Each-way bets are common in the sports betting world. Even amongst those who are not familiar with the concept, the name “each-way bet” sounds familiar. Some bettors erroneously believe that they understand how it works. It is just as important that they grasp the basic concepts of each-way betting as those who are new players. In this brief gambling guide, we will walk you through the ins and outs of each-way betting.
Commonly Heard Often Misunderstood
Most sports bettors have heard about each-way bets. When the Grand National comes around each year, there is a flurry of activity, with punters often betting “each-way” on their favourite horses without understanding what it means. Most understand that their horse does not have to win to pocket a prize - it can often “place” in the top four, five or six positions. How do payouts work, though, and how is your bet structured?
One of the biggest misconceptions about each-way bets is that people believe it is “one bet”. It is not. An each-way bet consists of two bets - one on your horse to win and another on it to place. Let us examine this in closer detail.
How Does Each-Way Betting Work?
An each-way bet consists of two stakes - one on your horse to be triumphant, and the other requires it merely to place. Of course, the sakes for both bets are the same, which is where the confusion comes in. For instance, if you bet a Horse A to win at £5 and want an each-way bet your total stake is £10, consisting of a £5 To Win bet and a £5 To Place bet.
The number of “places” your horse can finish in varies from bookmaker to bookmaker. Most offer at least the top four, while some extend that to five, and a few even go as far as six places for major events such as the Grand National. With that in mind, how do you win your bet, then?
How Do You Win Each-Way Bets?
Each-way bets are essentially two bets allowing you to cover your bases. Remember, an each-way bet consists of two parts - a Win, and Place bet.
-If your horse does not win but finishes in one of the “places” at your bookmaker, you will win the Place bet and lose the Win bet.
-If your horse finishes outside of the places or does not finish at all, you will lose both bets.
-However, if your horse wins, then you will pocket winnings on both your Win bet and Place bet.
Allow us to show you an example:
Let us say that you wanted to bet £5 on Horse A to win at odds of 3/1. You decide to place an each-way bet, making your total stake £10 (with two bets).
-If Horse A finishes in third, you will lose your £5 Win bet but will pocket winnings on your Place bet, at whatever odds the bookmaker has chosen for places.
-If Horse A finishes in tenth (or fails to finish), you will lose your bets.
-If Horse A goes on to win, you will pocket 3/1 winnings on your Win bet (£15 return) and winnings on your Place bet, at the odds dictated by the bookmaker at the time you booked the bet.
The Best Sports to Wager Each-Way Bets On
Each-way betting is not limited to horse racing, although this is the sport where you will most commonly see each-way bets taking place. You can also use each-way bets in motorsports or any other sport where there is a “finishing order” in play.
While it is possible to wager “each-way” on football and two-sided team sports, this is not truly each-way betting. Instead, this is known as matched betting, so let us look at that next.
Is Each-Way Betting the Same as Matched Betting?
Each-way betting is “similar” to match betting in some ways and totally different in others. For instance, in horse racing, an each-way bet means that you are backing one competitor to finish in first, second, third, and so on. In matched betting, you are backing one competitor to win or not to win, but via a different process.
Instead of having dedicated betting options for each -way betting, as you get on horse racebooks, matched betting involves using two sites to both back and lay a bet. If done correctly (by making use of bonuses and free bets), you can guarantee a profit. But this is fraught with risk if you do not do things correctly and is not the same as true horse racing betting with each-way stakes.
The Pros and Cons of Each-Way Bets
Like all types of sports bets, there are pros and cons of betting each-way. One of the biggest pros is that your chance of obtaining a return is increased. Because your horse (in our example) can now finish in one of several positions, your chances of success are better. However, because an each-way bet costs the same as a Win bet, your stakes (and, therefore, your expenditure) will double.
You can pocket wins on both the Win and Place parts of the bet if your horse wins. This contrasts with each-way matched betting, where only one outcome will come true. The downside is that the odds for Place bets are often worth a fraction of what you can land with a Win bet, meaning that while your odds of success are increased, the amount you can win is decreased - unless you bag the Win bet, too.
The big question is, is each-way betting worth it? In all honesty - yes. Each-way betting is particularly suitable for horse racing and competitions where there is an established finishing orders lots of competitors (with decent odds) who could “reasonably” finish in the top positions and is a perfectly viable option, provided you stay away from overly costly stakes.
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