Horse racing is one of the most popular sporting events to bet on in the world, with punters infatuated by the options at their disposal.
With races taking place all over the planet, practically 24/7 bettors can access a wealth of markets and bets that most other sports simply can’t compete with.
An each way bet is one of the most common stakes placed by punters, with the basic premise of the bet being to cover any losses – should your selection place (finish 2nd or 3rd) rather than win a race.
Some specialist services will give you each way tips, but read our guide for basic information.
Here is a guide to each way betting on horse racing:
How each way betting works:
An Each Way bet consists of two parts: The win part and the place part (the horse to come 2nd, 3rd, or 4th) and both are of equal stake.
- To place an each way bet, punters must make a selection on a particular race tick the ‘each way’ box.
- This will then require you to double the stake placed (i.e. a £1 each way bet, will cost you £2).
From here, should your chosen selection win the race you will be paid out as normal with the bet placed on the win.
Should your horse finish placed however, you will be paid a fraction of the odds (usually 1/4 or 1/5 of the winning price) depending on how many horses are in the race.
- Placing a £1 each way bet on a horse to win at 10/1 will cost you £2.
- If the horse wins the race, the first £1 laid down will yield a return of £11 (£10 won plus £1 staked).
- The horse also placed by finishing 1st, so the second £1 bet of the each way punt pays out.
- The bookmakers are paying out 1/5 of the odds on this race for placing, so 1/5 of 10/1 = 2/1.
- Meaning the second £1 bet pays out at 2/1, giving a return of £3.
- With the final return being £11 + £3 = £14 back off a £1 each way bet.
Things to look out for when each way betting:
Don’t go each way on short odds horses – Each way betting is a means to cut your losses, meaning it shouldn’t really be used when backing favourites. If a horse is 4/1 and it is backed each way, it has to win the race to yield any sort of positive return – finishing in the places still brings a loss. So back the longer odds horses each way and go for the straight win on the shorter priced picks.
Read the Terms and Conditions – Every race is different in terms of how many places they pay out. If there are between five and seven runners in a race, only the top two horses get paid out on, whereas if there are over eight horses in a race – it pays out to three places. So be sure to look for races that have plenty of runners on the card to maximise your profits from each way bets.