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What does Each Way Betting mean?

An each-way bet is effectively like making two bets on a particular sport. It could be a horse race, a First Goalscorer bet in a soccer match or a player in a golf tournament. Each-way bets are regarded as a safer option than simply betting on a selection to win.

What Does Each Way Mean In Betting?

Many people like to place each way bets on events like the Grand National. A bookmaker will create odds for a particular sporting event and also create each way terms such as ¼ odds for the first four places.

How Does An Each Way Bet Work?

When you place a bet each-way, you are effectively placing two bets. You are backing your selection to win and also to place. So taking the above each way terms of ¼ odds for four places, that only applies to the place part of your bet rather than the win part which works in the normal way.

Let's say that Chelsea is 12/1 to win the Premier League and you back them £10 each way at these odds:

£10 is staked on Chelsea at 12/1 with this bet

£10 is staked on Chelsea to place at 3/1 (1/4 the odds)

If Chelsea win the Premier League, then you would win with both of the above bets. You would get a return of £130 on the win part and £40 on the place part that would mean a total return of £170 from a £20 stake.

Alternatively, if Chelsea failed to win the Premier League but finished second, then you would lose your £10 bet on Chelsea to win and win your £10 bet on Chelsea to place. So, it would be a £40 return from a £20 stake so you would still make a profit.

How Does Each Way Betting Work In Horse Racing?

You bet on a horse to win, and you also bet on that same horse to finish in the top two, three or four positions.

The two bets are known as a 'win' and a 'place'. A £1 each way bet means you put one £1 bet on the win, and another £1 bet on the place, for a total stake of £2. So even if your horse doesn't win, you can still win the 'place' bet if it finishes in a certain position.

This gives you an increased chance of winning, but dilutes the odds on the 'place' bet, and requires you to double your stake.

How Much Do I Win On An Each Way Bet?

If your horse wins the race, then you will win:

The 'win' stake you put on

The winnings for the 'win'

The 'place' stake you put on

The winnings for the 'stake' (which are normally a fraction of the 'win' winnings)

If your horse places, but doesn't win, then you get:

The 'place' stake you put on

The winnings for the 'stake' (which are normally a fraction of the 'win' winnings)

And you lose the stake you put on for the 'win' (and obviously don't collect those winnings eithers).

The amount you win will also depend on the new odds you're being offered for the 'place' bet. Some will be offered at 1/4 of the original odds, and others at 1/5.

What Is An Example Of An Each Way Bet?

Say you want to bet on a horse that is 20-1 to win, and the odds for the 'place' bet are being offered at 1/4 of their original value – 5/1. You bet £1, and that bet is doubled to cover both the 'win' and the 'place'. You have a total stake of £2.

If the horse wins, you will win £26 – which is your 'win' stakes (£1) and winnings (£20). You will also earn an additional £6 – which is your 'place' bet (£1) and winnings (£5). So, in total, you will claim £27 from a £2 bet.

If your horse doesn't win, but finishes 2nd/3rd/4th, you will claim back £6 from a £2 bet.

How Are Each Way Odds Calculated?

A 'place' bet will mostly be available at either 1/4 or 1/5 of the original bet value (except in rare circumstances, when it can be anything from 1/2 to 1/8.

This is typically determined by the type of race and the number of runners.

For example, if there are 5-7 runners in a regular race, then the odds will be available at 1/4 of their value.

If there are 8 or more runners, then the odds will go to 1/5 of their value.

However, it differs again when it comes to each way betting in handicap races:

5-7 runners' means 1/4 odds

8-11 runners' means 1/5 odds

12 or more runners means 1/4 odds again