Each Way Betting Explained
An ‘each-way’ bet is a type of bet offered by bookmakers which consists of two separate bets; a win bet and a place bet.
The main thing to understand if you are looking to place an ‘each way’ bet is that you are placing two equal sized bets. The first bet is on the horse winning the race and the second bet is on the horse finishing in the ‘places’ in the race.
The number of ‘places’ is determined by the number of runners in a particular race. For example, an ‘each way’ bet will payout if a horse finishes in 1st or 2nd place in a race of 6 horses but will payout if a horse finishes in the top four places in a race of 16 or more horses. The payout for a ‘place’ is normally one quarter of the odds for a ‘win’.
A common mistake that punters make is that they believe a £10 (or €10) ‘each way’ bet means their outlay is £10 (or €10). It isn’t. A £10 (or €10) ‘each way’ bet means that they had £10 (or €10) on the horse to win the race and £10 (or €10) on the horse to finish ‘in the places’. This bet would therefore have cost £20 (or €20).
You wish to place a £10 each way bet on a horse in a 12 runner handicap whose price is 12/1. The first bet is £10 at 12/1 that the horse will win the race and the second bet is £10 at 3/1 (being one quarter of 12/1) that your horse will finish either first, second or third. Your total stake is £20.
If your horse wins the race then the ‘win’ part of your bet pays and you receive £120 plus your £10 stake back = a £130 return. Your ‘place’ part of the bet also wins so you receive a further £30 plus your £10 stake = £40.
Your total return on this bet for your £20 stake would therefore be £170 = a £150 profit.
If your horse finishes second or third you lose your £10 ‘win’ stake. However, the ‘place’ bet has won so your return is £40 (as above).
If your horse finishes fourth or worse, you would lose your whole £20 bet.
It is easy to place an ‘each way’ bet online with Paddy Power. Once you have logged into your internet account, you can add the selection to your betslip. Your betslip will then give you options regarding the type of bet you wish to place and you can tick the ‘each way’ box. You then choose your stake. Don’t forget that your bet will be twice your stake – one ‘win’ bet and one ‘place’ bet.
Each way bets are also available in other sports. For example, an ‘each way’ bet in a golf tournament would mean that you would receive a payout (typically one quarter or one fifth of the ‘win’ odds) if your selection finishes in the top four or five places.