More on Each Way Betting
An “each way bet” is a type of wager quite common in bookmaking. It always consists of two separate bets, one of which is called the “win bet,” selecting a single horse, side, or player to finish as the outright victor in an event.
Each way betting is one of the most popular bet types outside of the standard win bet. It has long been a common bet type in the world of horse racing but can also be applied to many other sports. An each way bet is basically two bets combined - a win bet and a place bet. The win bet is placed on one selection to win a particular event. This could be a horse in a race or a golfer in a tournament. The place bet is a separate bet that is place on the same selection finishing in the top places (usually top three or four) of an event. The place bet pays out at a pre-determined fraction of the quoted odds.
When a punter places £5 each way on a horse, they actually bet a total of £10. Half of that is placed on a win bet at the quoted odds, and half is wagered on a place bet at a fraction of the odds. The first part of the bet is very simple. If the odds are 4/1 and the selection wins, the punter will win four times the stake (£20), and the win stake (£5) will be returned making a total of £25. However, the punter would also receive any winnings from the second part of the bet as first position also counts a place.
The second part of the bet requires the selection to finish in one of the top places. The number of places will depend on the number of entrants but it is normally the top three of four. For events with a large number of entrants such as a golf tournament, bookmakers may pay out on the first five or six places. The odds for a top-three finish are normally a quarter of the quoted odds but may be as low as 1/5.
In horse racing, each way bets are typically structured in the following way:
- 5-7 runners - top two finish at 1/4 odds
- 8 or more runners - top three finish at 1/5 odds
- 12-15 runners - top three finish at 1/4 odds
- 16 or more runners - top four finish at 1/4 odds
Assuming there are 12 runners in the race, if the horse does not win but is placed in the top three, the punter would get a quarter of the original odds (4/1). In this case that would be 1/1 or evens. So the £5 bet would return £5 plus the original stake (£5) making a total of £10. Of course the win side of the bet would lose so the punter would actually break even.
If the horse wins, the punter would get £25 back from the win bet and £10 back from the place bet, making a total return of £35 from a £10 stake.
Many punters use each way bets as a way of minimising their losses if their selection does not win. This is because the place part of the bet will normally cover most of the stake, or in some cases make a small profit, if the selection does not win but finishes in one of the required places. As well as horse racing, each way bets can be applied to many other sports including football, tennis, golf, cycling, motor racing and any other sport or tournament where there is a field of competitors competing for first place.
In events where the punter is considering backing an outsider at large odds, the each way bet can provide a healthy profit even if the selection does not win. For example, a 40/1 pick could pay out at 10/1 for a fourth place finish in a horse race with 16 runners.
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