One of the most popular ways to place a bet on a horse is the Each Way bet, often written as e/w and the straight forward guide below should help you navigate this fairly simple process so that you get the most from your money!
So when do you bet each-way on a horse? Ideally, it’s when you believe that the horse you fancy will finish the race in either 2nd or 3rd place.
Sometimes this extends to 4th place if the race has 16 or more horses running. The number of places paid out by the bookmaker will be stipulated on the odds page for each race.
So why 2nd or 3rd place? Often there is a race favourite who is almost guaranteed to be a shoo-in. In that case, backing your horse to win isn’t the most logical thing to do.
However, on the off chance that your horse does win, the each way bet covers 1st place as well.
Understanding the Basics
An each-way bet is essentially two bets combined into one. When you place an each way bet, you’re actually making two equal stakes.
The first one is for your selection to win the race outright, and the other is for your selection to “place” – meaning it finishes in one of the top positions as determined by the bookmaker.
This dual-nature bet provides you with a safety net, giving you returns even if your horse doesn’t win but still performs well enough to place.
For example, if you place a £10 each-way bet on a horse, your total stake will be £20 – £10 on the win and £10 on the place.
This is a crucial point that new bettors must understand: an each-way bet doubles your stake amount.
Place Terms Explained
The “place” part of an each way bet varies depending on the race type and number of runners.
Understanding these terms is essential before placing your bet:
For non-handicap (Graded) races:
- 2 to 4 runners = win only (no place bet)
- 5 to 7 runners = two places paid
- 8 or more runners = three places paid
For handicap races:
- 2 to 4 runners = win only
- 5 to 7 runners = two places paid
- 8 to 15 runners = three places paid
- 16 or more runners = four places paid
The place terms also include a fraction that determines how much you’ll receive for the place part of your bet.
Typically, bookmakers offer 1/4 or 1/5 of the win odds for place bets. This means if your horse places but doesn’t win, you’ll receive a reduced payout based on this fraction.
Calculating Your Potential Returns
Let’s work through an example to illustrate how each-way bet returns are calculated:
Imagine you place a £5 each-way bet (total stake £10) on a horse with odds of 10/1 in a race with place terms of 1/5 for the first three places.
If your horse wins:
Win part: £5 × 10/1 = £50 profit + £5 stake returned = £55
Place part: £5 × (10/1 ÷ 5) = £5 × 2/1 = £10 profit + £5 stake returned = £15
Total return: £55 + £15 = £70
Total profit: £70 – £10 (total stake) = £60
If your horse places (finishes 2nd or 3rd):
Win part: £0 (this bet loses)
Place part: £5 × (10/1 ÷ 5) = £5 × 2/1 = £10 profit + £5 stake returned = £15
Total return: £15
Total profit: £15 – £10 (total stake) = £5
If your horse doesn’t win or place:
Both bets lose, and you lose your entire £10 stake
When to Use Each-Way Betting
Each-way betting is particularly valuable in certain scenarios.
If you fancy a horse at odds of 8/1 or higher, an each-way bet provides some insurance if it places but doesn’t win.
The more horses in a race, the harder it is to pick the winner. Each-way betting increases your chances of a return.
Sometimes bookmakers will offer extra places (e.g., paying out on the first five places instead of four in a big handicap), making each-way betting more attractive.
If you like a horse but aren’t completely convinced it will win, an each-way bet hedges your position.
Common Mistakes to Avoid
New bettors should be aware of some common pitfalls when placing each-way bets.
Not understanding the place terms: Always check how many places are being paid and at what fraction of the odds before placing your bet.
Backing short-priced favourites each-way: Generally, horses at very low odds (less than 3/1) aren’t good each-way value because the place part returns very little.
Ignoring the horse’s placing record: When placing each-way bets, look for horses that consistently finish in the places, not just those that occasionally win.
Placing too many each-way bets: Be selective with your each-way bets rather than spreading your stake across too many selections.
Not considering enhanced place terms: Always check if bookmakers are offering extra places for big races, as this can significantly increase your chances of a return.
Strategic Considerations
To maximise your each-way betting success, there are a few strategic approaches you can make.
Look for “bad each-way races” – these typically feature a very short-priced favourite (odds around 2/1 or less), a couple of mid-priced contenders, and several outsiders.
In these races, the place odds can offer excellent value on the second and third favourites.
For horses priced between 4/1 and 7/1, straight win bets often provide better value than each-way bets in the long run.
In races with 16+ runners, particularly big handicaps, each-way betting becomes more attractive due to the four places typically paid.
Consider using an each way bet calculator for complex bets to ensure you understand the potential returns before placing your wager.
Conclusion
Each-way betting offers a flexible approach to horse racing wagers, providing both the excitement of backing a winner and the security of returns if your selection places.
By understanding the mechanics, calculating potential returns, and applying strategic thinking to your selections, you can make informed decisions about when to use this betting option.
Remember that successful betting requires research, discipline, and a thorough understanding of the terms.
Take time to study the form, consider the race conditions, and check the place terms before committing your stake.
With practice and patience, the each way bet can become a valuable tool in your betting arsenal, potentially leading to more consistent returns over time.
Whether you’re a complete novice or looking to refine your betting strategy, mastering the each-way bet is an essential step toward more sophisticated and potentially profitable wagering on horse racing.
BETFRED
