Each way bets are a popular type of bet in the world of sports betting. They offer a way for bettors to hedge their bets and potentially win money even if their chosen horse, player, or team doesn’t come in first place. In this article, we’ll take an in-depth look at each way bets, how they work, and some tips for using them effectively.
What is an each way bet?
An each way bet is a type of bet commonly used in horse racing, but also available in other sports betting markets. It consists of two separate bets: one bet on the horse (or other selection) to win the race, and one bet on the horse to place in the race. The place portion of the bet will pay out at a fraction of the win odds, depending on the number of runners in the race and the bookmaker’s rules.
For example, let’s say you place a £10 each way bet on a horse with odds of 10/1. Your total stake would be £20, with £10 going towards the win bet and £10 towards the place bet. If the horse wins the race, both bets will be paid out in full at odds of 10/1. If the horse finishes in a place (usually the top 2, 3, or 4 depending on the number of runners), the place portion of the bet will be paid out at a fraction of the win odds. The exact fraction varies depending on the number of runners and the bookmaker’s rules, but it is typically around 1/4 or 1/5 of the win odds.
Why use each way bets?
Each way bets offer several advantages over straight win bets. The most obvious advantage is that they offer a way to win money even if your selection doesn’t come in first place. This can be particularly useful in races with large fields or in sports where there is a high degree of uncertainty, such as golf or tennis. By placing an each way bet, you can hedge your bets and potentially win money even if your selection doesn’t win outright.
Another advantage of each way bets is that they can offer better value than straight win bets. This is because the place portion of the bet is paid out at a fraction of the win odds, which means that you can still make a profit even if your selection doesn’t win. For example, if you place a £10 each way bet on a horse with odds of 10/1 and it finishes second, you will receive a payout of £25 (£10 at 10/1 for the win bet, plus £15 at 1/4 or 1/5 of the win odds for the place bet). This means that you have effectively received odds of 5/1 or 6/1 on your selection to place, which may be better value than simply backing the horse to win outright.
Tips for using each way bets effectively
When it comes to using each way bets effectively, there are a few key tips to keep in mind. Here are some of the most important:
- Understand the bookmaker’s rules
Each betting site has its own rules for each way bets, including the number of places paid out and the fraction of the win odds paid for each place. It’s important to understand these rules before placing your bet, as they can have a big impact on your potential payout. Make sure to read the terms and conditions carefully before placing your bet.
- Look for value
As with any type of bet, it’s important to look for value when placing each way bets. This means finding selections that are priced higher than their true probability of winning or placing. Look for horses, players, or teams that have a good chance of finishing in a place but are being offered at higher odds than they should be. This can often be the case in races with large fields or in sports where there is a high degree of uncertainty. By finding value in your each way bets, you can increase your chances of making a profit in the long run.
- Consider the number of runners in the race
The number of runners in a race can have a big impact on the value of each way bets. In races with fewer runners, bookmakers may only pay out on the top two places, while in races with more runners they may pay out on the top four or five places. This means that you may be able to find better value in races with more runners, as the place portion of the bet will be paid out at a higher fraction of the win odds.
- Take advantage of promotions
Many bookmakers offer promotions and bonuses on each way bets, such as paying out on extra places or offering enhanced odds on certain selections. Make sure to check for these promotions before placing your bet, as they can provide a valuable boost to your potential payout.
- Manage your bankroll
As with any type of betting, it’s important to manage your bankroll effectively when placing each way bets. This means setting a budget for your bets, only betting what you can afford to lose, and avoiding chasing losses by increasing your stake after a losing bet. By managing your bankroll effectively, you can ensure that you can continue betting over the long term and maximise your chances of making a profit.
In conclusion, each way bets can be a valuable tool for sports bettors looking to hedge their bets and potentially win money even if their selection doesn’t come in first place. By understanding the bookmaker’s rules, looking for value, considering the number of runners in the race, taking advantage of promotions, and managing your bankroll effectively, you can use each way bets to increase your chances of making a profit over the long term. As with any type of betting, it’s important to gamble responsibly and only bet what you can afford to lose.
