The each way bet is a popular sports bet that allows the bettor to hedge their bets with a win bet and a place bet. Typically used in horse race betting and greyhounds, it can also be used in other sports. If part of your bet wins, you’re guaranteed a return.
In this guide, we’re going to take an in-depth look at the each way bet. We’ll explain exactly what it is, what its pros and cons are, and whether or not you might want to use it.
Each Way Bet Explained
An each way bet is one of the simplest bets around. It consists of two separate bets:
- Win bet
- Place bet
Because it’s made up of two parts, the bettor in essence must place two bets – to cover the win bet and the place bet. This means that if you were to stake $5 on a single win bet, you would then have to stake $10 if you turned your bet into an each way one.
Let’s break it down a bit further, using horse racing as an example:
- Win bet – For the win part, you are betting on your horse to win. If if wins, you win the bet
- Place bet – For this one, you are betting on your horse to place. It largely depends on the race, but sometimes your horse can place first, second or third for you to net a return, but other times it must finish either first or second.
So, The Each Way Bet Always Guarantees a Return?
Part of the each way bets appeal is that it guarantees a return more than a single win bet.
As we’ve seen, a horse can sometimes finish first, second or third for you to net a return.
However, if the horse finishes second (or third), you will net a return – but it’s not always that you’ll net a profit. It depends on the odds.
Let’s take a look at an each way bet example:
Let’s say you’re backing a 10/1 horse. Your stake for this each way bet is $20.
If the horse wins, your returns would be $110.
If the horse places, your returns would be 10/4 x 1 + your stake. This equals $35. As such, you’re in profit regardless of whether your horse finishes first, second or third.
Of course, we’re using a 10/1 example. If your horse was the clear favorite with odds of, say, 5/4, you would net a return if it placed – but you wouldn’t make a profit.
On the other hand, if you backed a 100/1 horse each way and it came second or third, you would still make $125 off a $10 stake.
Pros of The Each Way Bet
The beauty of the each way bet is that you can back an outsider to win or place. While a 50/1 shot is unlikely to win a horse race, there’s a chance it could finish in the top three.
This means that if you staked $10 on a 50/1 E/W and it finished third in a race, you would make over $62 profit.
Cons of The Each Way Bet
When bettors place an each way bet for the first time and their dog or horse places (finishes in the top two or three), they sometimes get excited because they know they’ve won something.
However, the excitement soon fades when they realize they’ve won less than their stake.
As such, it’s important to bear in mind that, while an each way bet guarantees a return it doesn’t always guarantee a profit. The best way to maximise your returns and thus profit is to bet on underdogs/outsiders. However, this then increases the risk that you won’t win anything at all.
Moreover, it’s only if your horse or dog wins that both your Win and Place bets pay out. If it places, you lose the Win bet.
Not just that, but you have to double your stake if you upgrade from a regular Win bet to an each way bet.
Placing An Each Way Bet: Should I Do It?
The each way bet is one of the most popular bets in horse racing and dog racing. It’s a great way to cover your stake and increase your chances of making a profit. If you can afford to increase your stake over a regular win bet, the each way bet is highly recommended. Even if your horse or dog finishes second or third, you will still win something.
If you decide to place an each way bet, it’s important that you first check the number of places. Some races offer 1-2-3, others offer just 1-2. This means that your pick has to finish first, second or third in order for it to win or place.
Ultimately, we highly recommend the each way wager as it’s the best way to cover yourself. Just remember to never stake more than you can afford to lose, and to use an odds calculator to determine your returns before you place your bet.