The most straightforward way to answer the question of what is an each-way bet is to basically think of it as two bets - one bet is to win, the other is to place.
In horse racing, each-way betting terms usually pay three or four places. Sometimes this can extend to five places on big races, so keep an eye out for special offers!
In other sports, such as golf, each-way terms can include up to five or six places. In a lot of other cases, such as football tournament betting, e.g. the football World Cup, each-way terms can place the finalists (1,2) or semi-finalists (1,2,3,4).
Each-way terms in tennis, darts, snooker, rugby union, basketball, ice hockey, baseball, American football etc. tend to also pay out on the finalists in each event.
EACH WAY BETTING IN HORSE RACING
Most bettors who have had a bet on horse racing have got a tale to tell of seeing their selected horse run a fantastic race only to be denied right on the winning post! Finishing second can be agonising in some cases. Meanwhile, at other times, if you have managed to uncover a big-priced horse capable of running into a place, this can turn out to be more lucrative than backing a winning favorite at a short price!
Strategy is all-important when it comes to striking your bets, so be sure to give yourself the best chance of securing a profit from your next horse racing bet by considering the option to bet each-way!
Each way betting is a key component in horse racing, both for multiple bets – as we have already seen in this chapter – and also on singles.
With the each way bet explained, let’s use a practical example of how this might have an impact on you when betting on horse racing.
If the horse wins, you will be paid £22. Of that total, £17 is for the win-only bet at odds of 16/1 while the other £5 comes from the each-way part of the bet at 4/1.
If the horse only finishes second, third or fourth, you are still paid £5 on the each-way bet, ensuring you have still more than doubled the initial investment on this bet!
Each-way betting is a useful tool when it comes to racing, especially when you are backing at bigger prices! To begin with, it may be useful to consider using an each way bet calculator to help decide if there is sufficient value available to make this the correct bet for you.
EACH-WAY BETTING ON OTHER SPORTS
You will always see the option to tick ‘each-way’ on your racing bets. On many other sports, you will see the option to place the ‘win’ and ‘each-way’ bets separately.
This is highlighted in the betting market for The Masters golf tournament below:
By clicking on the winner market and (1-5) market, you can place both the win only and each-way bets.
This can also be helpful in cases where you believe your chosen player or team has a great chance of placing but you are not so confident in their ability to win outright – you can choose to back them only to place if you wish. Using this type of market also makes it easier if you looking to figure the each-way calculator on your bet as the odds are right there.
To recap, each-way bets allow you to insure yourself against situations where your selections almost win, but don’t quite make it! When betting each-way, you are backing a selection in two bets – one to win and one to be placed – so you must double your starting stake as we outlined in the each-way bet examples above.