What is Each-Way Betting on Horse Racing?

When it comes to certain sports including horse racing, there is an opportunity to place each-way bets and they are especially popular when it comes to placing a bet on races where there are a large number of runners lining up.

An each-way bet might sound complicated although it’s a pretty straightforward type of wager and any winnings are automatically calculated by the bookies so you don’t have to wonder about what pay-out you are going to receive.

What is Each-Way Betting?

When you place an each-way bet, you are effectively doing the following:

  • Betting on a horse to win
  • Betting on a horse to place
Whatever stake you choose, half of this goes towards the win part of your bet and half goes towards your place. Therefore, a £10 each-way bet would mean you are staking a total of £20 which is:
  • £10 on a horse to win
  • £10 on a horse to place
You should think of an each-way bet as effectively placing two different bets. There’s the chance to win with both of the bets should your selection win, while there’s also the chance to make a profit should your selection not win but actually place.

How Does Place Betting Work?

If you bet on a horse each-way, then you need it to place to get a return but what does placing actually mean?
When it comes to a particular horse race, there will be certain each-way terms and they can differ according to the number of runners and the bookmaker in question.

When you have less than eight runners in a horse race, the each-way terms might be something like 1/3 odds for the first two places. This means that if your horse finishes second, then that counts as a place and the payout is calculated as 1/3 of the odds of the actual horse.

However, for horse races with a bigger field, you might find 1/4 odds for the first three places or 1/4 odds for the first four places, with the latter usually applicable to races where there are sixteen runners or more.

Get Bigger Each-Way Terms on the Grand National

While it’s usually customary for a bookmaker to only offer 1/4 odds for the first four places even when there’s a big field of competitors, you might find that some bookmakers pay each-way terms for more places when it comes to the high-profile horse races and the Grand National is a prime example.

Some bookies might offer customers the chance to get each-way terms of six places for the National and that means making a profit if your horse finishes sixth or better, although the biggest payouts always come if you win with your win part and your each-way part.

Why Do Punters Bet Each-Way on Sport?

Each-way betting is great for those that want to get a return on their stake for their selection performing well even if they miss out on the win. If you back a horse on the win only market and it finishes second, then you don’t get a return despite it running impressively and only narrowly missing out.

If you back a horse at 20/1 and there’s 1/4 odds for the first four places, then you can potentially get paid out at 5/1 if the horse manages to make the frame and it’s brilliant to make a profit without the horse winning.

What Other Sports Can You Bet Each-Way On?

Horse racing is a popular sport for each-way betting, although there are a number of other sports where each-way bets apply. For example, a golf tournament will feature hundreds of contenders and you might find that you are able to get ¼ odds for the first six or seven places which means you can pick out a player to perform well.

Even football bettors will often get the chance to place each-way wagers, with some bookies offering each-way betting on First Goalscorer which means a payout if your player scores during the game, while the antepost betting also means you can back a team each-way to win the division and get paid out if they’re second or third.