What is an each-way bet?

Each-way betting is common on horse racing

Each-way betting is a common bet type for horse racing as it allows the punter to wager on a horse to win a respective race, but also to place in the same event.

Some punters prefer to wager on a horse to win only (or place only) while others prefer to place an each-way bet which is both bet combinations; that is for a horse to win and for a horse to place.

To clarify, each-way betting is applicable to not only horse racing, but also to harness racing, greyhound racing and sports.

WHY PLACE AN EACH-WAY BET?

One of the main reasons why placing an each-way bet makes sense is that you are increasing the likelihood of receiving a dividend on an event.

Using horse racing as an example, if you place an each-way bet on an event that has eight or more runners, you will receive a win dividend if your horse runs first, while you will receive a place dividend if your horse runs first, second or third. 

Odds reflect this likelihood which is why place odds are lower than win odds but you have a greater chance of successfully landing a place bet compared to a win bet. The beauty of each-way betting is that if the horse wins, you will receive two payouts (one for the win and another for the place).

EXAMPLE OF AN EACH-WAY BET

Here is an example of an each-way bet and we will explain how to calculate returns on a successful each-way bet.



You have decided to back Choiseance at Geelong Synthetic and want to take the fixed odds price of $7 to win and $2.30 to place. Using a standard each-way bet (50/50 split between win and place), you stake $25 each-way on Choisance. Because you are betting for Choisance to win and place, your stake is effectively $25 on Choisance to win and $25 on Choisance to place for a total stake of $50.



The bet slip shown is from William Hill

If Choisance wins the race:

Win portion of each-way bet: $25 @ $7 = $175 return

Place portion of each-way bet: $25 @ $2.30 = $57.50

Your $50 stake has returned $175 + $57.50 for a total return of $232.50 – this is the amount shown as the Possible payout in the bet slip.

If Choisance runs 2nd or 3rd in the race:

Win portion: $25 @ $7 = $25 loss

Place portion: $25 @ $2.30 = $57.50 return

Your $50 stake returns $57.50. You lost $25 for the win bet, but returned $57.50 ($32.50 profit) which can be calculated as -$25 + $32.50 = $7.50 profit

Of course, if Choisance fails to run first, second or third you will have lost your $50 stake.

CAN YOU PLACE EACH-WAY BETS ON SPORTS?

Yes you can. Golf is one sport that offers a great opportunity for each-way betting. 

There can be more than 100 players competing in a golf tournament and there will only be one winner, so each-way betting on golf is extremely popular with bookmakers such as bet365 offering five places. 

HOW ARE PLACE ODDS CALCULATED ON EACH-WAY BETS?

In the horse racing example, the place dividend was offered at $2.30. 

However, a lot of each-way bets will be 1/4 of the win odds. Therefore in order to calculate precisely, you need to convert decimal odds to fractional odds.



Looking at the above bet slip for a $20 each-way bet on Justin Rose to win the 2016 Open Championship, the win odds are clearly displayed as $31. Easy enough.

Now looking at the place odds, converting $31 to fractional odds gives us 30/1. On this market, bet365 are offering 1/4 odds for each-way betting (paying five places). The calculation for place odds is as follows:

30 / 4 = 7.5

Note: This is 7.5/1 – which in fractional terms is 15/2, or in decimal odds is $8.50.

Therefore, the $20 each-way wager on Justin Rose is the following:

$20 win @ $31

$20 place @ $8.50

HELPFUL TIP

If you click on the ‘To Return’ text in the bet slip shown for Justin Rose, the following page opens.



Courtesy of bet365, we can clearly see that $20 is the win portion at odds of $31 and $20 is the place portion at odds of $8.50.

DOES AN EACH-WAY BET HAVE TO BE SPLIT 50/50?

No it does not. You will have to manually select a win bet and also a place bet, but you can stake it in any manner that you choose. 

Some bookmakers offer an each-way box selection (sometimes shown as E/W) and these will be placed as a 50/50 split between win and place.

Using the horse racing example with Choisance earlier. 

You could have selected to place $10 the win at $7 and $40 the place at $2.30. The proportion between win and place is entirely up to you! 


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What is an each-way bet?

Each-way betting is a common bet type for horse racing as it allows the punter to wager on a horse to win a respective race, but also to place in the same event.

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