Welcome to our Each Way Betting Guide for Horse Racing. You can apply it to other sports too, but it’s mainly aimed at horse racing in particular.
First of all, you need to understand what an Each Way bet i,s as well as what Horse Racing betting involves. Check out our betting guides for more help if you need it.
Each-way betting offers a unique way of covering your bets if your horse does not win the race but runs well enough to place in the first 3 or 4, depending on the place terms.
What Is An Each Way Bet On A Horse
An each-way bet is a win bet and a place bet rolled into one, so instead of just backing a horse to place or to win, you are backing both the win and the place in one bet.
This is why each way is 2 bets instead of one. For example, if you place a bet on a horse called Red Rusty at 5/1 you think it will win but you want to cover your bet with the place bet.
Instead of a £5 win or a £5 place you want to cover both so you place a £5 each way which means you will win either way if the horse wins or places (more if it wins) and the total stake you would have to place would be £10 (£5 for the win bet, £5 for the place bet).
Each Way Betting Guide – So How Does Each Way Betting Work
Here’s the nitty-gritty:
- You place your stake twice: once for the win, once for the place
- If your nag romps home first, you win both parts of the bet (cha-ching!)
- If it places but doesn’t win, you still get a payout on the place part
But here’s where it gets juicy – the place terms vary depending on the race. Check this out:
- Handicaps with 16+ runners: 1/4 odds for first 4 places
- Handicaps with 12-15 runners: 1/4 odds for first 3 places
- All other races with 8+ runners: 1/5 odds for first 3 places
- Races with 5-7 runners: 1/4 odds for first 2 places
- Races with fewer than 5 runners: Win only, mate!
Each-way betting works on horses in the following way: certain races pay out on more places, they are listed below along with the fractional payout terms if your horse’s place.
Remember, each way is 2 bets: a win bet and a place bet, so if your horse wins, you win half of the bet at the odds you placed it on, and the place part of the bet is paid out at a percentage of those odds, depending on the type of race and number of runners.
· Handicaps of 16 or more runners: 1/4 win odds on the first four places
· Handicaps of 12 to 15 runners: 1/4 win odds on the first three places
· All other races of 8 or more runners: 1/5 win odds on the first three places
· All races of 5 to 7 runners: 1/4 win odds on the first two places
· All races of fewer than 5 runners: win only
To clarify, let’s say using the same earlier example, you place a £5 each-way bet on Red Rusty at 5/1 (£10 total, £5 for the win, £5 for the place) in a 16-runner handicap horse race.
Red Rusty wins the race, so you will get a £5 win at 5/1 and also a £5 place at 1/4 odds as listed above (a quarter of 5/1 is 1.25/1)
Win payout = £30 (6×5)
Place payout = £11.25 (1.25×5)
The total payout for each way bet is £41.25
4th Place
Now let’s say that Red Rusty comes 4th in the race instead, your return will be the place part of the bet only, as it didn’t win the race, meaning you will win £11.25 (a profit of £1.25).
Hopefully, now you can see the perks of each-way betting. Obviously, larger odds horses make more sense to back each way, but anything under 4/1 is usually not worth it to back each way, as your returns if the horse places only will be under your stake.
Now you have an idea of what an each-way bet is, you may ask, ‘When is the best time to use each-way betting on horse racing?’ Keep reading…
When Should You Go Each Way?
Now, I’m not one to tell you how to spend your hard-earned cash, but here are some prime times to consider an each-way punt:
- Long Shots: Got a hunch about an outsider? Each-way betting lets you cash in even if it doesn’t quite seal the deal.
- Big Field Races: More runners mean more chaos. Each way gives you a safety net in unpredictable races.
- Form Horses at Decent Odds: Spotted a consistent placer at 6/1 or higher? Each way could be your new best friend.
As you can see by the table above, there is a clear indicator that races of 8 to 11 runners in non-handicaps and 16 runners plus in handicaps offer the best each-way betting opportunities.
On the other hand, though, it is rarely worth it to back each way rather than win only in 16-plus non-handicaps or 5- to 7-runner handicaps.
What About Enhanced Place Terms Then?
Earlier in this each-way betting guide, we mentioned the payout terms for each-way betting on horses; these are the standard place terms offered by all bookmakers in the UK and Ireland.
But from time to time, you may have noticed bookmakers offering enhanced place terms for each-way backers.
A prime example is the Grand National bookmakers, who often will offer 1/5 of the odds for up to 6 places, sometimes more. With over 40 runners often in this race, it’s still going to be tough to pick a winner or a place, but it does offer you more value than the standard place terms.
You will need to check what the terms and conditions are for enhancing place bets on a case-by-case basis, but the same concept applies to standard place terms.
Bookmakers like Betfair also now allow you to pick the number of places you want to back each way, and they adjust the odds for you in real-time so you can see your payouts.
If you struggle to calculate your potential payouts for each way, it’s recommended to use a betting calculator.
Each Way Betting Examples
Let’s put some meat on these bones with a real-world example:
You fancy “Lucky Lad” in the 3:30 at Cheltenham. It’s a 16-runner handicap, and Lucky Lad’s at juicy odds of 10/1.
You put £5 each way on Lucky Lad (that’s £10 total stake).
Scenario 1: Lucky Lad wins
- Win part: £5 x 10/1 = £50 profit
- Place part: £5 x 10/4 (remember, it’s 1/4 odds for place) = £12.50 profit
- Total return: £62.50 profit + £10 stake = £72.50
Scenario 2: Lucky Lad places (comes 2nd, 3rd, or 4th)
- Win part: £5 lost
- Place part: £5 x 10/4 = £12.50 profit
- Total return: £7.50 profit + £5 stake = £12.50
Not too shabby, eh?
Top Tips for Each Way Betting Success
- Do Your Homework: Know your horses, jockeys, and courses. Knowledge is power, punters!
- Shop Around: Bookies offer different place terms. Find the best deal for your bet.
- Consider Enhanced Place Terms: Some bookies offer extra places on big races. It’s like finding an extra tenner in your jeans pocket!
- Mind the Math: Each way betting doubles your stake. Make sure your potential returns justify the outlay.
- Track Your Bets: Keep a record of your each-way punts. It’ll help you refine your strategy over time.
Horse Racing Each Way Betting Guide Summary
Each-way betting is a great way of reducing your losses. This is why this bet type is widely used by punters, especially if you use the data we showed you above to find the best race types and number of runners to target.
Each-way betting isn’t just a safety net – it’s a smart way to potentially boost your profits and get more bang for your buck. It’s perfect for those days when you’re feeling a bit adventurous but don’t want to go full maverick.
Remember, though, betting should always be fun. If the fun stops, stop. But if you’re ready to dip your toe into the exciting world of each-way betting, you’re now armed with the know-how to give it a proper go.
Got any questions? Winning stories to share? Drop us a line – we’re all ears! And don’t forget to check out our other betting guides and top tipster reviews. We’re here to help you become a shrewder punter, one bet at a time.
Now, go on and give each-way betting a whirl. May the horse be with you!