An each way bet is a type of wager placed on a horse race. It offers the bettor two chances to win and is one of the most popular betting options among horse racing punters. The bet consists of two separate wagers, one for the horse to win the race and the other for the horse to finish in the top three or four places, depending on the number of horses in the race.
The each way bet allows the bettor to spread their stake across two potential outcomes, thus providing them with a greater chance of winning a profit. It is important to note that the each way wager does not guarantee a return, as the bettor will only receive a payout if the horse finishes in the places or wins the race.
How Does an Each Way Bet Work?
When placing an each way bet, the bettor must specify the amount they wish to stake on each part of the bet. This is done by entering the total stake in the relevant field on the betting slip and then indicating how much of that stake should be allocated to each part of the bet.
For example, if the bettor wishes to place a £10 each way bet, they would enter £10 in the stake field and then indicate that £5 should be placed on the horse to win and £5 should be placed on the horse to place.
The amount allocated to each part of the bet can be adjusted, giving the bettor the option to place a bigger stake on one part of the bet than the other. However, the total stake must always remain the same.
Odds for Each Way Bets
The odds for each part of an each way bet are usually set by the bookmaker. Generally, the odds for the each way part of the bet will be lower than the odds for the win part. This is because the each way bet offers the bettor two chances to win, whereas the win bet only offers one.
The amount of each way places that are offered by the bookmaker can vary from race to race. For example, a race with only four or five runners may only offer two each way places, where as a race with eight runners may offer three or four each way places.
Payouts for Each Way Bets
The payouts for each way bets depend on the number of runners in the race and the number of each way places offered by the bookmaker. If the horse wins the race, the bettor will receive a payout for both the win and the each way part of the bet.
If the horse finishes in the each way places, the bettor will receive a payout for the each way part of the bet, but not the win part. The amount of the each way payout is calculated by multiplying the odds for the each way part of the bet by the stake.
Advantages of Each Way Betting
One of the main advantages of each way betting is that it gives the bettor two chances to win, rather than one. This means that the bettor can still receive a return even if the horse does not win the race.
Another advantage of each way betting is that it offers the bettor the chance to spread their stake across two potential outcomes. This reduces the risk of losing the entire stake, as the bettor will still have a chance of winning a return if the horse does not win the race.
Disadvantages of Each Way Betting
The main disadvantage of each way betting is that the payout for the each way part of the bet is usually lower than the payout for the win part. This means that the bettor will not receive as much of a return if the horse finishes in the each way places, compared to if the horse had won the race.
Types of Each Way Bets
The most common type of each way bet is the win-to-place bet. This is where the bettor places a stake on the horse to win the race and a stake on the horse to finish in the each way places.
Another type of each way bet is the place-only bet. This is where the bettor only places a stake on the horse to finish in the each way places, and does not place a stake on the horse to win the race.
How to Place an Each Way Bet
Placing an each way bet is relatively simple. All the bettor needs to do is select the horse they wish to bet on and enter their stake in the relevant field on the betting slip. The bettor then needs to indicate how much of the stake should be allocated to each part of the bet, before submitting the bet.
How to Calculate an Each Way Bet
Calculating an each way bet is relatively straightforward. The bettor will receive a payout if the horse either wins the race or finishes in the each way places. The amount of the each way payout is calculated by multiplying the odds for the each way part of the bet by the stake.
For example, if the bettor has placed a £10 each way bet at odds of 5/1, the payout for the each way part of the bet will be £50 (5 x £10).
Common Mistakes with Each Way Bets
One of the most common mistakes made by bettors when placing an each way bet is to forget to indicate how much of the stake should be allocated to each part of the bet. If the bettor does not indicate this, then their entire stake will be allocated to the win part of the bet, meaning they will not receive a return if the horse finishes in the each way places.
Another common mistake is to forget to take into account the number of each way places offered by the bookmaker. If the horse finishes outside of the each way places, then the bettor will not receive a return.
Conclusion
An each way bet is a popular type of wager among horse racing punters, as it offers the bettor two chances to win. The bet consists of two separate wagers, one for the horse to win the race and the other for the horse to finish in the each way places.
When placing an each way bet, the bettor must specify the amount they wish to stake on each part of the bet. The odds for each part of the bet are usually set by the bookmaker and the amount of each way places offered can vary from race to race.
The payouts for each way bets depend on the number of runners in the race and the number of each way places offered by the bookmaker. The main advantages of each way betting are that it gives the bettor two chances to win and allows them to spread their stake across two potential outcomes.
The main disadvantage of each way betting is that the payout for the each way part of the bet is usually lower than the payout for the win part. It is important to take these factors into account when placing an each way bet and to avoid making common mistakes, such as forgetting to allocate part of the stake to the each way part of the bet.