Each Way Bets Explained — How To Calculate EW Winnings

Each Way bets enable punters to cover more places in a horse race, thereby reducing their risk and avoiding disappointment if a selection doesn’t win.

EW betting is popular in unpredictable races — such as the Grand National — where the chance of selecting the outright winner is relatively low. Thus the main advantages of Each Way betting are higher strike rates and steadier results. EW bets are suitable for a low-risk horse racing strategy.

The trade-off is that EW payouts are lower than riskier straight ‘Win’ bets which offer no “safety net”. So how exactly do you calculate the winnings of an Each Way bet? How does EW betting work?

Here’s everything you need to know about Each Way bets.

 

What’s An Each Way Bet? How Does It Work?

Each Way is a two-part bet which applies to horse racing. Your stake is split into two equal parts of the same amount:


1. The ‘Win’ Part

  • If the horse comes 1st place then this half of the bet wins (else it loses).
  • Punters are paid out as per any standard ‘Win’ bet.

2. The ‘Place’ Part

  • If the horse places in the race then this half of the bet wins.
  • Places are determined by the bookmaker. For example, it might be 1st-4th place.
  • Punters are paid out according to the “Place terms” stated (see below).

So if you place a £10 Each Way stake on a horse, £5 goes on the ‘Win’ market, and £5 goes on the ‘Place’ market.


Potential Outcomes Of Your Bet

The outcome of your Each Way bet depends on where the horse came in the race. There’s 3 scenarios:

  1. Win. The horse comes 1st place. You win both the ‘Win’ and ‘Place’ parts of your Each Way bet.
  2. Placed. The horse didn’t come first, but still placed. You win the ‘Place’ part and lose the ‘Win’ part of your bet.
  3. Unplaced. The horse failed to place. You lose both the ‘Win’ and ‘Place’ parts of your bet.

Importantly, you need to take note of the Place terms. These are used to determine the payout for the Place part of your bet.

 

Each Way “Place terms” Explained

Place terms are set by the Bookmaker or Betting Exchange that you place your EW bet with. They’re usually stated within, or next to, the bet slip.

There’s two things you need to know about the Each Way Place terms:

  • Places paid. This is the number of places eligible to win the ‘Place’ part of the bet.
  • Place fraction. This is the value you multiply by the odds to workout the payout for the ‘Place’ bet.

This EW market pays Pays 1st-3rd in the race at 1/5 odds

Each Way Bets Explained — How To Calculate EW Winnings


Most bettors don’t know how to work out the winnings of an Each Way bet. But it’s easy to calculate once you see a worked example.

 

How To Calculate Each Way Payouts

Suppose you’ve placed an Each Way bet of £10 (£5 on Win, £5 on Place) at a price of 20/1 (21.0 decimal odds). The Each Way terms of the race are:

  • 6 places at 1/5 of the odds.

Here’s the three possible Each Way scenarios calculated under both fractional and decimal odds formats.


Case 1: The Horse Won The Race


Win part:
  • Fractional: £5 x (20/1) = £100 + £5 stake back = £105 return
  • Decimal: £5 x (21.0 -1) = £100 + £5 stake back = £105 return

Place part:
  • 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


Case 2: The Horse Finished 2nd-6th


Win part:
  • Fractional & decimal: £0 return

Place part:
  • 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


Case 3: The Horse Failed to Place


Win part:
  • Fractional & decimal: £0 return

Place part:
  • Fractional & decimal: £0 return

Total Return = £0

Total Profit = -£5 (Win) + -£5 (Place) = –£10


You can follow the calculations above or simply use an online Each Way Bet Calculator, like the one at AceOdds.

 

How Are “Dead Heats” Calculated In Each Way Bets?

The winner of a race can usually be settled by a photo finish. But at times it is too close to call and the race result is declared a “Dead Heat” — which means a draw between one or more horses.

Dead Heats are treated the same for Each Way bets as any other type of bet. The Dead Heat is calculated by dividing the stake between the number of winners in the event.

So in a two-way Dead Heat (2 tied winners), the return (and profit) will be half of what it would’ve been if the horse won on its own. The above example bet would return £77.50, and £67.50 profit.

 

Where To Place each Way Bets


Bookmakers

I can recommend the following Bookmakers for placing Each Way bets. They each offer Best Odds Guaranteed.

You can find the latest Bookmaker signup promotions from The Best Free Bets.


Betting Exchanges

You can also place Each Way bets at Betting Exchanges. However, you won’t be eligible for Best Odds Guaranteed.


That’s everything you need to know about Each Way betting. Always remember to make the distinction between return and profit. I’ve illustrated both in my example calculations.

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