The win and each way bet Explained
An each-way bet, sometimes called a place bet, is a bet type that you may find commonly associated with horse racing. However, the win and each way bet can appear in many different sports competitions.
This is a staple bet for UK betting sites. However, a lot of people are a bit confused about how they work.
So, we figured we would walk you through everything that you need to know about a win and each way bet.
There are 2 parts to the win and each way bet
Technically, an each-way bet is two bets rolled into one.
However, it isn’t like an accumulator.
With an accumulator, if you lose one part of the bet, you are done for.
With an each-way bet, you can lose one part and still win the other.
The two parts are:
- A bet on the selection to win
- A bet on the selection to finish in a ‘place’ position. The definition of ‘place’ can vary between sports.
Whatever you stake will be split evenly between these two bets. So, if you place a £20 bet on each way, then £10 will be staked at the odds to win, and £10 will be staked at the place position.
How the betting odds are calculated
Since there are two parts to the bet, there are two betting odds at play here:
- The bet on the winning will be the same as the normal odds.
- The bet on the place position will be a fraction of the normal odds. The bookie should tell you what the odds are here.
If your selection wins, then you get both payouts i.e. you will receive a payout on both bets.
If your selection comes in a place position, then you will receive a payout only on the 2nd bet.
How many ‘places’ you can bet on
This is where things can get somewhat confusing. This is because the definition of ‘place’ isn’t set in stone. The bookie should tell you what they define as a place bet.
You may also find that place bets are not available for all sports. In fact, you will likely only find them for football futures, racing, golf, and Ólympic events.
For football futures, for instance, a place bet will normally cover the two teams in a final. For league-based events, it may be the top 3/4 positions.
The only time there is a little bit of guidance about what a place bet covers will be horse racing. This is because the Jockey Club have explicitly stated what a place bet is. This only applies to races carried out in the UK, though:
- If there are more than 15 runners, then a place bet is for positions 1 to 4. The payout will be 1/4 odds.
- Between 12 and 15 runners, the place bet is for top 3. This is also 1/4 odds.
- 7 to 11 runners is top 3. This is 1/5 odds
- 5 to 7 runners is top 2, this is 1/4 odds
You cannot place an each-way bet on races with under 5 runners.
You can lose money with an each-way bet
When most people see each-way bets, they love them. They think that it is a great way to cut the risk. However, it doesn’t quite work like that.
It is easy to make a loss on an each-way bet. Dreadfully easy. Even if your selection comes in a place position, you may still end up losing.
To ensure that you do not make a loss with an each-way bet, you need to ensure that the payout for a place is 1/1 odds. This will have you breaking even. More than 1/1 and you make a profit if the bet comes through. Less than 1/1, and you will lose your bet.
For this reason, it is recommended that you only place an each-way bet if you know what you are doing. A lot of bookies make profit with each-way bets because people don’t have a clue what is going on.
Each-way bets are a great way to gamble if you know what you are doing.
It can cut the risk of gambling on certain events, particularly futures markets. However, you can make a loss, even if you win your bet. Therefore, it is vital that you understand how the bookie is calculating the odds.
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