An each way bet is one wager split into two parts. It spreads your risk, as you’re not relying on your selection to win. For that reason, it’s a popular bet type in horse racing and golf, which often feature large fields. Plus, football season-long outright bets. Each way betting means you can win if your horse finishes second or in the top 3 to 6. The same applies to golf bets or football outright markets.
What Is an Each Way Bet?
When you bet each way, your stake gets divided into two parts. The first part goes on your selection to win, the other part of your bet is on your selection to place. To “place” means your selection needs to finish in the top positions. These positions vary depending on the bookmaker terms. They could finish in the top 3 to 6 positions in a horse race, depending on the number of runners.
Or in golf tournaments, some bookmakers pay up to 10 places each way. Whereas a snooker or tennis competition usually only pays out 2 places each way. So, it’s important to look at the profile of each specific event.
How Does an Each Way Bet Work?
For a £10 each way bet (£20 total stake) on a horse race. Half of your stake (£10) is to win, and the rest (£10) to place.
If your selection wins, both the win and place bets will payout. But, if the horse only places, your win bet loses and the place bet wins.
Different place terms are available such as 1/4 the odds or 1/5 the odds each way. These terms depend on the number of runners in a race. For example, an 8 or 9-runner horse race would usually pay 3 places at a fifth the odds. But, for a 16+ runner race, you would expect either 4 places at 1/4 or one 1/5 the odds, as decided by the bookmaker’s trading team.
Example of an Each Way Bet
Here’s a realistic scenario with an each way bet explained.
When you bet £10 each way on a horse at 8/1 (9.0 decimal odds). This race pays 1/5 odds each way for a top 3 finish. So, your selection must finish in the first three places to at least recover some of your total bet amount.
What are the possible outcomes?
If the horse wins, you get a return on both the win part and place part of your bet. Including your original bet stake. Your returns would be £90 for the win and £18 for the place.
If the horse finishes 2nd or 3rd, your win £10 bet loses. Instead, you only get £18 total returns on the place bet.
Or if your horse finishes outside the top 3, you lose your whole £20 bet stake.
Common Each Way Markets
Horse racing is one of the most popular each way betting options. Horse races often feature big fields. An each way bet lets you bet on a horse, with the insurance of finishing in the top few places.
Golf offers each way betting on tournament winner markets. These events often feature 100+ players, so it’s difficult to pick a winner. Betting each way can offer value for your chosen golfer to finish in the top five or more places. Please check the relevant bookmaker’s website for place betting terms.
Each way bets are often available in sports with future (or antepost) betting markets. For example, English Premier League football league winner, top 4 finish, or top goalscorer. These bets enable you to predict a longer-term selection, without guessing the winner.
Pros and Cons of Each Way Betting
- Pros:
- Your bet doesn’t need to win to return a profit.
- Small bet stakes have big possible wins, especially if betting at long odds.
- Cons:
- If your selection finishes outside the places, you lose your total stake.
- Some events only pay 1/5 odds each way, reducing your potential place payout.
When to Use Each Way Bets
Horse racing is one of the most popular each way betting options. Horse races often feature big fields. An each way bet lets you bet on a horse, with the insurance of finishing in the top few places.
Golf offers each way betting on tournament winner markets. These events often feature 100+ players, so it’s difficult to pick a winner. Betting each way can offer value for your chosen golfer to finish in the top five or more places. Please check the relevant bookmaker’s website for place betting terms.
Each way bets are often available in sports with future (or antepost) betting markets. For example, English Premier League football league winner, top 4 finish, or top goalscorer. These bets enable you to predict a longer-term selection, without guessing the winner.
Conclusion
In summary, I explained the meaning of an each way bet. It’s a two-part wager of a win bet combined with a place bet into one. Each way betting is useful for large-field events like horse racing, golf, and football outrights.
Our final betting tip is to look for best value in outsiders at bigger odds. That way you stand a chance to get at least a place winner.