The Difference Between Each Way And A Place Bet

A placed horse is one that finishes typically first, second or third in a race, and place betting is a way of buying insurance if your horse fails to cross the winning line first. With an Each Way (EW) bet, half of your stake goes on a win, and half of it goes on a place. If the horse wins both bets win, but if the horse comes second or third, then the win bet loses but the place pays. With a Place bet, the bet wins the same amount of money regardless of whether the horse finished first second or third.

Thus a £5 EW bet on a horse priced at 7/2, is two separate bets of £5. The win element wins £5 @ 7/2, £17.50, which with the returned stake gives £22.50. The place element wins a quarter of the odds (£17.50 divided by 4) £4.37, which with the returned stake gives £9.37. If both bets win then £31.87 is returned for a £10 stake. If the horse only finished second or third however, £9.37 is returned for £10 originally staked.

A £10 place bet on a horse priced at £2.00, returns £20, regardless of whether the horse finished 1st 2nd or 3rd.

Bookmakers do not offer place bets, it is a tote concept. However most major bookmakers will accept place bets at tote prices if this is clearly stated on the slip, and the bets can be placed on course. Tote prices are returned in pounds. In the above example a £2.00 return price simply means that for every pound staked £2.00 is returned. A £1.50 tote price returns £1.50 for every pound staked, and a £5.00 tote price, £5.00 for every pound staked. Tote prices do not suffer Rule 4 deductions. If withdrawals make the place bet void then it becomes a tote win bet. Generally the tote returns better odds than market starting prices (SP) on outsiders, but short odds on favourites. Tote returns are never less than £1.05. This offers leverage on a very short priced favourite, for instance if a horse is 1 to 20 odds-on in the SP market, then that is a win price, and by doing a tote place bet on the same horse you would not get less than £1.05 as long as it was placed. Tote “shows” are not shown in betting shops, but live tote feeds are available on-line. Tote results are normally displayed as four monetary values, e.g.  £15.70 £3.60 £1.70 £1.10. The first is the tote win price on the winner, and the next 3 prices refer to the place prices of the winner the second and the third placed horse.

You can see that an EW bet pays out more than a place bet if the horse wins, but less if it comes second or third. As a rough guide prices of about 4/1 will return your total stake on an EW bet if the horse comes second or third. The value of EW and place betting is usually in accumulator betting. By doing an EW treble you insure against one of your horses being nudged out in a photo finish, and can still expect a reasonable return. If you place an “EW Treble” that is two bets, one on all 3 horses winning and one on all three horses being placed. If you place an “EW all EW treble” that means that after each leg of the treble, the pot so far is split into two bets (one win and one place) in the next leg of it.

The chance of a horse winning or being placed is affected by whether the race is a handicap or non-handicap and by the number of runners. For betting purposes a horse is “placed” in some races if it comes fourth, and “unplaced” in some races if it comes third. Also some of these places will pay different amounts of the SP. The general rules are:

Non-Handicaps:  5-7 runners a quarter of the odds for the first 2 places; 8 or more runners a fifth of the odds for the first 3 places.

Handicaps: 5-7 runners a quarter of the odds for the first 2 places; 8-11 runners a fifth of the odds for the first 3 places; 12-15 runners a quarter of the odds for the first 3 places; 16 or more runners a quarter of the odds for the first 4 places.

If there are less than 5 runners, any place bet becomes a win bet. Check your bookmaker rules before placing a bet, as in some big races they may offer 5 places.

EW and place betting allows the punter to buy insurance against an unexpected event that stops his chosen horse winning, but it still finishes in the places. The limitation of “EW” is that the stake is pre-divided 50/50. This can give vastly different returns depending on the price of the horse and whether it wins or is placed. A bet on a short priced horse each way places too much money on it being placed; and an EW bet on a horse at 20/1 places too much money on it winning. This can be evened out by splitting the stake in a better way into two separate bets a win bet and a place bet.

EW and place betting is also useful in accumulator betting, as it can take account of an unexpected mishap without ruining a decent payout, but in all cases understand the rules before you place the bet.

FAQs

What does place mean in horse racing?

In horse racing, the place option in betting grants you the opportunity to root for a horse not only to clinch victory but also to secure a respectable position within the specified top spots, often the first, second, or even third, contingent upon factors like the number of horses in the race and the bookmaker’s rules.

What does each way mean in betting?

Each way betting takes a comprehensive approach by encompassing two distinct wagers. Firstly, it involves betting on your chosen horse to win; should your selection triumph, both aspects of the bet succeed. Alternatively, if your horse manages to secure a place without winning, the “place” bet comes into play, offering a payout calculated at a fraction of the full odds.

What does each way mean in football betting?

In the context of football betting, the term each way is less frequent but could conceivably denote placing a bet on a team to either emerge triumphant at tournament level, providing a more versatile approach to match outcomes.

What does each way mean in horse racing betting?

In horse racing betting, the each way concept essentially combines both win and place bets into a single investment. When your selected horse clinches the winning position, both bets materialise as victories. However, if your chosen horse achieves a commendable position without winning, your “place” bet still emerges victorious, albeit with odds scaled down from the original.

How does an each way accumulator work?

An each way accumulator in horse racing entails consolidating multiple each way bets across several selections into one comprehensive wager. The success of the accumulator hinges on the individual triumph of each component bet within it, amplifying both the potential rewards and the inherent risk associated with multiple bets.

What does place betting mean?

Place betting in horse racing empowers you to focus solely on a horse’s performance in terms of achieving a certain position within the race, typically the top two or three spots. This strategy provides a degree of flexibility by enabling you to concentrate on a horse’s relative performance rather than its outright victory.

How does place betting work?

Place betting in horse racing involves wagering on a horse to finish within a predetermined number of positions in a race, usually the top two or three, depending on factors like the race type and the number of participants. When you make a bet on a horse to place, you’re essentially betting that the chosen horse will cross the finish line within one of the specified positions, regardless of whether it wins the race outright.

If your selected horse accomplishes a place finish as per the terms set by the bookmaker, your place bet is considered a winner. The payout for a successful place bet is typically a fraction of the full odds for that horse, which reflects the reduced risk associated with not requiring an outright win.

It’s important to note that each bookmaker might have slightly different rules regarding place betting, including the number of places considered for payout and the fraction of the odds paid out. Make sure to review the specific terms and conditions provided by the bookmaker to understand how place betting works for their particular offerings.

What does place only 3 mean?

The notation place only 3 within horse racing betting signals a focused wager solely on a horse attaining a place finish, specifically within the top three positions of the race, omitting the conventional win aspect of the bet.


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