Understanding betting may initially seem tricky, but breaking it down step by step may make it simpler. Among the various terms that might come up, "each way" is one that punters may encounter quite often.
Betting each way may seem a little complex at first, but it may be an interesting option for those new to betting or seasoned punters alike. It involves a couple of elements that relate to a bet and may be beneficial in multiple scenarios, especially in sports like horse racing.
In this blog post, we'll explore what "each way" means in a straightforward manner. Whether a person is just starting out or has a bit of experience in betting, understanding this concept can add another layer to their knowledge.
Each Way Bet Meaning
An each way bet is made up of two separate parts: a win bet and a place bet. If a punter places an each way bet, they are essentially placing two bets.
The first part, the win bet, is straightforward. It is a bet on their selected participant, often a horse, to win the event outright.
The second part, the place bet, is a bet on the same selection to finish in one of the established place positions. These positions may vary depending on the number of participants and the type of event.
For example, in a horse race with many runners, the place positions might include second, third or even fourth. This means the selection doesn’t need to win the entire event for the punter to see a return. That being said, if their selection doesn’t win, they lose the win bet and the portion of their original wager covering it.
Punters should remember that if they place an each way bet, it requires them to stake the same amount on both the win and place bets.
If the selection wins, both the win and place parts of the bet are paid out. If the selection finishes in a place position, only the place part is paid out.
How Does Each Way Betting Work?
Each way betting involves two parts: a win bet and a place bet. Think of it as placing two separate bets on the same selection.
When a punter places an each way bet, they decide on an amount to stake. This total stake is split equally between the win and place bets. This means their total stake is double the amount they wish to bet on each part.
If their selection wins the event, both the win and place bets pay out. This is because the selection has met the conditions of both parts of the bet.
In cases where the selection finishes in one of the specified place positions, the win bet is lost, but the place bet pays out according to the odds accepted at the time of the bet.
Different events and different bookmakers might have varying rules on what counts as a "place." It usually depends on the number of participants in the event. Typically, the more participants, the more place positions there may be, although this is not always the case.
How Many Places Does An Each Way Bet Pay?
The number of places that an each way bet pays depends on the event and the number of participants. In general, the more participants there are, the more places that the bet may pay.
Bookmakers usually specify how many places they will cover for each event. For example, in a horse race with many runners, the place positions might include second, third, or even fourth place. In smaller fields, it might only cover up to second or third place.
The odds for the place part of the bet are typically a fraction of the win odds. This fraction is usually predetermined by the bookmaker and depends on the event. For example, it might be one-quarter or one-fifth of the win odds.
Punters should always check the specific terms offered by their bookmaker for the event, as these terms outline the number of places that will count as a winning place bet and the odds offered. Understanding these rules may help ensure there are no surprises when it comes to potential payouts.
How Do You Calculate Each Way Bets?
Calculating each way bets involves considering two separate parts: the win and the place bets. It may be important for potential bettors to understand how much is being staked and how the potential returns are worked out.
First, a punter decides on their total stake for the bet. This amount is split equally between the win and place bets. For example, if they choose a total stake of £10, £5 goes on the win bet and £5 on the place bet.
To work out the returns for the win part, multiply the stake by the win odds. If the win part is successful, this is the amount returned, along with the original stake.
The place bet tends to use different odds, usually a fraction of the win odds, which are specified by the bookmaker. To calculate the place return, take the place odds, apply them to the place stake, and add the place stake back to the result.
If a selection wins, both payouts are combined. If it places without winning, only the place payout is received. These calculations can help a punter know what their potential returns might be.
Each Way Betting Example
Let's consider some examples of each way betting to try and clarify how it works in practice. By looking at real-world scenarios, we may learn more about how the stake is split between the win and place bets, how payouts are calculated based on different odds, and what happens in various finishing positions.
Each Way Horse Racing Example
To illustrate how each way betting works, let's look at a horse racing example.
Suppose a punter is considering a race where the horse "Thunderbolt" has win odds of 8/1. They are interested in placing an each way bet with a stake of £10 each way. This means they have two bets: £10 on Thunderbolt to win and £10 on Thunderbolt to place, with a total stake of £20.
The bookmaker offers place terms of 1/5 the odds for horses finishing in the top three positions.
If Thunderbolt wins the race, both parts of the bet pay out. For the win bet, the returns are £10 multiplied by the 8/1 odds, equalling £80, plus the original £10 stake, totalling £90 from the win.
For the place bet, the returns are £10 multiplied by the place odds of 8/5 (or 1.6/1), equalling £16, plus the original £10 stake, making £26 from the place. In total, £116 is returned.
If Thunderbolt finishes second or third, only the place bet pays. The returns from the place part would then be £26, while the win stake is not returned.
This practical example may help you visualise how each way betting may be structured for horse racing.
Each Way Football Betting Example
While each way betting is more commonly associated with horse racing, it might also apply to some football bets, usually in events like tournaments.
Consider a punter interested in betting on a team to win a knockout tournament. They might place an each way bet with a bookmaker offering terms for a top-two finish.
Let’s suppose they place a £10 each way bet on Team A to win the tournament. This means £10 is on them to win, and £10 is on them to finish runner-up, making the total stake £20.
If Team A wins the tournament, both the win and place bets pay out. The win part would pay based on the win odds, plus the original stake is returned. The place part would pay based on a fraction of the win odds, with that stake also returned.
If Team A reaches the final but does not win, only the place bet would pay. The punter would then receive potential returns based on the place odds.
Each way betting in football is less common, but punters may find it available for outright bets in cup competitions or league finishes.
Is It Better To Bet Each Way Or To Win?
Deciding whether to place a bet each way or to win depends on the situation and the punter’s personal preferences. Understanding the benefits and limitations of each option may help you make an informed choice if you are interested in placing a bet.
A win bet is straightforward, only paying out if the selection takes first place. This type of bet is often chosen when a punter feels confident about their selection's chance of winning.
On the other hand, an each way bet may offer a bit more flexibility. It may provide a payout if the selection finishes in a designated place position, which could be an interesting approach when betting on events with larger fields or when the outcome appears uncertain.
Each way bets do require a larger total stake since they cover both winning and placing. Punters need to consider this additional cost if deciding what type of bet to place.
Ultimately, whether to bet each way or to win may be influenced by several factors, such as the odds offered, the number of competitors, and how the punter evaluates the selection's chances. Carefully weighing these aspects may guide a bettor to the ideal decision for their individual betting preferences.
*The information provided in this blog is intended for educational purposes and should not be construed as betting advice or a guarantee of success. Always gamble responsibly.