To some this tutorial may appear a little basic but it’s here if you’re still not entirely sure of how an each way bet actually works and when to opt for an each way bet.
What is Each Way Betting?
Your each-way bet is made up of two different parts: a win bet and a place bet.
The Win Element
In order for your win bet to give a return, obviously, your selection must win or finish first on the event you have chosen.
The Place Element
In order for your place bet to give a return, your selection has to win or finish in one of the pre-selected places you have chosen for the event. This means that your place bet is often represented as a fraction of the winning odds, for example ½, ¼ and so on.
It’s worth noting that your win and place criteria will always have an equal stake. For example: if you place a bet of £5 each way, this becomes a bet of £10 – £5 to win and £5 to place in a position of your choosing.
For many punters, an each way bet is seen as a good way of insuring a pay-out at the potential cost of the value of the win. And for others, each way betting can be a useful way to maximise profit while mitigating risk.
How Does it Work?
As an each way bet is two separate bets, one with full and the other with reduced odds, you’ll be making two choices when putting your money down.
For example: you’re looking to place a bet on the Grand National and decide to go each way on a horse which has shown good form over the season. He’s a favourite, placed at 10/1 but after reading this article you decide to go each way. You put £10 on him to win and £10 to place at ½ odds (5/1) in a position of your choice. This brings your total stake to £20.
As you wait for the race to start, you know that this if the horse wins you will stand to receive a return of £100 on top of the place bet you’ve just made, with the fractional odds of £50 bringing a potential total return of £150.
However, you also know that if ‘each way’ only manages to place you will lose the winning bet but still receive the £50 you placed at reduced odds. And, as you’ve done your research, you’ll also know the risk that if ‘Each Way’ fails to place or win you will lose your stake entirely.
Calculating your Returns
Let’s say you’ve backed a horse each way, 1/4 odds, with a £10 bet at 14/1 and it came first in the race then you would do the following to calculate the return on your bet:
First: The Win Bet
To calculate the win profit you just need to stick a few figures into the following formula:
So with our example of a £10 each way bet at 14/1, we would have the following for the win part of our bet:
Second: The Place Bet
Now this is where things seem to get complicated but they needn’t be. You simply need to plug similar figures into this formula:
So, again, using our example we have an each way bet at 14/1. We would therefore have 15.0 for our decimal odds. For our place odds of 1/4, we use 0.25 and then it’s a case of multiplying by £10.
Third: The Returns
Now all you need to do as the returns from the win and the returns from the place bet together. In this case we get £195, £175 of which is profit (£20 is the each way stake).
Our Tips for Placing an Each Way Bet
1. Premium Insurance
Placing an each way bet allows you to take home significant winnings if your selection wins while giving you insurance if your stake only manages to place within the event. In the previous example, even if you failed to win you would still have received a degree of return. In order to make this fully work for you, it’s important to do some legwork and make sure you always consider your margins if the bet only manages to place. While this may look like a ‘safe’ option on the surface, when applied strategically it can be the first step on the road to steady returns.
However, it’s always important to be aware of your worst-case scenario. If your chosen stake fails to place this will mean that you have essentially lost two bets. Bearing this in mind, it is always worth weighing up the risk involved. Having said that, an each way bet is probably the closest thing to a safe bet when you’re confident of your stake, but not confident enough to bet on first place.
2. Research and Road Test
It’s worth noting that there is currently a wealth of online resources available that allow you place bets with ease and conduct research into the field at the touch of a button.
When calculating your odds, there are often a large number of variables to consider. When each way betting is brought into the mix, calculating fractional returns can become difficult. Luckily, there are a number of websites dedicated to helping you. Dedicated boffins have developed online tools and resources such as bet calculators and customisable spreadsheets that allow you to manage and track these figures onscreen rather than in your head. Racing and sports news that was once relegated to print media is now freely available online and updated on a minute-to-minute basis.
Making sure that you know where these resources are held and keeping fully up-to-date with the ones that benefit you can help give a valuable leg-up on the competition.
3. Know when to Pull the Trigger
Because your each way bet offers a reduced payout in addition to the prize of a straight win, they are most often used against outsiders.
An each way bet is commonly used when a player is facing the solid possibility of a draw or even the likelihood of making their way to a final. Placing an each way bet here can means that even if you’re not confident that the player can go on to win, you can use the place bet to cover yourself in the event of a loss.
Events where multiple entrants are directly competing with each other dramatically raises the difficulty of choosing a potential winner. But, as with all punting, high odds bring high rewards. Small multiple bets against high odds can potentially help produce strong returns and subcategories such as longest drive or top ranked players can add more structure to the process.
Normally, each way stakes are set against outsiders or as insurance against a potentially risky bet. Wherever possible, it’s best to try to make a calculated decision and work to make your place bet cover the outlay.
Bearing the above in mind it’s easy to see the flexibility and earning potential that each way bets can bring to your toolkit. Knowing when and how to use them is a key to your ability to profit from them and, hopefully, make a bit of spending money along the way.