If you’ve ever found yourself torn between backing a horse to win or playing it safe with a place bet, the each-way bet might be your perfect middle ground. This popular betting strategy offers a safety net while still giving you a shot at bigger returns, making it a favorite among both novice and experienced punters.
Understanding the Each-Way Bet
An each-way bet is essentially two separate wagers rolled into one. When you place an each-way bet, you’re simultaneously betting on your selection to win and to place (finish in the top positions). Your total stake is doubled because you’re making two equal bets: one for the win and one for the place.
For example, if you place a £10 each-way bet, you’re actually staking £20 total – £10 on the win and £10 on the place. If your selection wins, both parts of your bet pay out. If it only places, you get a return on the place portion while losing the win stake.
How Each-Way Betting Works
The place portion of your each-way bet pays out at a fraction of the win odds, typically 1/4 or 1/5 of the original odds, depending on the number of runners and the type of race. The number of places that count as “placing” varies by event:
- Horse racing: Usually top 2, 3, or 4 depending on the field size
- Golf tournaments: Often top 5, 8, or 10 finishers
- Football outright markets: Might include top 4 for league positions
Most bookmakers clearly display their each-way terms, showing you exactly what fraction of the odds they’ll pay for a place and how many positions qualify.
When to Use Each-Way Bets
Each-way betting shines in specific scenarios where the risk-reward balance makes sense. Consider this strategy when backing outsiders with decent place chances but uncertain win prospects. If you fancy a horse at 20/1 but aren’t confident it can win, an each-way bet gives you insurance if it finishes in the places.
Large field events are ideal for each-way betting. Golf majors with 150+ players or competitive horse races with 16+ runners offer excellent each-way opportunities because the place terms are generous, and upsets are more likely.
Each-way bets also work well when you have inside knowledge or analysis suggesting a selection will perform better than the odds suggest, but you’re not certain enough to back it outright to win. The place safety net allows you to back your judgment while limiting downside risk.
The Pros and Cons
The main advantage of each-way betting is reduced risk. You can back longer-priced selections knowing that a good showing, even without winning, will return some of your stake. This makes it easier to back outsiders and potentially land bigger payouts when they do win.
However, each-way betting requires double the stake, which can quickly eat into your bankroll. The place returns are also significantly lower than win odds, meaning you need to be selective about when the mathematics work in your favor.
Making Each-Way Bets Work for You
Successful each-way betting requires careful selection. Look for competitive events where several outcomes seem possible, avoid heavy favorites where the place odds offer poor value, and always check the each-way terms before betting.
Consider the field size and your selection’s realistic chances. A 10/1 shot in a 20-runner handicap might offer better each-way value than a 5/1 chance in a small field where only two places pay out.
Each-way betting isn’t suitable for every situation, but when used strategically, it can be an excellent tool for managing risk while maintaining upside potential. The key is recognizing when the insurance policy is worth the extra cost.
