Each Way Betting Explained

What is an Each Way Bet?

An Each Way (E/W) bet is a popular wager, particularly in horse racing and golf, that consists of two separate bets on the same selection: a win bet and a place bet. This two-in-one structure provides a form of insurance for bettors. If your selection wins the event, you win both parts of the bet. If your selection doesn't win but finishes in one of the predetermined "place" positions, you still receive a payout for the place part of your bet, thus mitigating your potential loss.

This type of bet is especially favored when backing selections at longer odds, as it offers a greater chance of securing a return on your investment. The stake is divided equally between the two bets. For example, a $10 Each Way bet means you are placing $5 on the win and $5 on the place, for a total stake of $10.

How It Works

The mechanics of an Each Way bet are straightforward. Let's break down the two components:

• The Win Bet: This is a simple bet on your selection to finish first. If your selection wins, this part of the bet is a winner.
• The Place Bet: This is a bet on your selection to finish in one of the specified top positions. The number of places paid out and the odds for the place bet are determined by the bookmaker and can vary depending on the number of participants in the event.

Typically, the place portion of the bet is paid out at a fraction of the win odds, commonly 1/4 or 1/5. The number of places that qualify for a payout is also variable. In horse racing, for instance, the standard terms are:

• 2-4 runners: Win only
• 5-7 runners: 1/4 odds for 1st and 2nd place
• 8-15 runners: 1/5 odds for 1st, 2nd, and 3rd place
• 16+ runners (non-handicap): 1/5 odds for 1st, 2nd, and 3rd place
• 16+ runners (handicap): 1/4 odds for 1st, 2nd, 3rd, and 4th place

It's crucial to check the specific terms offered by your bookmaker before placing an Each Way bet, as they can sometimes offer enhanced place terms as a promotion.

Example

Let's consider a practical example from a horse race. You decide to place a $10 Each Way bet on a horse named "Speedy" at odds of 20/1. The place terms are 1/5 of the odds for the first three places.

Your total stake is $10, which is split into:

• $5 on Speedy to win at 20/1
• $5 on Speedy to place (finish in the top 3) at 1/5 of 20/1, which is 4/1

Now, let's look at the possible outcomes:

• Speedy wins the race: You win both parts of your bet.

  • Win bet payout: ($5 x 20/1) + $5 stake = $105
  • Place bet payout: ($5 x 4/1) + $5 stake = $25
  • Total return: $105 + $25 = $130

• Speedy finishes 2nd or 3rd: You lose the win part of your bet, but you win the place part.

  • Win bet: -$5
  • Place bet payout: ($5 x 4/1) + $5 stake = $25
  • Total return: $25

• Speedy finishes outside the top 3: You lose both parts of your bet.

  • Total return: $0

As you can see, even though Speedy didn't win, the Each Way bet still provided a return and helped to offset the initial stake.

Why It Matters

Each Way betting is a fundamental strategy for many sports bettors, offering a balanced approach between risk and reward. Here's why it's such a valuable tool:

• Reduces Risk: The primary advantage of an Each Way bet is that it provides a safety net. It gives you a chance to get some of your money back even if your selection doesn't win, which is particularly useful in events with large fields and unpredictable outcomes.
• Value at Long Odds: Each Way bets are most effective when used on selections with high odds. A place payout on a longshot can still be quite profitable and can make betting on outsiders a more attractive proposition.
• Increased Interest: For sports like golf and major horse races like the Grand National, where a single bet on a winner is hard to hit, Each Way bets keep you engaged for longer. You're not just cheering for your selection to win but also for them to secure a place, adding another layer of excitement to the event.

While the returns for a win are lower than a straightforward win bet of the same total stake, the reduced risk and increased chance of a return make Each Way betting a smart and strategic option for both novice and experienced bettors. It's a versatile wager that can be applied to a wide range of sports and is an essential part of any bettor's arsenal.