Most of us are familiar with online betting and the each way bet. It’s exactly the same as heading to your high street bookie, except you use your computer or mobile device.
The idea is that you bet on the outcome of a particular race or game. If you’re right then you win and if you’re incorrect, then you lose your stake.
Betting originally started off with the ‘Win’ bet. You simply picked who you believed would win and you backed them. But as gambling evolved so too did the range of bets.
What Is An Each-Way Bet?
This is used in big races or tournaments including sports like horse racing and golf. It is ideal if you fancy a horse or player to do well, but not necessarily to win.
When you bet ‘Each Way’ you are actually having two bets in one. The first bet is for the win. The second bet is for the place.
If you don’t win but your player or horse places then you do get a return on your bet. However, you should note that you will only get 1/4 or 1/5 of the quoted odds back. So if you back a horse each-way at odds of 20/1 and he only comes second, you will get back a quarter or a fifth of the quoted odds.
How Many Places On An Each Way Bet?
This is where it gets interesting. Historically it was always 1/4 of the odds on any given race. That has changed slightly in recent times so here is how many places will be paid out:
- Any race with less than five runners – Win Only
- Five, six or seven runners in a race – Two Places at 1/4 odds
- Between eight and eleven runners – Three Places at 1/5 odds
- Between twelve and fifteen runners – Three Places at 1/4 odds
- More than sixteen runners – Four Places at 1/4 of the odds
The only exception to the rules above is when a bookmaker offers enhanced places. So when the Grand National or the big Cheltenham Races role around, you may see ‘Paying out to 5 Places’. Yes, they are, however, that also means they can reduce the payouts across the board and only have to offer 1/5 of the odds, instead of 1/4 of the odds.
When To Place An Each Way Bet?
The ability to place an each-way bet will depend on the sport. If you love Golf and think your favourite player is in with a shot of winning a big tournament, then the chances are that an each-way bet will be available.
As with all sports, the further in advance you make the bet the higher the odds will be. Don’t expect great odds on a player that is having the round of his life. If you can see it, so can the bookmaker and the odds will shorten to reflect this.
In fact, in advance of some of the really big golf tournaments, you can often snag an each-way bet that will pay out to 10 places. So as long as your golfer finishes in the 10, you should see a return on your bet.
In horse racing, it is slightly different. The places, as laid out above, are far more specific. You cannot place an each-way bet on a race that has five or fewer runners.
How Much Does It Cost?
As we’ve said before, an each-way bet is made up of two bets. One on the win and one on the place. So with two bets comes double the cost. So a £5 win bet becomes a £10 each-way bet.
This is great when there are a large number of places being paid out or the odds are really good. Backing a 100/1 that comes third in the Grand National will often pay out more than the winner!
However, there is one rule to note. You shouldn’t back a horse or player each way unless the odds are over 5-1. You could never win enough to cover your original stake at odds of 5-1 or shorter.
You can back ‘Each Way’ with all online bookmakers. The betting slips are very easy to fill out and changing your bet from a ‘win’ to ‘each way’ is as easy as ticking a box.