If you’re new to the world of horse racing betting, the various terms and types of bets can be overwhelming. One such term is “each way bet.” In this article, we’ll explore what an each-way bet is, how it works, and some tips for making the most of this type of bet.
What is an Each Way Bet?
An each-way bet is a type of bet that is commonly used in horse racing betting. It involves placing a bet on a horse to either win the race or finish in a specific place (usually 2nd or 3rd place). This means that the bet is essentially split into two parts: a “win” bet and a “place” bet.
How Does an Each Way Bet Work?
Let’s say you want to place a $10 each-way bet on a horse with odds of 10/1. Your total stake would be $20 ($10 for the win bet and $10 for the place bet).
If the horse wins the race, both parts of your bet win. The win part of your bet would pay out at odds of 10/1, which means you would receive $110 ($10 stake + $100 winnings). The place part of your bet would also win and payout at a fraction of the odds (usually 1/4 or 1/5). So, if the place odds were 1/5, you would receive an additional $22 ($10 stake + $12 winnings) for the place bet.
If the horse finishes in 2nd or 3rd place, the win part of your bet loses, but the place part of your bet wins. You would receive the place payout, but not the winning payout.
If the horse finishes outside of the top 3 places, both parts of your bet lose and you receive no payout.
The Cost of an Each-Way Bet
As mentioned earlier, an each-way bet is essentially two bets in one. Therefore, the cost of each-way bet is double the cost of a regular win bet. For example, if you want to place a $10 each-way bet, the total cost of your bet would be $20.
Understanding Each Way Bet Terms
Here are some common terms used when placing each-way bets:
- Win Bet: A bet on a horse to win the race.
- Place Bet: A bet on a horse to finish in a specific place (usually 2nd or 3rd).
- Each Way Bet: A bet that is split into two parts, a winning bet, and a place bet.
- Fractional Odds: Odds that are represented as a fraction (e.g. 2/1, 10/1).
- Place Odds: The odds offered for the place part of an each-way bet.
- Place Terms: The number of places paid out on an each-way bet and the fraction of the odds paid for the place bet.
Advantages and Disadvantages of Each Way Bets
One advantage of each-way bets is that they offer a greater chance of winning compared to win-only bets. This is because even if your horse doesn’t win the race, you can still win money if it finishes in a place position. Additionally, each way bets can provide a safety net in case your horse doesn’t win, but still performs well.
On the other hand, one disadvantage of each-way bets is that they are more expensive than win-only bets. As mentioned earlier, an each-way bet is essentially two bets in one, which means you need to stake more money.
Tips for Making the Most of Each Way Bets
Here are some tips for making the most of each-way bets:
- Choose your races carefully: Some races are more suited to each way of betting than others. Look for races with a larger field of runners, as this increases your chances of placing in the top 3 positions.
- Look for value: Look for horses that are priced higher than you think they should be. These horses may have a better chance of placing than the odds suggest, giving you a better chance of winning money.
- Understand the place terms: Each way bets offer different place terms depending on the number of runners in the race. For example, a race with 5-7 runners may only pay out for the first two places, while a race with 16 or more runners may pay out for the first four places. Make sure you understand the place terms before placing your bet.
- Consider each-way accumulators: An each-way accumulator is a type of bet that combines multiple each-way bets into one bet. This can increase your potential winnings but also increases the risk.
- Manage your bankroll: As with any type of betting, it’s important to manage your bankroll and only bet what you can afford to lose.
Common Mistakes to Avoid When Placing Each Way Bets
Here are some common mistakes to avoid when placing each-way bets:
- Forgetting to check the place terms: As mentioned earlier, each way bets offer different place terms depending on the number of runners in the race. Forgetting to check the place terms can result in disappointment if your horse doesn’t place.
- Placing each-way bets on short-priced horses: Short-priced horses (those with odds of 2/1 or lower) don’t offer much value for each way betting, as the place odds will be low.
- Placing each way bets on too many horses: Placing each way bets on too many horses can quickly become expensive and reduce your potential winnings.
- Chasing losses: Don’t chase losses by placing bigger bets than you can afford. Stick to your bankroll management plan and only bet what you can afford to lose.
Each Way Betting on Other Sports
While each-way betting is commonly associated with horse racing, it is also possible to place each-way bets on other sports such as golf and tennis.
In golf, each-way bet are typically placed on the outright winner of a tournament. The each-way terms in golf usually pay out for the top 5 or 6 places, and the odds are often longer than in horse racing. This means that each way betting can be a good option in golf, especially if you are looking for a longer shot.
In tennis, each way bets are usually placed on the winner of a tournament, or the winner of a specific match. Each way term in tennis can vary depending on the bookmaker, but they usually pay out for the runner-up position.
Each way betting can be a great way to increase your chances of winning and provide a safety net in case your selection doesn’t win. However, it’s important to understand the mechanics of each way of betting and to use it wisely. By following the tips and avoiding the common mistakes outlined in this article, you can make the most of each way betting and potentially win more money.