Each-way bets have become very popular among parimutuel punters. Each-Way bets allow you to cover a few possible outcomes of a horse race. Unlike most bets, an Each-Way Bet consists of two separate bets and if done correctly can be profitable and lead to a more fun betting experience.
An each-way bet is actually quite simple to place and after reading this short guide you should feel comfortable in using this flexible type of tote or parimutuel bet in your overall strategy.
What Is an Each-Way Bet
An each-way bet is a type of wager consisting of two separate bets. A win-only bet and a place bet.
For the win part of the bet to give a return, the horse backed will need to finish 1st in the race. For the place part of the bet to win, the horse would need to finish in the predetermined “place” positions. Usually, place positions mean either 1st, 2nd, and when there are enough runners, 3rd.
Examples of Each-Way Bets
An each-way wager comprises of two bets, therefore the total amount of money staked is twice the unit stake. For example, a £50 each-way bet would cost £100. This is because you need to cover both the win market bet and the place market bet.
For this example, we have selected a horse valued at odds of 11.0 in a race of 8 runners. The fact that there are 8 runners means that the top 3 positions will be paid. The place odds for finishing 1st, 2nd, or 3rd are 3.5.
Therefore, a £100 each-way bet would be calculated as follows:
Your total stake is £200. And then, the three possible outcomes are:
Outcome 1 – The horse selected wins the race.
Outcome 2 – The horse selected finishes the race in 2nd or 3rd place.
Outcome 3 – The horse selected does not finish in positions 1 to 3.
Pros & Cons of Each Way Bets
What are the advantages of each-way betting?
- An each-way bet allows us to ‘hedge our bets’.
- The horse backed doesn’t have to win the race for us to make money.
- Each way bets are great on races with lots of runners.
What are the drawbacks of each-way betting?
- If the horse you have backed doesn’t finish in the predetermined positions you will not return any money.
- Punters are still dependent on their horse running well.
- There is a possibility of not being paid out on two bets.
Each Way Betting Strategies
One strategy is to only bet on each-way bets that are 5.0 and above. This way if your horse doesn’t win the race but finishes in the top few positions there is a good chance you can recoup a fair portion of the money you lost with the win part of the bet.
Avoid bets with low odds. This is because there is little value to be had if you decide to take this line. If you are backing a heavy favorite the odds for the horse to finish in the top few positions are likely to be very poor. Therefore, your loss will still be a substantial one.
How Do Each Way Bets Payout
An Each-way bet payout will be dependent on the outcome of the race. Remember that an Each Way Bet consists of two separate bets. Therefore it is possible to win both of the bets, just one of the bets and none of the bets.
If your horse wins the race you will be paid on both the win part of the bet and the place part of the bet. If your horse finishes in 2nd or 3rd you will be paid on the place part of your bet but not the win part of your bet.
The worst-case scenario is that the horse backed doesn’t finish in the top few predetermined positions. In this scenario neither the win bet or the place bet will be paid out.
Our answers to some common questions about each-way bets in tote and pool betting!
How much do I win on an each-way bet?
This is dependent on the outcome of the race. If your horse wins the race you will be paid both the win part of the bet and the place part of the bet.
If your horse finishes 2nd or 3rd you will only be paid the place part of your bet. If your horse finishes in none of those positions you will not be paid at all.
How does an each way bet work?
An each-way bet consists of two separate bets. The first part of the bet is for the horse to win outright. The other part of the bet is for the horse to finish in the predetermined positions.
What does each way bet mean in horse racing?
An each-way bet is a bet where half your stake will be on the win market and the other half of your stake will be placed on the place market.
This way you can be paid for two outcomes. If the horse you backed wins the race or finishes in the top few predetermined positions.
What odds do you get on an each way bet?
The odds will be determined by the win market and the place market. Half of your stake will go towards the win market and half of your stake will go towards the place market.
The odds for the place market will be lower than the odds for the win market as there is more chance of this bet being successful.
How many runners are needed for an each-way bet?
If there are four or fewer runners in a race, an each-way bet will not be available. This is because there are not enough runners.
In the case of there being between five and seven runners in a race, the top two positions will be paid for the place part of the bet. If there are eight runners or more the top three positions will be paid.
What is an each-way accumulator bet?
An each-way accumulator means that, when you bet on the outcome of many horse races, your bet will cover both the horses winning the races and finishing in the predetermined place positions.
Each-way betting can bring a new dynamic to the way you place bets. The most attractive thing about Each Way Bets is that you are in theory protecting your bet. Meaning that the horse you backed doesn’t have to win the race for your bet to make money.