Each Way betting is a fantastic way to ensure some insurance on your wagers but what exactly does the term mean and how is an Each Way bet calculated?
There are two ways to bet on a sporting event. The first is to pick who you think will win. That's simple enough, you just decide who will win and place your wager accordingly.
The second is to place an Each Way bet on an event. This type of bet is hugely popular when it comes to horse racing betting
and is also soaring in popularity in golf, motor sports and even on the likes of tennis, snooker and darts.
The important thing to remember when placing an Each Way bet is that you are actually placing two bets, one to win and another to be placed.
The win part of the bet is paid out at the odds listed by the bookmaker while the place part is paid out at a percentage (usually 1/4) of the win odds.
Why would you place an Each Way bet?
The reason for Each Way betting is that it offers insurance against your selection not winning, but coming close. This is very useful in an event with a lot of competitors, such as the Grand National, with odds that can often be generous.
In these kind of events you may think that a particular horse, or player, is over-priced but you are unsure of whether or not they will actually be able to win. What you are sure of though is that they will be there or thereabouts at the finish. This is where you would place an Each Way bet. You will have the bet on your selection winning but you will also have a bet on him coming in the top 3,4,5 and sometimes even six places.
This means that rather than hoping that your selection wins the race, you will simply be looking for the horse to be placed. The odds are usually paid out at 1/4 the starting price but when you have backed a horse at 16/1 that can still be a very generous return.
Calculating Each Way returns
Here is an example of an each way bet and how you would calculate your returns, depending on the result:
You want to place a bet on Teaforthree in the Grand National at odds of 16/1 but you also don't want to lose all of your money if he is beaten at the end of the race.
So, rather than place a £20 win bet at odds of 16/1 with Ladbrokes, you would place a £10 bet EACH WAY. This is £10 to win at 16/1 and £10 for Teaforthree to finish in the top four.
This means that if you win you win £10 x 16= £170 and £10 x 4 (1/4 of 16) = £40. You also receive your £20 stake back so you get a full return of £220 for your £20 bet.
If, however, Teaforthree finishes second then you lose your £10 win bet but you win £40 for the stake section, meaning your returns are £50. This is a lot better than the £0 you would receive if you had simply bet on the horse to win!
Teaforthree rewarded Each Way backers in the Grand National
Each Way betting in other sports
Golf is the most popular non-racing sport for Each Way betting as the format of the competition lends itself perfectly to Each Way wagers. There are rarely single figure favourites (at least not since the days of Tiger Woods's dominance) and so any Each Way returns will always be worthwhile, even if the player doesn't win the tournament.
Most firms pay out 1/4 golf betting odds
on the first five finishers in PGA Tour and European Tour events although occasionally there will be enhanced terms offered as an incentive to bet with a particular bookmaker.
Enhanced Each Way terms
Paddy Power offered enhanced Each Way terms on the Open 2013
Everyone knows what a price boost is and why getting odds of 3/1 is better than getting 2/1. But, what about another popular bookmaker special, enhanced Each Way terms.
Every year the big firms fall over themselves to offer extra places on Each Way bets at the Cheltenham Festival, at the Grand National and now in Golf's major events. These enhancements are really worth taking note of as there can be a big difference in having Each Way bets paid to six places in a horse race, or to eight places in a golf tournament.
The Each Way enhancements aren't difficult to take advantage of either, simply back your first choice selection and maybe a couple of outsiders. If any of your picks wins then you will make a substantial profit and, if chosen correctly, you'd have to fancy your chances of at least a few of your selections managing to finish close enough to the winner to be paid out, particularly if there are extra places on offer.
How to place an Each Way bet
Placing an Each Way bet can be daunting for betting novices but it needn't be. You aren't doing anything that a bookmaker isn't 100% prepared for. What you have to remember though is that an Each Way bet is two bets and so your stake will need to split. For example, a £10 Each Way bet is a £20 bet in total.
The easiest way to place an Each Way bet is online, where this is very apparent. The big firms, such as bet365, will have a box on your betting slip which you check for Each Way, and it automatically calculates your stake. There will also be an option to check your returns, based on the Win and Each Way part of your bet, meaning that you know exactly what you are doing before you place the bet.
An example of an Each Way betting slip
The potential returns can be seen before you place your bet.