What is EACH-WAY BET?
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:
Each Way Bet - FAQ:
Question 1: What Is An Each Way Bet?
Essentially, an each way bet splits a wager into two separate bets. One is a win bet, the other is a place bet. To place an each way bet, you need to double your stake – so if you want to place £5 each way on a horse, the total stake is £10.
This particular bet type is popular with longer odds or ante post betting. Each way terms vary depending on a number of factors but the most common situation is 1/5, top 3.
If your selection wins, you will be paid out at the normal odds for the win part of the bet and 1/5 of the odds for the each way part.
Question 2: How Does Each Way Betting Work?
In most horse racing events, you will see betting terms of either 1/5, top 3 or 1/5, top 4. In larger fields, bookmakers may offer 1/4 the odds or additional places, with some paying out up to 8 places for events like the Grand National or the US Masters.
Each way betting is quite simple. If you fancy a selection at longer odds to win but want to add that extra insurance in case it finishes 2nd or 3rd, each way betting is the best option.
As long as the odds are 5/1 or higher, finishing in the places will guarantee you break even at the very least.
Question 3: Which Sports Are Best For Each Way Betting?
Horse racing is the most popular day-to-day sport for each way betting but football, Formula One and golf are all becoming more interesting.
Most bookmakers now offer each way odds on major tournaments and events across all sports – with terms for the Premier League, the F1 World Championship and US Open widely available.
Question 4: Each Way Betting With 888sport - A Guide
Placing an each way bet with 888sport is very simple. Let’s say you fancy Altior to win the Cheltenham Gold Cup. At the time of writing, Altior is 20/1 to do just that – meaning a £5 each way bet would return £130 if he is successful.
With place terms set at 1/5, top three, this wager on Altior would return £25 if he finished in the places. Simply take the odds (20/1) and divide it by 5 (1/5), then multiply it by the each way part of your stake (4 x 5) and add the stake (£5) on.
Question 5: Are There Other Each Way Options?
Some bookmakers offer ‘place betting’ markets but this eliminates the chance for punters to win via the ‘win’ leg of the bet. Although the total cost would be halved, the odds offered for place betting are usually not quite as lucrative as each way wagers.
Say if Altior was 3/1 to finish in the top three, a £10 wager would return £40. With an each way bet, the maximum winnings is £130 for a success and £25 back if he finishes in the top three.