Each Way Bets Explained | How To Calculate EW Winnings

Each Way Bets Explained | How To Calculate EW Winnings

An each way bet involves places two equal bets on the same horse: one to win and the other to finish in a top 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:

  1. Win: If the horse comes 1st, you win both the ‘Win’ and ‘Place’ parts of your Each Way bet.
  2. 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.
  3. 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

Each Way Bets Explained — How To Calculate EW Winnings

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

You can use regular bookmakers and betting exchanges to place Each Way bets. For a wide range of markets, I recommend the following options:


1. Bet365

Bet365 is a standout for each-way betting due to its extensive range of ‘Each Way Extra’ offers, where you can add places to your each-way horse racing bets and take a reduced price or remove places and increase the odds on your selection.

They also provide a price-match guarantee for ITV races, matching the best prices of major competitors from 10 am until 15 minutes before the race starts.

Additionally, Bet365 offers Best Odds Guaranteed (BOG) on bets, you benefit if the odds improve by the start of the race.

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2. Betfred

Betfred is well-regarded for offering bonuses on multiples, and this extends to each-way betting with ‘Super Extra Places’—a promotion where selected races offer additional each-way places, enhancing the chances of winning part of your bet.

They also provide Best Odds Guaranteed (BOG) on bets placed after 8 am on the day of the race, further increasing the value of each-way betting with them.

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3. Unibet

Unibet is noted for its extensive extra place race offers, making it a strong option for placing each-way bets. Players should look out for ‘Price Boost’ and ‘Super Boost’ odds, which apply to either individual runners or the entire field — but only to the win part of an each-way bet.

However, please note that Unibet does not offer Best Odds Guaranteed (BOG).

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4. William Hill

William Hill is known for its extensive selection of extra places, featured in selected race meetings each week. In addition, they provide a top price guarantee on specific races.

While they no longer offer Best Odds Guaranteed (BOG), William Hill is notable for its willingness to accept larger bets at extra place terms, which is beneficial for bettors.

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5. Boylesports

Boylesports offers a selection of Extra Place races every day and also applies Best Odds Guaranteed (BOG) to singles and multiples placed from 8am on the day of the race.

It’s worth checking the terms of Boylesports’ Extra Place races as there are limitations — such as the place odds being capped at 1/5 and a maximum of £1,000 in additional winnings 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

  • Reduced Risk

    Each Way betting provides a safety net compared to traditional win-only bets. If your selection doesn't win but places, you still receive a payout, albeit at reduced odds.

  • Higher Strike Rates

    EW bets often yield higher strike rates because they offer two opportunities to win: once for the win part and again for the place part of the bet.

  • Extra Places

    Many bookmakers offer promotions with extra places, particularly in larger fields or prestigious events like the Grand National. This increases the likelihood of your bet paying out.

  • Flexibility

    Each Way betting allows bettors to hedge their bets to some extent. If you have a strong feeling a selection will perform well but may not win outright, EW betting allows you to cover both scenarios.

Cons

  • Lower Odds for Place Part

    The place part of an Each Way bet typically pays out at a fraction of the win odds (e.g., 1/4 or 1/5). This means if your selection places but doesn’t win, the payout is significantly lower than if it had won outright.

  • Higher Stakes

    Each Way bets require doubling the stake because they consist of two separate bets: one for the win and one for the place. This increases the overall cost of betting compared to a single win-only bet.

  • Dependence on Field Size

    The attractiveness of Each Way betting can vary depending on the size of the field. Larger fields generally offer more places, increasing the potential for a return, whereas smaller fields may not offer enough places to justify an EW bet.

  • Complexity in Place Terms

    If you misinterpret the terms or are unaware of specific conditions (like the number of places paid and the fraction of odds), it can lead to unexpected outcomes or lower-than-expected payouts.

More Racing Bet Types

Lay Bet | What's Lay Betting? How Does It Work?
Place Bet | What's A Place Only Bet? How Does It Work?
Full Cover Bets | What's A Full Cover Bet? What Types Are There?
Forecast Bets | What's A Forecast Bet? What Types Are There?
Tote Pool | What Is Tote Betting? How Do Pool Bets Work?
Toby @ Punter2Pro
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