Each way betting is a popular wagering option in horse racing that allows bettors to increase their chances of winning by placing two separate bets on a single horse. In this guide, we will explain how each way betting works, provide practical advice for bettors, and present real-life examples to illustrate its application.
How Each Way Betting Works
Each way betting involves two parts: the “win” bet and the “place” bet. By placing an each way bet, you are betting on the horse to either win the race or finish in one of the predetermined “placed” positions, which depend on the number of runners and the specific terms set by the bookmaker or event organizer.
- The Win Bet: The win bet is a straightforward wager on your chosen horse to win the race. If the horse finishes first, your win bet is successful, and you receive a payout based on the odds offered by the bookmaker.
- The Place Bet: The place bet is a wager on your horse to finish in one of the designated places, typically second or third (though it may vary). The place terms, such as the number of places paid and the fraction of the win odds offered, are specified by the bookmaker. If your horse finishes within the specified places, you win the place bet.
Payout Calculation
To calculate the payout for the place bet, bookmakers usually offer a fraction of the win odds. For example, if the win odds are 6/1, the place odds might be 1/4 or 1/5 of the win odds. If your horse doesn’t win but finishes in the specified places, you receive a fraction of the win odds as your payout. It is important to note that if your horse doesn’t win or place, both the win and place bets are lost.
Use our Each Way Bet Calculator for better results.
Practical Advice for Each Way Betting
- Understand Each Way Terms: Familiarize yourself with the each way terms for each race, including the number of places paid and the fraction of the win odds offered for the place bet. These terms can vary depending on the number of runners. Check the racecard or consult the bookmaker to clarify the specific each way terms.
- Assess the Horse’s Chances: Evaluate the horse’s chances of winning or placing by considering factors such as recent form, race class, distance suitability, jockey and trainer statistics, track conditions, and other relevant information. This analysis will help you make informed decisions about whether an each way bet is appropriate for a particular horse.
- Evaluate Value: Assess the value of the odds by comparing the win and place odds. Look for horses with attractive place odds, especially if they have a higher likelihood of placing but a lower chance of winning. Comparing different bookmakers can help you find the best odds available for your each way bet.
- Consider Field Size: Be aware of how the field size, or the number of runners in a race, can affect each way betting. Races with smaller fields may pay out on fewer places, while races with larger fields might offer more places for potential payouts. Adjust your betting strategy accordingly based on the field size.
- Practice Bankroll Management: Exercise responsible bankroll management by setting a budget for your wagers. Avoid placing excessively large bets that could negatively impact your finances. Remember that each way betting involves placing two separate bets, so consider the total cost when determining your stake for each bet.
Real live examples to illustrate how each way betting works in horse racing
Example 1:
Race: The Grand National
Each Way Terms: 1/4 odds, 4 places
In this prestigious race, let’s say you place a £10 each way bet on Horse A. The win odds for Horse A are 8/1. Here’s how the potential payout would work:
If Horse A wins the race:
Win Bet: £10 x 8/1 = £80 (plus your £10 stake returned)
Place Bet: No payout for the place bet since the horse won the race.
If Horse A finishes in one of the places (2nd, 3rd, or 4th):
Win Bet: No payout for the win bet since the horse didn’t win.
Place Bet: £10 x (1/4 of 8/1) = £20 (plus your £10 stake returned)
Example 2:
Race: The Derby
Each Way Terms: 1/5 odds, 3 places
Let’s say you place a £20 each way bet on Horse B. The win odds for Horse B are 12/1. Here’s how the potential payout would work:
If Horse B wins the race:
Win Bet: £20 x 12/1 = £240 (plus your £20 stake returned)
Place Bet: No payout for the place bet since the horse won the race.
If Horse B finishes in one of the places (2nd or 3rd):
Win Bet: No payout for the win bet since the horse didn’t win.
Place Bet: £20 x (1/5 of 12/1) = £48 (plus your £20 stake returned)
Example 3:
Race: The Oaks
Each Way Terms: 1/3 odds, 2 places
Suppose you place a £5 each way bet on Horse C. The win odds for Horse C are 6/1. Here’s how the potential payout would work:
If Horse C wins the race:
Win Bet: £5 x 6/1 = £30 (plus your £5 stake returned)
Place Bet: No payout for the place bet since the horse won the race.
If Horse C finishes in one of the places (2nd):
Win Bet: No payout for the win bet since the horse didn’t win.
Place Bet: £5 x (1/3 of 6/1) = £5 (plus your £5 stake returned)
These examples demonstrate the potential payouts for each way bets based on different win odds, each way terms, and outcomes of the race. It’s important to note that the odds and each way terms can vary between bookmakers and races, so always check the specific terms before placing your bet.
Conclusion
Each way betting provides an opportunity for bettors to increase their chances of winning in horse racing. By understanding the concept, evaluating each way terms, assessing a horse’s chances, and practicing responsible bankroll management, bettors can make informed decisions and potentially enhance their returns. Remember to check the specific terms and conditions set by the bookmaker or event organizer before placing each way bets.