Betting each way can be an intriguing option for many horse racing enthusiasts. It allows you to cover more ground and potentially enjoy a reward, even if your horse doesn't finish first. But is betting each way truly a better option compared to a straight win bet?
In this blog post from Clover Casino, we will explore the situations where an each-way bet might make sense and compare it to placing a bet to win. Understanding the differences can help you make more informed decisions when it comes to your betting strategy.
What Does an Each Way Bet Mean?
An each way bet is essentially two bets rolled into one. The first part is a win bet, meaning you are betting on your selection to finish first. The second part is a place bet, which covers your selection finishing in one of the predetermined places, such as second, third, or sometimes fourth, depending on the terms offered by the bookmaker.
This type of bet is commonly used in horse racing and other sports where there are multiple participants. If your selection wins, both parts of the bet pay out. If your selection places, only the place part of the bet pays out, typically at a fraction of the win odds (e.g., 1/5 or 1/4 of the win odds).
When you place an each way bet, the total stake is split evenly between the win and place parts. For example, a £10 each way bet will cost you £20, with £10 going on the win and £10 on the place.
The payout for the place part of the bet is usually a fraction of the odds for the win part, often 1/4 or 1/5, depending on the race and bookmaker. This means you can still see a return on your bet even if your selection doesn't win, as long as it finishes in one of the placing positions.
By understanding how each way bets work, you can better decide whether this type of bet suits your betting style.
Each Way Bet Example
Let's walk through a simple example to illustrate how an each way bet works.
Imagine you place a £10 each way bet on a horse with odds of 10/1. This will cost you £20 in total, with £10 going on the win and £10 on the place.
If The Horse Wins: If your horse wins the race, both parts of your bet pay out. The win part pays £110 (10/1 odds plus your £10 stake), and the place part pays an additional amount depending on the place terms. Let's say the place terms are 1/5 of the odds. Therefore, the place bet would give you £30 (2/1 odds, which is 1/5 of 10/1, plus your £10 stake).
So, if your horse wins, you would receive £110 from the win bet and £30 from the place bet, totaling £140.
If The Horse Places: If your horse finishes in one of the placing positions (e.g., second, third), only the place part of your bet pays out. Using the same place terms of 1/5 of the odds, you would receive £30 (2/1 odds plus your £10 stake).
If The Horse Doesn’t Place: If your horse finishes outside the placing positions, you lose both parts of the bet, totalling a £20 loss.
This example should make it clearer how each way bets offer a chance to see a potential return even if your horse doesn’t finish first, making it a popular option among many bettors.
Is It Better To Bet Each Way or To Win?
When deciding whether to place an each way bet or a win bet, it mainly hinges on your individual preferences and the specific event you’re betting on.
A win bet generally offers higher potential rewards as you're placing your money on a single outcome—your selection winning the race. However, it's a higher risk since if your selection doesn't win, you lose the bet.
On the other hand, an each way bet can reduce your risk by providing a return if your selection finishes within the placing positions. This can be particularly useful in larger fields or unpredictable races where the outcome might be less certain.
If you feel highly confident in your selection winning, a win bet would be the simpler and more lucrative option. However, if you have reservations about your selection finishing first, but believe it will place, an each way bet could offer a safety net.
The odds also play a significant role. For selections with longer odds, an each way bet might be beneficial as the place part of the bet could still offer a decent return. For selections with shorter odds, the returns on the place part might be minimal, potentially making a win bet more attractive.
Ultimately, the choice between an each way bet and a win bet is subjective and depends on your risk tolerance, confidence in your selection, and the specifics of the race. Understanding these factors can help you choose the bet that aligns best with your betting strategy.
At What Odds Should You Bet Each Way?
Choosing the right odds for an each way bet is highly subjective and can vary depending on individual preferences and specific race factors.
Each way bets can often be more appealing at longer odds. For instance, if your selection has odds of 10/1 or higher, the place part of the bet could still offer a respectable return. Betting each way in such scenarios can make sense when you want to balance risk and potential reward.
For selections with shorter odds, say 2/1 or 3/1, the potential returns on the place part of the bet might not compensate well, given the lower potential payouts. In these cases, a straight win bet could be more suitable if you are confident in your selection’s performance.
Ultimately, it's crucial to assess the value you believe your selection offers. Some bettors prefer longer odds for the potential of higher returns, while others might focus on more consistent performers with lower odds.
By considering these factors, you can determine when an each way bet might provide the best value based on the odds and your own betting strategy.
How Do You Calculate Winnings On An Each Way Bet?
Calculating the potential winnings on an each way bet may seem complicated at first, but it’s quite straightforward once you break it down.
Win Part:
First, you need to calculate the return if your selection wins. For example, if you place a £10 each way bet at 10/1 odds, the win part alone would return £110 (£10 stake x 10 + £10 stake).
Place Part:
Next, determine the payout for the place part of the bet. Assuming the place terms are 1/5 of the win odds, this means the place odds are 2/1 (10/1 divided by 5). So, the £10 place part would return £30 (£10 stake x 2 + £10 stake).
Total Winnings:
If your horse wins, you combine both the win and place returns for a total of £140 (£110 win + £30 place).
If Placed:
If your selection only places, you only receive the place part return, which in this example is £30.
Understanding these basic calculations can help you quickly work out potential returns from an each way bet based on the odds and stakes you've chosen.
*All values (Bet Levels, Maximum Wins etc.) mentioned in relation to these games are subject to change at any time. Game features mentioned may not be available in some jurisdictions.