Sometimes you’ll hear people say “that’s worth an each-way bet”, but what exactly does that mean and how do you bet each way?
My guide to each way betting is simple and straightforward. It’ll show you the correct way to write out each-way bets and explain when you should and shouldn’t bet each way.
The ideal situation for an each-way bet is when you fancy a horse to run well, but you’re not sure it’ll win. The each-way bet covers your horse to win, but also pays out if your horse finishes 2nd or 3rd (and sometimes even 4th place if the race has 16+ horses running).
The each-way bet is really two bets in one. The first part of the bet covers your horse to win the race. The second part of the bet covers your horse if it fails to win but manages to finish in 2nd, 3rd or 4th place.
Because the each-way bet has two parts the stake is doubled. For example, a £5 each way bet actually costs you £10. You can’t bet on a horse each way if the race has less than 5 runners. A race with 5 ~ 7 runners will only payout on a 2nd place.
When And How To Bet Each-Way?
It’s worth noting that you will only get 1/4 or 1/5 of the quoted odds if your horse finishes in 2nd, 3rd or 4th place. Which means you shouldn’t back a horse each way unless it’s odds are over 6/1. This is because you could never win enough to cover your original stake.
Writing out a betting slip for an each-way bet is quite simple. All bookmakers offer the service and online it’s as easy as ticking a box. Some even promote additional places for big sporting events. So you may even see bookmakers paying out to 10 places on golfing tournaments such as The Masters, or even pay out on 5th place for big races like the Grand National.
Don’t forget though, betting each-way isn’t just for horse racing. You can bet each way on a lot of sports now, football and golf being two popular ones. An each-way bet can be placed on them in things such as ‘Top Scorer’ or ‘Who Will Win The League’. The bookmakers will specify how many places get paid out.
For example, you could back Harry Kane to finish top goalscorer. If the bookmakers were paying three places and Kane finished third overall, you would still get paid something back. But remember to check the odds to see if it’s even worth betting each-way!
An Example Of Betting Each-Way
The first example is an each-way bet that wins. You’ve put £10 EW (total £20) on a horse to win at 5/1 and the each-way is for the first three places at 1/4 of the quoted odds.
- The first part of the £10 EW bet would return £60. This is £50 profit from the odds of 5/1 and then the £10 stake is also returned.
- The second part of the £10 EW bet would return £22.50. This is more complicated to work out. £12.50 is profit i.e. £10 x 5 (5/1 odds) = £50. £50 / 4 (a quarter of the odds) = £12.50. The remaining £10 comes from the stake being returned for the second bet winning.
- So overall a winning £10 EW bet at 5/1, paying three places at 1/4 odds, would return £82.50, a £62.50 profit.
The second example is an each-way bet that comes in fourth place when paying five places.
You’ve put £5 EW (£10 in total) on a horse to win at 15/1 and each-way pays out 1/5 of the quoted odds.
- The first part of £5 EW would return £0. This is because this bet was only on the horse to win and as it came fourth, that initial bet lost.
- The second part of £5 EW would return £20. A fifth of the quoted odds is 3/1. That returns a £15 profit and then your £5 stake.
- Overall you have received £20 and made a £10 profit.