Each-way betting is a common bet type offered by bookmakers, especially on events like horse racing and golf tournaments. But what does each-way betting mean and how does it work? This guide covers the basics of each-way bets and strategies for using them effectively.
What is an Each-Way Bet?
An each-way bet combines two separate wagers on a single selection – a win bet and a place bet. This covers you in two ways:
- Win – You are betting on your selection to finish 1st.
- Place – You are betting on your selection to finish in one of the pre-determined place positions.
For example, in a horse race with 8 runners, an each-way bet would be on your horse to either win OR finish in the top 2 or 3 places, depending on the race terms.
Each component of the bet – the win and place parts – are treated separately in terms of stakes and payouts. The place part of the bet will pay out at lower fractional odds than the win part.
- Covers two outcomes with one bet.
- Get a payout if your selection places but doesn’t win.
- Reduces risks since only one part needs to be successful.
- Often used in sports with larger fields like horse racing and golf tournaments.
Each-way effectively functions as two bets – a win bet and a separate place bet.
How Do Place Terms Work?
In each-way betting, the bookmaker sets place terms which determine the positions counted as “places”. Common place terms are:
- Horse racing – 1/5 means top 5 finishers pay out. Can vary between top 3-5 places depending on field size.
- Golf tournaments – 1/5 means top 5 finishers pay out, though some bookies pay down to top 8 at majors.
- Motor sports – 1/4 means top 4 classified finishers pay out.
- Football – 1/3 means top 3 (or podium) positions pay out for events like top goalscorer bets.
So “places” can mean top 3, 4, 5 or sometimes more finishers depending on the sport and bookmaker terms. Study the terms carefully.
Strategies for Using Each-Way Bets
Some tips to utilize each-way betting effectively:
- Calculate returns – Understand both the win and place portion payouts.
- Bet on outsiders – Applying each-way betting on longer odds selections can increase profits.
- Know the sports – Each-way betting works well on sports with more variability like horse racing and golf.
- Review terms – Books may increase place payout positions for certain high profile events.
- Be selective – Just taking each-way out of habit reduces potential returns versus selective use.
- Hedge bets – Each-way can supplement outright winner bets as a hedge on other selections.
When used strategically in certain sports and on high odds selections, each-way betting can increase your profits.