Each Way Betting Guide
What is an Each Way Bet
Each way betting involves placing a special type of wager that combines two bets in one. Though it can also be found in many sports, including football and snooker, you’re more likely to have come across it in horse racing and greyhound racing.
In markets where these wagers are available, you’ll see the each way bet odds displayed next to the winner bet odds. In such cases, you’ll note that they are slightly different, reflecting the difference between the chances of a payout of an each way bet and a wager just on the outright winner.
This difference is reflective of the special nature of each way bets. While an outright winner wager will payout only if your selected team or entrant wins the race, game, or match, each way bets also offer a payout if they finish in one of the other top positions, like a single “place” bet would.
In horse racing, for example, this would mean your each way bet would return a profit if your horse finished first, second, third, or fourth. The exact number of paying positions varies from event to event, so may go beyond the top three or four spots for major races.
To help you get up to speed with each way betting, we’ve created this guide that covers common betting markets, the types of wagers you can place, and an explanation of how the odds work.
Each Way betting Markets
Each way bets are usually found in markets where entrants are ranked on a finishing position. This doesn’t work in a single football game because there are only two teams competing, but it does work in a horse race or a golf tournament where there can be up to several dozen contenders.
If you’re looking to place each way bets, here are the markets where you’re most likely to find them.
Horse Racing
Horse racing is the most common market for each way betting. While not every race at every meeting will have each way bet odds, you will find them very frequently. Generally, any race that has five or more runners taking part will have each way odds available, with the number of paying finishing positions depending on the size of the field.
Greyhound Racing
Each way bets are also common in greyhound racing. This works in a very similar way to horse racing, with the number of runners competing in the race influencing the number of finishing positions that will pay out.
Motorsports
Motorsports like Formula 1, Indycar, and MotoGP have similar betting markets to horse racing and greyhound racing with odds available on the outcome of each event. For this reason, you can often find each way bets available for motorsport betting markets.
Golf
Golf is generally an individual sport, with each golfer competing in tournaments for personal glory. At the largest events, there can be upwards of 100 professional and amateur players taking part, creating a sometimes-unpredictable field. Therefore, while you may believe a player is strong enough to win, fate may mean they finish second or third overall.
This makes each-way bets ideal for golf as the combined win and place bets mean you have more chance of bagging a profit, even if your pick doesn’t have everything go their way.
Football
While you won’t find each way bets on individual football games, they are available on some outright (futures) markets where there are dozens of contenders.
Snooker
Snooker is another sport where there are dozens of individuals competing in each tournament. Like golf, each way bets are a good way to hedge your stake when you are confident a player has a good chance of winning but they’re in a strong field of players who could knock them down one or two finishing spots.
Types of Each Way bets
Unlike some other combined bets, where you may find many different options, each way bets are relatively uniform.
Every each way bet contains two separate wagers: a win bet and a place bet. Your stake gets split equally between them, so a £10 each way bet would have £5 allocated to win and £5 on place.
If either of these two bets are successful, then they will pay out in proportion to the £5 stake.
The main difference you’ll find with each way bets is the number of paying positions of the place element. In small events, an entrant may need to finish in second or third to place, while in larger competitions like the Grand National, a place wager may go down to fifth place.
Whenever an each way bet is offered, the number of paying finishing positions will be shown to you so you’re clear on how that bet will work.
Understanding Each Way betting odds with examples
Because each way bets are displayed as one set of odds even though there are two separate wagers being made, the advertised odds will be reduced for the place bet but paid in full for the win portion.
Below is the standard BetMGM terms for horse racing, though it’s important to check your betting slip to get the specifics on that race.
Handicap races:
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2-4 runners = Win only
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5-7 runners = 1/4 the odds 1, 2
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8-11 runners = 1/5 the odds 1, 2, 3
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12-15 runners = 1/4 the odds 1, 2, 3
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16 or more runners = 1/4 the odds 1, 2, 3, 4
Non-handicap races:
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2-4 runners = Win only
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5-7 runners = 1/4 the odds 1, 2
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8 or more runners = 1/5 the odds 1, 2, 3
Let’s take a 16-runner handicap race as an example. If you place a £10 on a horse with 10/1 odds, this will be split with £5 on a win wager and £5 on a place wager that pays out for positions 1-4.
If the horse wins, your £10 bet will pay out £72.50, including your original stake and £62.50 of winnings.
In the case of your horse finishing second, third, or fourth, the bet would return £17.50 (including your stake) with a profit of £7.50.
Compare this to a simple straight win bet, 10/1 odds would return £110 (including the £10 stake) if your chosen horse wins but nothing if the horse finished anywhere else.
You can, therefore, see that the each way bet offers more chances to win in exchange for a lower winning return.
Each Way betting terms you need to know
When placing each way bets, you’re likely to come across a few different words and phrases that are unique to this type of betting. Here’s a handy glossary to help you understand each way lingo.
- Each Way: A combined win and place bet.
- Win Bet: A wager on a competitor finishing an event in first place.
- Place Bet: A wager on a competitor finishing an event in the top few places (usually around 1-4).
- Places: The number of paying finishing positions within the place bet.
- Each Way Bet Odds: The advertised odds for an each way bet, similar to any other standard single bet but with reduced winnings for the place element.
- E/W or EW: A common abbreviation for each way.
What is the difference between win and each way bets?
A win bet simply pays out if your chosen competitor finishes the event first. If any other outcome occurs, the wager is considered lost, and nothing will be returned.
An each way bet contains a win bet but also includes a place wager. Your stake is split equally between them, though the place element will pay out a smaller amount if that portion of the bet is successful.
A place bet is a wager on your chosen competitor finishing in a top position, which is usually around first to fourth. Therefore, a horse finishing third would still be a successful place bet.
Making an each way bet allows you to make a trade-off between maximum return and a greater chance of receiving a payout by splitting your stake across both win and place types.