Ever found yourself staring at the form guide, torn between a horse that looks like a world-beater and the nagging feeling that the favorite might just pip them at the post? It’s a common crossroads: deciding whether to back a single outcome or consider a broader range of results.
Most newcomers think you’re either looking for a first-place finish or you're just watching from the sidelines, but there’s a middle ground that involves a specific way of structuring a wager. It’s a method that essentially splits the focus between two different outcomes.
If you’ve ever wondered how the mechanics of a wager work when a horse finishes in the top few spots but not necessarily first, you’re looking for a specific type of bet that covers multiple scenarios. It functions as a way to account for a "close" finish rather than just a victory.
To understand how this actually works, and why it involves two separate stakes, you need to get your head around the Each Way Bet. Read on to find out how this dual-purpose wager is calculated and what happens when a selection finishes in the "place" positions.
What Does Each Way Mean in Betting?
Defining an each way bet couldn’t be easier, sometimes referred to as a “Win/Place” bet, an Each Way bet enables punters to back a single horse to both win outright and place.
This effectively offers insurance against one’s own indecision. If your chosen horse finishes 2nd or 3rd you receive the place dividend and in the event of a win, you receive both the win and place payout. Thus, you can win each way.
How Does An Each Way Bet Work?
Also sometimes referred to as a “Win/Place” bet, an Each Way bet enables punters to back a single horse to both win outright and place.
This effectively offers insurance against one’s own indecision. If your chosen horse finishes 2nd or 3rd you receive the place dividend and in the event of a win, you receive both the win and place payout.
Each Way betting is especially popular with horses that are at long odds to win, roughies as they’re known in the racing world.
Experienced punters will typically go all in and bet their whole stake on short priced horses to win and win only.
There’s no hard and fast rule of when to place an Each Way bet, or to just go for the win. It’s up to the punter and how they think they can get the most bang for their buck.
How Much Do Each Way Bets Return?
The potential of double the return comes at double the cost, with an Each Way costing twice as much as its value (i.e $5 Each Way = a total stake of $10) and potentially double the damage should your runner fail to secure a podium finish.
Let’s take a look at an example.
Example 1
You place a $10 Each Way bet on a horse paying 12.00 to win and 2.70 to place.
This would mean that if your total stake is $20 and your pick runs first, you’ll receive
- $120 back for the win
- $27 for the place
Giving you a total return of $147.
If your tip was a little off and your horse runs second or third, then the win part of your wager would be a loser, but you would still collect the place component of your bet.
This would mean you still get a healthy $27 return on your original $20 investment.
Example 2
What if you placed an Each Way bet on a horse at significantly shorter odds? Let’s take the same stake as above,
You place a $10 Each Way bet on a horse paying 2.00 to win and 1.20 to place. Again, your total stake is $20.
If the horse runs first as anticipated, you would receive a respectable return of $32.
However, if they failed to win and ran second or third instead, you would only get the return for the place section of your wager, which equals $12.
Obviously, this is less than your initial $20 stake and while you did save some face, overall this still equates to a loss.
This is why veteran punters prefer to place Each Way bets on horses that are paying longer odds, as previously discussed in this guide.
A good way to think about your Each Way bet is to look at it as two separate wagers. One to win and one to place. The only difference is that instead of betting on two different horses you’re betting one. It really is one for all you fence sitters out there.
How to Bet Each Way
Placing an Each Way bet couldn’t be more straightforward. Simply select your horse then underneath its name on your bet slip, next to where you enter your desired stake, simply select Each Way.
Sportsbet allows you to choose either fixed or tote odds when placing an Each Way bet. Unsure which you’d prefer? Why not consult both our How Do Odds Work in Betting and What is Tote Betting guides.
So next time you punt, take the hassle out of deciding between a horse to win or to place and bet Each Way instead.
How to Place an Each Way Bet
1. Select your horse.
2. Select Each Way underneath horse name.
3. Select Fixed or Tote odds.
4. Place Bet
What Horses Should I Place An Each Way Bet On
Unsure of who to back? Different punters have all kinds of methods of pick the perfect horse on race day. Whether you are staying up to date with all the expert racing tips, you’ve read everything to know on how to bet on horses and make an educated punt, or just want to choose the funniest horse name, the choices are limitless.
If you want to stay up to date with all things sport & racing, make sure to check out more on the Huddle.