Types

Win-only betting is a more straightforward way to bet, with a set outcome – win or lose. However, each way, betting can be profitable, and smaller stakes can see more significant returns if landing a winner with large odds. 

Although it can take time to decipher the returns and not to be caught out by different terms, each way betting is a strategy to consider regardless of what sport you are betting on. 

Tips & Strategies for Successful Each-Way Betting

Many people use each-way betting when they are looking to take on the favourite in a race. If there is a short-price favourite, then the odds to place of those behind it in the market may be much lower than the market suggests. 

It is also essential to look for markets with enhanced places on offer, which will provide a greater chance of your selection finding a place and providing a return.