All about the Each Way Betting
When used correctly, each way betting can provide the punter with a great method of either increasing the profits of a bet or acting as a form of guarantee should the outcome of the bet not turn out in the way that the punter expected.
The each way bet meaning is basically made up of two bets, a bet on the selection to win and a bet on the same selection to be placed.
If the selection wins, the punter will get a return on the win part of the bet and a return on the each way part of the bet.
If the selection is placed, the punter will lose the win part of the bet but win on the each way part of the bet.
If the selection loses and is also not placed, the punter will lose both of the win and each way parts of the stake, i.e., the complete bet.
Most punters will place an each way bet on selections which have higher odds and the most popular sporting markets where you will see each way bets being placed is horse racing, so with that in mind, the examples which we will talk about in this articles will be based on the horse racing markets.
So, without further ado, let’s take a look at an example each way bet in the 2.30 Handicap at Towcester on a horse called Prime Mover which is available at odds of 8/1 so that you will be able to see the answer to the question, what does each way mean in betting.
A punter fancies this horse, but as there is strong competition, he decides to place a bet of £10 each way.
This means that his total stake will be £20.
If Prime Mover has a good run and wins the race, the punter will receive a return of £90 on the win part of the bet (8 x £10 plus the £10 stake).
He will also receive a return on the each way part of the bet of £30 (2 x £10 plus the £10 stake) which means a total return of £120 which is a profit of £100.
The reason why the each way part of the bet achieved a profit of £20 is because the race was a handicap of 8 runners so the each way bet paid out ¼ of the 8/1 odds.
Some punters find this to be a little confusing at first, but there really is no need because it is very straightforward.
This is how to work out each way bet
- Handicaps of sixteen runners or more – 1/4 odds on first four places.
- Handicaps of between twelve and fifteen runners – 1/4 odds on first three places.
- Races of eight or more runners – 1/5 odds on first three places.
- Races of between five and seven runners – 1/4 odds on first two places.
- Races of less than five runners – place money goes on to win.
As you can see, it doesn’t really make sense to place an bet on a selection which has very short odds but for selections with higher odds, it is well worth considering taking advantage of the each way option.
As you can see, explained in this way just goes to show that they are very simple to work out, but many punters will agree that they can really come into their own when used with accumulator betting.
Accumulators and the Each Way Bet Explained
Each way bets are very popular when it comes to each way betting because even if every selection in the accumulator is placed, the pay-out can still be pretty good.
Before we go any further though you should be aware that sportsbooks don’t like the each way double which is a very basic accumulator bet.
Some astute punters solely concentrate on each way doubles so let’s take a look at another example.
Let’s say that you use the selection from earlier, Prime Mover at 8/1 and put it in a £10 each way double with another selection, Dandy Dancer in the 4.0 at Newton Abbot which is also priced at 8/1.
If both of the selections win, the win part of the bet will return £810 whilst the each way part of the bet will return £90 giving a total return of £900 and a profit of £880 (don’t forget the total stake for a £10 ew bet would bet £20).
So, most people would agree that a profit of £880 from a £20 bet is not too shabby but when you also take into account that if both horses had lost the race but were still placed, a profit of £70 would still have been achieved.
You will probably agree that choosing two horses to be placed in an each way double might not be as difficult as you think and if they both actually go on to win their respective races, the returns can be very high.
It is not difficult to understand why bookies are not too keen on these types of bets, but many punters would rather place each way bets on accumulators with far more selections in the hope of a massive payday as opposed to keeping it relatively simple instead.
One great tip to discover the kind of bets that bookies don’t like is to walk into any UK betting shop and take a look at the betting slips which have been specially printed out so that it is easier to place an accumulator bet.
You will see all sorts of exotic betting slips such as a Union Jack or a Heinz, but one thing is for sure, you won’t see one printed out for an each way double, for the sole reason that the bookie will not encourage you to place these kinds of bets because they are unprofitable for the bookie.
Invaluable advice, don’t you agree?
What If You Want to Place an Each Way Bet for the Place Only?
It is common for a punter to ask the question, what does each way mean when betting, and coming to the conclusion that they would like to place bets on a horse which they think has a great chance of being placed but has little chance of winning.
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If they placed an each way bet, they would in effect be wasting the win part of the bet so the solution to this question would be to head over to Betfair or your favourite betting exchange and place a bet on the place only market.
You will find that Betfair is the best exchange to place bets such as this due to our old friend, liquidity, but the place market on there is extremely vibrant and it won’t take you long to realise what a popular betting medium this is.
It works in exactly the same way as placing a normal horse racing bet on Betfair, and you will see that the odds will also move quite a bit, especially in the minutes before the race starts.
For anyone with a keen interest in the horse racing form etc., betting in this way van often prove to be extremely lucrative and don’t forget that you could also lose your knowledge to lay a horse in the place markets which again, can often prove to be very lucrative.
Not Just the Horse Racing Markets
Each way betting can be used in any markets as long as there are enough participants with the long-term football markets being of particular interest to bettors.
At the start of the football season, many punters will have a either an each way bet on a particular team winning their league or an each way accumulator bet on several teams to win their leagues.
The odds can be quite high and an each way bet will usually pay out if the selection finishes in the first three places in the league at the end of the season.
Each way bets are also popular when betting on events like the world cup with other markets such as each way betting on the highest goal scorer also capturing the punter’s imagination.
Should You Consider Placing Each Way Bets?
You should definitely use each way bets as part of your armoury against the bookmakers as they can offer you all sorts of opportunities to make a profit.
Each way doubles could prove to be especially lucrative if you have an interest in horse racing and the fact that bookies don’t like these kinds of bets is a great indication of how profitable they can be.
Each way betting and place betting can also act as a guarantee if you have doubts about a selection winning a race so whatever way you look at them, each way bets as something that you should definitely consider getting involved with.