- An Each Way bet involves placing two equal bets on the same horse: one to win and the other to finish in a designated place position.
What Is an Each Way Bet?
An Each Way (EW) bet is bet a type commonly available in horse racing, and also other sports such as golf or tennis. It is essentially two bets in one: one bet is for the horse (or player) to win, and the other bet is for the horse (or player) to place.
The “place” portion of the bet pays out if the horse (or player) finishes in the top two, three, or four places depending on the size of the field and the specific rules of the bet. The payout for the “place” portion of the bet is a fraction of the win payout, determined by the odds and the number of places being paid out.
The outcome of your Each Way bet depends on where the horse came in the race. There’s three potential outcomes:
- Win: If the horse comes 1st, you win both the ‘Win’ and ‘Place’ parts of your Each Way bet.
- Placed: If the horse finishes in the designated places (e.g., top 2, 3, or 4), you win the ‘Place’ part but lose the ‘Win’ part of your bet.
- Unplaced: If the horse fails to place, you lose both the ‘Win’ and ‘Place’ parts of your bet.
EW betting is particularly popular in unpredictable races like the Grand National, where predicting the outright winner is challenging. The advantages of Each Way bets include higher strike rates and more consistent results, making them suitable for a low-risk betting strategy.
Example
Imagine you place a £10 Each Way bet on a horse with odds of 10/1.
This means you’re effectively placing two separate £10 bets: one for the horse to win and another for it to place, making your total stake £20.
Here’s how it works:
- If the horse wins the race, you receive payouts for both the win and place bets.
- If the horse finishes in one of the designated place positions (e.g., top 2, 3, or 4 depending on the race and bookmaker), you receive a payout for the place bet. This payout is typically a fraction of the win payout.
- If the horse neither wins nor places, both the win and place bets lose.
It’s crucial to note the place terms specified by the bookmaker. These terms determine how much you’ll receive for the place part of your bet. I’ll provide detailed explanations in the following sections.
Each Way Place Terms Explained
The place terms are determined by the Bookmaker or Betting Exchange where you place your Each Way (EW) bet, typically found on or near the bet slip.
There are two key components to understand about Each Way place terms:
- Places Paid: This specifies the number of positions that qualify for the ‘Place’ part of the bet.
- Place Fraction: This is the fraction of the win odds used to calculate the payout for the ‘Place’ bet.
For example, if the place terms state: “This EW market pays 1st-3rd in the race at 1/5 odds,” it means:
- You can win the ‘Place’ bet if your selection finishes in the top 3.
- The payout for the ‘Place’ bet will be calculated at 1/5 of the win odds.
An EW market Paying 1st-3rd in the race at 1/5 odds
To determine your potential winnings from an Each Way bet, you can use an Each Way Bet Calculator by inputting the odds, stake and place terms. For a detailed step-by-step calculation example, continue to the section ‘How to Calculate Each Way Payouts’ below.
Best Bookmakers for Each Way Bets
1. Bet365
Bet365 is a standout for each-way betting due to its ‘Each Way Extra’ feature, which lets you add or remove places on selected races in exchange for adjusted odds.
They also offer Best Odds Guaranteed (BOG) on all UK and Irish races from 8am on the day of the race, ensuring you benefit if the starting price is higher than the price you took.
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2. Betfred
Betfred is well-regarded for its ‘Super Extra Place’ races, where selected events offer additional each-way places to boost your chances of a return.
They also offer Best Odds Guaranteed (BOG) on UK and Irish races for bets placed after 8am on the day of the race.
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3. Unibet
Unibet offers Extra Place Specials on selected races, along with Price Boosts and Super Boosts that apply to the win part of a bet.
Unibet also offers Best Odds Guaranteed (BOG) from 8am on UK and Irish races, though it does not apply when extra place terms are used.
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4. William Hill
William Hill regularly features extra places on selected races, along with a top price guarantee on specific meetings.
Best Odds Guaranteed (BOG) is also available from 8am on the day of UK and Irish races, making them a strong option for each-way punters.
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5. Boylesports
Boylesports offers daily Extra Place races and applies Best Odds Guaranteed (BOG) to all UK and Irish races from 8am on the day of the event.
Note that their extra place races typically use 1/5 odds, and additional winnings may be capped at £1,000 per day.
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How to Calculate Each Way Payouts
Now, let’s walk through the manual calculation of Each Way profits using both Fractional and Decimal odds, without relying on an online calculator.
Imagine you’ve placed an Each Way bet of £10 (£5 on Win and £5 on Place) on a horse priced at 20/1 (21.0 decimal odds). The Each Way terms for the race are:
- 6 places at 1/5 of the odds.
Here are the three potential outcomes of this EW bet:
1. Race Winner
Here are the results of the win and place bets when the horse wins the race:
Win bet:
- Fractional: £5 x (20/1) = £100 + £5 stake back = £105 return
- Decimal: £5 x (21.0 -1) = £100 + £5 stake back = £105 return
Place bet:
- Fractional: £5 x (20/5) = £5 x (4) = £20 + £5 stake back = £25 return
- Decimal: £5 x ((21.0 -1)/4) = £20 + £5 stake back = £25 return
Total Return = £105 (Win) + £25 (Place) = £130
Total Profit = £130 (Total Return) – £10 (Total Risk) = +£120
2. Placed
Here are the results of the win and place bets when the horse places but doesn’t win (i.e. it finishes 2nd-6th):
Win bet:
- Fractional & decimal: £0 return
Place bet:
- Fractional: £5 x (20/5) = £5 x (4) = £20 + £5 stake back = £25 return
- Decimal: £5 x ((21.0 -1)/4) = £20 + £5 stake back = £25 return
Total Return = £0 (Win) + £25 (Place) = £25
Total Profit = £25 (Total Return) – £10 (Total Risk) = +£15
3. Unplaced
Here are the results of the win and place bets when the horse does not place in the race (i.e. it finishes 7th or lower):
Win bet:
- Fractional & decimal: £0 return
Place bet:
- Fractional & decimal: £0 return
Total Return = £0
Total Profit = -£5 (Win) + -£5 (Place) = –£10
Remember: you can simply use an online Each Way Bet Calculator.
How Do Dead Heats Impact Each Way Bets?
Determining the winner of a race often involves a photo finish. However, when the result is too close to call and results in a “Dead Heat,” it means there is a tie between one or more horses.
Each Way bets handle Dead Heats in the same manner as other bet types. The stake is divided among the number of winners in the event.
For instance, in a two-way Dead Heat (where 2 horses tie for the win), the return and profit would be half of what they would have been if the horse had won outright. In the example above, the bet would return £77.50 with a profit of £67.50.
The Pros & Cons of Each Way Betting
Each Way betting presents both advantages and disadvantages that bettors should carefully weigh before placing their bets.
Pros
Cons
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