What is an Each Way bet?
What does Each Way mean?
An each way bet is a way to win money even when your selection doesn’t win. Usually each way bets are used on horse races but they are available on many sports. An example using a horse race would be we would win some money if our horse came 1st, 2nd or 3rd. The amount we win if it comes 2nd or 3rd is reduced but we still get something back.
Usually bookies will offer each way bets on places 1-3 but they also do a few races a day where they will offer 4 or even 5 places for an each way bet. Special occasions also get enhanced places. The recent Golf Open Championship had many bookies paying 10 places!
We are effectively placing 2 bets with an each way bet. 1 bet to win and 1 bet to place.
Remember that if you place a £10 each way bet your total stake will be £20.
Why bet Each Way?
It increases our chances of hitting a winner. There is a much higher chance of our horse selection coming in places 1-4. If our horse comes third we win some money. If we had just backed it to win we would get nothing in this scenario.
When bookies are offering extra places we can often lock in a profit by laying the place at the exchange. For example if the bookie if offering 4 places we can lay our each way bet for 3 places at the exchange. If our horse comes 4th we will win both bets leading to big wins and it makes it almost risk free!
How does an Each Way bet work??
Placing an each way bet means you are placing 2 bets. So when you tick the each way box it doubles your stake. So if you bet £10 on a each way horse bet you would be placing £10 on the win and £10 on the place.
If your horse was to win you would receive £10 x the odds of the horse and you would receive £10 x 1/4 (some times 1/5)
If the horse came 2nd or third, our win bet would lose but we would still get the place return.
How to place an Each Way bet
Placing an each way bet is simple. When you add your selection to your betting slip you will see the each way or e/w box on the betting slip. Tick this box to make your bet each way. Remembering that it will double the amount you have entered as your stake.
Using the above bet as an example. Betting £10 each way on a horse that is 9.0 (8/1)
- The win part of the bet: £10 x (8/1 x 1) + £10 stake = £90
- The Each Way part of the bet £10 x (8/4 x 1) + £10 stake = £30
- So if our horse wins we will get a return of £120
- If our horse places we will get a return of £30
Each Way Arbs
Quite often each way arbs will slip through the net so we can back and lay them for an instant profit. Our each way catcher makes this easy to do. It automatically scours the bookies and exchanges looking for arbing opportunities. All you have to do this place the bets and make your profit. This happens because the prices at the exchange are sometimes higher for the place market than they are at the bookies.
Extra Place Races
If a bookie is offering an extra place for a race we can use this to our advantage. Usually an each way bet pays on places 1-3 and we can lay this off at Betfair. However when a bookie is offering an extra place we have the chance to get a risk free profit. By backing a horse at the bookie that is palying 4 or 5 places and then laying the place at the exchange (3 places) we are palcing a risk free bet. If the horse wins or loses we are going to break even or make a small loss depending on the odds. If the horse comes in the extra place, 4th or 5th both our bookie bet and our exchange bet will win. This is a great way to make risk free profits from each way bets.
Bookies are offering extra places nearly every day on select races. Check their websites to see what races are paying 4 places. On the big events like Ascot there will be an extra place on nearly every race!
You can use the quick calculator below to calculate your returns on each way bets or use our full each way calculator here.