With a typical ‘win bet’, you only get paid out if your horse finishes first. The each-way bet allows you to bet on a horse to win but will also pay out if your selection finishes second or third. Occasionally, even a fourth-place can give you a return from the bookmaker.
The returns for winning and placing are calculated differently. Usually, you’ll get 1/5th the quoted odds for a horse that places. The bet will cost you double a standard win bet. The each-way bet’s appeal is easy to understand and has been a popular punt with racing fans for ages.
Betfair is now giving customers the option to extend each-way bets beyond the standard places. Using their ‘Each Way Edge’ feature. You could get paid out on more places when taking a punt on the horses with Betfair.
Typically, each way bets payout on places like this: race with 15 runners or more (4 places), race with 8 – 14 runners (3 places), race with 5 – 7 (2 places). Races with less than 5 runners (win only). Each-way places usually pay 1/4 or 1/5 of the quoted odds.
Using Betfair’s ‘Each Way Edge’, you’ll receive slightly lower odds in return for more places. When making your wager, the bet slip will display the option to add ‘Each Way Edge’. The odds and places update in real-time as you click on the available options. You’ll always know the price and places before placing your bet.
You’re under no obligation to take the ‘Each Way Edge’. But it’s nice to have the option. Stick with the standard each-way place terms if you think they’ll cover your selection.