There are many different ways to bet and potentially have success, and the option of each way betting is one that can be of particular interest to more assiduous bettors. Here, we will find out how it works.
The idea behind each way betting is to ensure that you have a greater chance of a return on your bet. It is, in its own way, a little like
hedge betting
in that you have the chance to win something even if your primary bet doesnât come off. Weâll get into the specifics down below, so letâs get going.
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What is Each Way Betting?
So, the first and most important question – what actually
is
each way betting? Itâs a more complex question than
what are prop bets, but the answer is simple enough, and weâll get into the technicalities later on. Basically, each way betting as a concept means that you place a bet on a team or player in a larger field, and the stake is divided between two bets: one which pays out if your chosen team or player wins, and another which pays if they âplaceâ – i.e. they are within the first few finishers once the contest is over. We say âfewâ because the number of places that get a payout will vary depending on a range of factors.
A good example would be a golf major. You might bet on Jon Rahm to win the US Masters. If you bet normally, you will get a payout if he wins the tournament. However, in the case of an each way bet, you would also stand to get some form of payout if he were to finish high enough to achieve a âplaceâ per the bookmakerâs rules. The number of places will be stipulated on the betting market. In a golf major, which usually will have a field of around 80 players, the places may go down as low as fifth. There may be fewer âplacesâ, there may be more; this is merely an example and it is the sportsbook that decides.
How does Each Way Betting Work?
When you place an each way bet, you will pick your stake and your expected winner; letâs keep with the example as above. You are betting on Jon Rahm for the US Masters. You choose to bet $20 Each Way. When this bet is placed, your stake will be split: You are betting $10 that he will win the Masters, and another $10 that he will be within the first five names on the final leaderboard. Letâs look at what this means in terms of odds:
- So, weâll say that Rahm is priced at +1200 to win. If you place $10 on him winning, youâll get a return of $120.
- The odds for a place are shorter, of course. Often, theyâll be something like 20% of the winning odds, so here it would be +240.
- If Rahm places, your $10 on that will pay out $24. So from a $20 each way bet, youâd profit to the tune of $4.
- If Rahm wins, thatâs considered to also be a âplaceâ, so you would win both âpartsâ of the each way bet, and your overall winnings would be $144.
The guide above is merely illustrative. Sportsbooks will set their odds and calculate the returns themselves, and will make these clear at the point of selecting the bet. Be clear yourself, though, exactly what you are betting, and ensure that you have all the information before you place the bet, because you canât correct it afterwards.
When is a good time for Each Way Betting?
Each Way betting is generally available on any event in which there is a field with many ârunnersâ, for want of a better term. A horse race, a NASCAR rally or, as exemplified above, a golf major would all be good examples of this. As youâll know if you follow these sports, there is often a solid favorite for the event, but it would not be at all unusual for them to miss out on winning every once in a while. At the very height of his dominance in the world of golf, Tiger Woods managed to win all four majors in a row; as good as he was, even he didnât win every time. So there is always that element of jeopardy when there are so many contenders.
This is where each way betting can be an attractive option for the cautious bettor. If Argentina were playing Finland at soccer, then you could be confident to the point of near-certainty that the South American side would win. In a field of two, there is often an almost-certain winner. In a field of 10, 20, or 80, the possibility of your well-earned knowledge being overturned by events comes into play. Each way betting means that you can back your hunch with confidence, and have a fall-back position if it doesnât come off. The winnings wonât be as large for a place, but itâs something at least.
Pros and Cons of Each Way Betting
So we can see that there is a place for each way betting – but is it something youâll always want to do? Well, leaving aside the fact that itâs not something youâll always have the
chance
to do, there are cases for and against using it at certain times. There are pros and cons, so letâs have a look at a few of each.
- Higher initial investment: If you want to make an each way bet without limiting your winnings, youâll need to double your stake; one bet for the win and another for the place. Of course, if the team or player you bet on wins, then you win twice, so there are benefits to this.
- Complexity of terms: Each way betting is a lot more complex than a simple bet. You will need to consider that a $20 each way bet is actually two $10 bets, and understand the fractional element of the âplaceâ bet. As long as you read and understand the bet slip itâs fine, but take extra care the first time you make an each way bet so as to be sure.
- Variable terms across sportsbooks: Not all each way bets are the same, and it is important to read the terms for any each way bet you place. There can be different numbers of places to pay out, and differing odds for the place bet from sportsbook to sportsbook. Donât get caught out.
Each-Way Betting Use Cases
| Sport | Example Event | Typical Place Terms | Potential Payouts (Win/Place) |
| Horse Racing | Kentucky Derby | 1/4 odds for top 3 places | Win: $1000 | Place: $250 |
| Golf | Masters Tournament | 1/5 odds for top 5 places | Win: $1200 | Place: $240 |
| Football (Soccer) | Premier League Top Scorer | 1/4 odds for top 4 places | Win: $500 | Place: $125 |
| Tennis | Wimbledon | 1/4 odds for top 2 places | Win: $800 | Place: $200 |
| Motor Racing | Indy 500 | 1/5 odds for top 3 places | Win: $1500 | Place: $300 |
Conclusion
Each way betting is a more complex endeavor than simple betting, but with the potential for more opportunities to win something, even if itâs not the full amount you were looking for. There are things to remember and bear in mind, including the importance of recognizing that an each way bet is actually two bets in one, and that you will be splitting your stake between these two bets. While each way betting does enhance your chances of some return on your bet, it will mean you win less if your contender wins than you would have if you had made a simple bet on them. Most importantly of all, it is essential that you keep a close eye on the details of your bet, knowing how many places will pay out, and how much they will pay.
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FAQ for Each Way Betting
đ What is each way betting?
Each way betting is a way of betting on a competitor in a larger field, be it a team or a player, and splitting the bet between the chosen competitor winning, or finishing high enough up the field to be considered a âplaceâ. It splits the bettorâs stake between these two eventualities, paying out for the place if the competitor finishes in a qualifying place, and for both win and place if they win.
đ How are each-way odds calculated?
This depends on the bookmaker, the event and potentially other factors. Itâs common to see each-way odds set at around 20% of the winning odds. If a competitor is priced at +1000 to win, they may be given odds of +200 for a place. This is not a fixed rule, though, and sportsbooks will make clear the odds for an each way bet before you place it, such as if you are using
enhanced odds promos
with an each way bet element. Always check your betslip for this information before you fully place the bet.
đ§ When is a good time to place an each way bet?
You are best advised to place each way bets on sporting occasions when you have relative confidence that your chosen competitor will win, but acknowledge that there is a chance they will narrowly miss out. Golf and tennis majors are a couple of examples of events where this can be a good strategy. The payout will be handsome if they do win, but if they fall short by a narrow margin, you should at least get your stake back.
