Horse racing offers a variety of betting options, and one of the most popular – and often misunderstood – is ‘each-way’ betting. This article breaks down exactly what each-way betting means, how it works, and when it might be a smart strategy.
What Does ‘Each-Way’ Actually Mean?
An each-way bet is essentially two separate bets combined into one. You’re betting on your chosen horse to win the race, and you’re betting on your horse to place – meaning finish within a specified number of positions.
The stake you place is doubled. Half goes on the ‘win’ part of the bet, and half goes on the ‘place’ part. Therefore, a £10 each-way bet costs £20 (£10 for the win, £10 for the place).
How Does the ‘Place’ Part Work?
The number of places paid out on depends on several factors:
- Number of Runners: More runners generally mean more places are paid.
- Race Type: Handicap races typically offer more places than non-handicap races.
- Bookmaker: Different bookmakers offer different place terms.
Common place terms include:
- 8-14 Runners: 1st & 2nd place paid
- 15-19 Runners: 1st, 2nd & 3rd place paid
- 20+ Runners: 1st, 2nd, 3rd & 4th place paid
Important: Always check the specific place terms offered by the bookmaker before placing your each-way bet. This information is usually displayed prominently on their website or app.
Payouts Explained
Let’s illustrate with an example: You place a £10 each-way bet on a horse at odds of 5/1.
- Win Part: If your horse wins, you receive £50 (5/1 odds x £10 stake) + your £10 stake back = £60.
- Place Part: If your horse places (within the specified places), you’ll be paid out at a fraction of the win odds. This fraction varies, typically 1/4 or 1/5 of the win odds. Let’s assume 1/4. You’d receive £12.50 (1/4 of 5/1 = 1.25 x £10 stake) + your £10 stake back = £22.50.
- If your horse wins and places: You receive both the win and place payouts.
- If your horse only places: You only receive the place payout.
- If your horse doesn’t win or place: You lose your entire £20 stake.
When to Use Each-Way Betting
Each-way betting is best suited for:
- Horses with a good chance of placing: If you believe your horse is likely to finish in the top few, even if it doesn’t win, an each-way bet offers some protection.
- Larger fields: In races with many runners, the odds of a horse placing increase, making each-way betting more attractive.
- Handicap races: These races are designed to be competitive, increasing the likelihood of a good each-way bet.
Risks to Consider
While offering protection, each-way bets are more expensive than win bets. You’re effectively doubling your stake. Also, the place payout is a fraction of the win odds, so your potential return is lower.
