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What is an Each Way Bet?
Each way bets are one of the most popular types of bet provided by betting sites in the United Kingdom.
Each way bets allow customers to have a two-part bet, one on the selection to win and the other part on the selection to place.
It is one of the most useful tools for bettors to use on a range of sports, offering an element of protection to bettors if their selection fails, but finishes with the placing parameters set by their chosen bookmaker.
For those who are new to each way bets, we’ll break down exactly what it is and how to place one in our complete guide to an each way bet.
What is an each way bet?
An each way bet is a two-part bet. These bets are commonly used on horse racing, but can also be used on football and other sports.
One part of your bet is lodged on the win market and the other part your selection to place.
The place terms are selected by your bookmaker, requiring your pick to finish in the top two or three. Alternative place markets are available, especially around major events such as Cheltenham Festival.
How does an each way bet work?
Each way betting is mostly associated with horse racing, with bettors taking particular interest for races like the Grand National.
There are two main sections to an each way bet; the win bet and the place bet. When placing an each way bet you split your stake to put 50 per cent on a win bet and 50 per cent on the place market.
If your selection wins then both the win and place sections of the bet pay a return, and if the selection places then only that part of the bet pays a return, which will be at a fraction of the outright price.
Advantages of an each way bet
The advantage of an each way bet is that it opens the chance of receiving a payout on your bet even if your selection fails to win outright. By splitting your stake, you increase your chances of winning your bet and it reduces the risk of losing your stake entirely.
This is particularly useful in horse racing, especially for selections with longer odds. It gives you the chance to target specific horses that may not necessarily win the race, but still return a decent profit for bettors by placing.
Each way betting in horse racing
Each bets are one of the most popular bet types available on horse racing betting sites. The each way bet system lends itself perfectly to the sport, offering payouts for horses that place in the top two, three or four depending on the bookie.
The number of places paid on an each way bet will be different between the bookmakers but it will be clearly displayed and the minimum number of places is based on how many runners there are.
In a field of five to seven runners, the minimum number of each way offers is likely to be two.
If the field is eight or more, the minimum number of each way places offered goes up to three, and if there are 16 or more (handicap races) then the number can increase up to four.
Be sure to check the number of places and the each way odds before lodging wager online.
Each way betting in other sports
Each way betting can also be used in other sports such as football and golf, among others. It works well in sports with outright markets where punters can back a team or player to finish in the top positions.
Each way bets on football are especially popular for start of season predictions. Football betting sites will let users back a team to win a league or tournament, and permit them to receive a payout if their selection finishes in the top three or four.
The same applies to golf and tennis tournaments if players finish in the top five in a major or reach the final of the Grand Slam respectively.
Each way odds and payouts
Customers must pay attention to each way betting odds. You’ll receive the outright price for your win bet, but for the place bet, your odds will usually be around a 1/5 of the outright price. This will naturally affect the payout you receive.
This may differ depending on the bookie, and you may receive offers including a 1/4 of the outright price, especially for promotions around major events.
For horse racing, bookies usually offer payouts on the top two, three and four depending on the number of runners. But, around major events such as Cheltenham Festival, Royal Ascot and the Grand National, bonuses will be available for extra places.
Bet365 and William Hill are among the best extra place bookies. New betting sites are another good option for extra places as they look to offer a different approach to established operators.
Each way bet example
If you place an each way bet on Horse A at 16/1 in a race and your total stake is £10, your wager will be split £5 on the outright at 16/1 along with £5 each way to finish the top three at 1/5 of the outright price.
If your selection wins, you get a return on both the win part of your bet and the place part of your bet. You would receive a total profit of £96 along with your £10 original stake.
In terms of your profit, you would receive £80 for the win bet, and a return of £16 from the each way portion.
If you’re unsure about payouts use an each way bet calculator. These are available on betting sites and betting apps, with the each way betting calculator at William Hill being a particular standout to help users.
Each way bet strategy
There are opportunities for bettors to capitalise on each way bets to secure payouts without their selection winning the event.
Large horse racing fields such as the Grand National, Royal Ascot or Cheltenham provide these opportunities as bettors can target horses with larger odds. Although they may not win the race, customers can still secure a good payout if they finish within the placing parameters set by the bookies.
This strategy can also be the case for golf, where betting sites will offers extra places for the majors up to the top 10.
Using promotions is another approach to getting the most out of each way bets. Look out for extra places and stronger odds on each way bets, offering 1/4 of the odds rather than a 1/5. Compare and contrast the odds you find to get the best possible price.
Responsible gambling
Bettors must make sure they follow responsible gambling practices from the minute they sign up for any bookmaker.
Betting is not a way to make money online and should only ever be considered a form of entertainment. Make sure to never bet more than you can afford to lose, and always assume you will lose when placing bets.
Customers should always remain in control of their budget. Should you wish to seek help for gambling-related issues, there are multiple charities and healthcare providers who offer support and information.
Conclusion
An each way bet allows customers another option to a straightforward win bet, particularly for horse races with large fields.
There are a number of bookmakers who will offer a number of each way offers including Bet365, William Hill and BetVictor.
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