Betting on horses is a popular pastime for many people. There are many different types of bets available, and each way betting is one of the most common. This type of betting involves placing two bets on the same horse, one to win and one to place. But is it best to bet each way on horses? In this article, we will explore the pros and cons of each way betting and discuss whether or not it is the best option for horse racing enthusiasts.
What is Each Way Betting?
Each way betting is a type of bet in which two bets are placed on the same horse. The first bet is for the horse to win the race, and the second bet is for the horse to place in the race (in other words, to finish in the top two, three, or four depending on the number of runners in the race). If the horse wins, both bets will be successful. However, if the horse only places, only the second bet will be successful.
Pros of Each Way Betting
Lower Risk
One of the main advantages of each way betting is that it is a lower risk option than backing a horse to win only. Even if your horse only places, you will still get some money back, which can help to offset any losses.
Higher Potential Returns
Another benefit of each way betting is that it can offer higher potential returns than backing a horse to win only. If your horse wins, you will get the winnings from both bets, which can add up to a larger sum than betting on the horse to win only.
Cost-Effective
Each way betting is also a cost-effective way to bet on horses. As you are placing two bets on the same horse, you only need to pay the stake once, rather than twice as you would if you were backing the horse to win and place separately.
Cons of Each Way Betting
Lower Potential Returns
While each way betting can offer higher potential returns than backing a horse to win only, it can also offer lower potential returns than backing a horse to win and place separately. If the horse only places, you will only get the winnings from the place bet, rather than the win bet.
More Difficult to Calculate
Calculating the returns of an each way bet can be more complicated than calculating the returns of a win bet. This is because you have to take into account the size of the place bet as well as the win bet.
More Difficult to Win
As each way betting involves two bets, it can be more difficult to win than backing a horse to win only. This is because the horse needs to win or place in order to be successful.
The Best Time to Bet Each Way
Favourites
Betting each way on the favourite in a race can be a good strategy, as it reduces the risk of losing your stake. Even if the favourite does not win, there is a good chance that it will place, so you will still get some of your money back.
Outsiders
Betting each way on an outsider can also be a good strategy, as the odds of the outsider winning the race are usually very long. If the outsider does place, you will still get some money back, which can offset any losses from backing the outsider to win.
Multiple Runners
Betting each way when there are multiple runners in a race can be a good strategy, as it increases the chances of your horse placing. This is because the number of places available will increase with the number of runners, so your horse has a better chance of finishing in one of those places.
Conclusion
Each way betting can be a good option for those looking to bet on horse racing. It is a lower risk option than backing a horse to win only, and it can also offer higher potential returns than backing a horse to win only. However, it can also offer lower potential returns than backing a horse to win and place separately, and it is more difficult to calculate the returns of an each way bet. The best time to bet each way is on the favourite or an outsider in a race with multiple runners.
In conclusion, each way betting can be a good option for those looking to bet on horse racing, and it can be particularly beneficial when betting on the favourite or an outsider in a race with multiple runners.