Each way betting is a popular betting strategy, especially in horse racing and football. It gives bettors two chances to potentially win by combining two bets into one. This blog post from Wizard Slots casino will explain the details of each way betting, including how it works, the potential payouts, and how it's used in various sports.
Each Way Bet Explained
An each way bet consists of two separate bets: the 'win' bet and the 'place' bet. The 'win' part of the bet is relatively straightforward – it's a bet on your selection to win the event. The 'place' part of the bet is a little more complex. It's a bet on your selection to finish in one of the pre-determined 'places'.
The number of 'places' that count for the bet varies and is determined by the bookmaker. In horse racing, for instance, a place could mean anywhere from the first two to the first five positions. In football, 'place' usually refers to the top two spots.
To place an each way bet, you place equal stakes on both the win and the place parts of the bet. This means that a £10 each way bet actually costs £20 (£10 for the win part and £10 for the place part).
How Does an Each Way Bet Work?
Here's how an each way bet works in simple terms:
- If the choice you bet on comes in first, you win both the 'win' part and the 'place' part of your bet.
- If your choice doesn't win but finishes in one of the top positions (within the predetermined number of places), only the 'place' part of your bet pays out.
- If your choice doesn't win or finish in the top positions, you lose both parts of your bet.
- The 'win' part of the bet pays out at the full odds you agreed on when you placed the bet. The 'place' part pays out at a fraction of those odds.
How Many Places Does Each Way Pay?
The number of places an each way bet pays depends on the sport, the specific event, and the terms set by the bookmaker. In horse racing, the number of places usually ranges from two to four but can potentially go up to five or six for big races like the Grand National.
In football, each way betting is usually available for outright markets such as league winner or top goalscorer, with the top two spots commonly considered as 'places'. However, the number of places can vary among bookmakers and competitions.
It's crucial to check the each way terms and conditions of your chosen bookmaker before placing your bet.
How To Calculate an Each Way Bet Payout
Calculating an each way bet payout involves two separate calculations – one for the 'win' part of the bet and one for the 'place' part.
For the 'win' part of the bet, you multiply your stake by the full odds. For the 'place' part, you multiply your stake by the 'place' odds, which are usually a fraction of the full odds.
Let's consider a £10 each way bet (total stake £20) on a horse at odds of 8/1, with place terms of 1/4.
- If the horse wins, the 'win' part of the bet pays out £10 * 8 = £80, and the 'place' part pays out £10 * (8/4) = £20.
- If the horse places but does not win, the 'win' part of the bet loses, but the 'place' part pays out £10 * (8/4) = £20.
Each Way Bet Example
To better understand each way betting, let's look at examples from horse racing and football.
Each Way Horse Racing Example
Imagine placing a £5 each way bet on a horse in a 12-runner race, where the bookmaker offers 1/4 odds for the top three places.
Should the horse finish first, the 'win' portion of your bet yields £5 times the odds of the horse. Additionally, the 'place' portion rewards you with £5 times a quarter of those odds.
However, if the horse ends up in second or third place, the 'win' portion of your bet doesn't pay, but the 'place' portion still gives you £5 times a quarter of the horse's odds.
Each Way Football Betting Example
Imagine you make a £10 each way bet on a team to clinch the Premier League title at 10/1 odds, with the bookmaker providing 1/2 odds for finishing in the top two.
Should the team secure the league title, the 'win' portion of your bet results in £10 times 10, equating to £100, while the 'place' portion yields £10 times (10 divided by 2), which is £50.
In the event the team ends up in second place, although the 'win' portion of your bet doesn't succeed, the 'place' portion still rewards you with £10 times (10 divided by 2), amounting to £50.
Betting Each Way or To Win: Which Is Better?
Each way betting and win betting each have their possible advantages. The right choice depends on the particular individual, circumstances and betting strategy.
Each way betting can provide a safety net, as it can potentially yield a return even if your selection doesn't win.
On the other hand, win betting can offer a higher return if you're confident in your selection's chances. The downside is that you get nothing if your selection doesn't win.
Consider the odds, the number of places, and your assessment of the outcome when deciding between an each way bet and a win bet. Ultimately, it depends on personal preference and the individual bettor.
