If you’re familiar with the world of betting, each way bets are likely something that you’re already aware of. However, while relatively popular among seasoned gamblers, those with less experience can often be unsure about what an each way bet means and how it works.
Luckily, it’s a simple process to understand, and for those players who normally frequent our selection of some of the top casino card games and are less familiar with horse racing betting and football betting, we’ve got you covered.
Put simply, an each way bet is a type of wager that allows players to bet on two distinct outcomes at the same time: winning and placing. This means that if your selection finishes first in their event, you get a return on both parts of your bet, while if they place, you get a return on the place part of your bet, which is usually a fraction of the win odds.
The key advantage of this is obvious: the chance of you earning a return on your bet is significantly increased, as you don’t need to back the outright or overall winner to earn a return. These are particularly good to use on our Cheltenham 2020 tips.
How An Each Way Bet Works
Each way betting is relatively popular in sports such as horse racing, where punters can choose to bet on the outcome of a specific race, or in football where punters can bet on the overall outcome of a season. But one element that can deter people from placing this kind of bet is a lack of familiarity or understanding. That’s why we’ll begin by providing a more in-depth explanation of how this particular betting instrument works.
When you place an each way bet, it is viewed as two separate wagers. The first of these is a bet on your selected horse or team to win, meaning that if they end the event victorious, you will receive a payout.
The second bet is on the horse or team to place, which means that if they finish in the top two or three (or another position covered by the wager), you’ll win your bet.
If, for example, you placed a £5 each way bet on a particular horse, your total stake would be £10: a £5 bet on the horse to win, and a £5 bet on the horse finishing in the top three.
How Much Does An Each Way Bet Cost?
The cost for placing an each way bet can incrementally increase depending on the initial stake you would like to wager. For those new to the each way betting format, we’ve put together this handy table to help you get started:
|Unit Stake||Total Cost|
How To Calculate Potential Winnings From An Each Way Bet
If you’re wondering how to calculate the potential winnings for an each way bet, there are three factors you’ll need to take into account: the betting odds, the number of places, and the each way fraction.
The betting odds will influence how much you win if your chosen runner or team emerges as the winner and functions no differently than they would if you were to make a standard bet.
The number of places is also important in an each way bet, because they show where your selection will need to finish in order for you to win the place bet. While a top-three position is the standard for such a wager, this may vary according to how many runners are participating in the sporting event.
The each way fraction determines how much you will walk away with if the horse or team places as opposed to winning. Because the odds of this are higher than the odds of it placing first, this part of the bet is reduced by the fraction provided – typically, by around 1/4 or 1/5.
What this means is that you have two different potential outcomes from your each way bet. If your selection triumphs, you will effectively win on both of the bets you placed, so to calculate your returns, you’ll need to add the winnings for the two together.
If your selection doesn’t win but does place, your first bet loses, but your second bet will return some money, the winnings of which can be calculated by taking your original odds and then applying the each way fraction.
Each Way Betting in Horse Racing
In horse racing, the number of placings a punter can be paid out for in each way betting will be determined by the number of runners that are taking part in a race. For example, if less than five horses take to the track, then punters will only be paid out on the winner with no each way betting offered, whereas if there are more than 16 runners in a race, there is the chance punters can receive a payout if their horse finishes fourth, fifth or sixth.
|No. of Runners at the Off||Place Terms|
|5-7||1/4 odds on 1st and 2nd|
|8- 11||1/4 odds on 1st, 2nd and 3rd|
|12- 15 (handicap)||1/4 odds on 1st, 2nd and 3rd|
|12+ (non handicap)||1/4 odds on 1st, 2nd and 3rd|
|16+ (for races such as the Grand National)||1/4 odds on the 1st, 2nd, 3rd and 4th|
The Advantages Of Each Way Betting
Now that you’ve read our explanation, you can no doubt see the clear advantage of each way betting as it can potentially increase your chances of earning a return on your wager. This makes it a particularly handy instrument for sporting events in which there are no strong favourites and the field is large, such as the Grand National betting. With this in mind, many view it as a lower risk – albeit lower gain – approach to betting.
The Disadvantages Of Each Way Betting
Unfortunately, where there are advantages, there are almost always disadvantages to balance them out, and this is as true for each way betting as for anything else. Foremost among these is that placing such a wager effectively doubles your stake, which means if you wish to place a £5 each way bet this will incur a total cost of £10, so it’s always something our punters should be aware of.
How To Place An Each Way Bet
If you want to place an each way bet, here at 21.co.uk we’ve made it simple to do so. You can place an each way bet on everything from horse racing to football (in certain markets). When you’ve picked the bet you want to place, all you need to do is tick the E/W box in the first part of your betting slip, where it will also show the each way fraction odds. This automatically calculates and displays the odds, your required stake (which can be increased or decreased), and your total potential return within your betting slip, so you can quickly get an idea of the numbers before placing your bet.
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