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An Each Way (EW) bet is bet a type commonly available in horse racing, and also other sports such as golf or tennis. It is essentially two bets in one: one bet is for the horse (or player) to win, and the other bet is for the horse (or player) to place.
The “place” portion of the bet pays out if the horse (or player) finishes in the top two, three, or four places depending on the size of the field and the specific rules of the bet. The payout for the “place” portion of the bet is a fraction of the win payout, determined by the odds and the number of places being paid out.
The outcome of your Each Way bet depends on where the horse came in the race. There’s three potential outcomes:
EW betting is particularly popular in unpredictable races like the Grand National, where predicting the outright winner is challenging. The advantages of Each Way bets include higher strike rates and more consistent results, making them suitable for a low-risk betting strategy.
Imagine you place a £10 Each Way bet on a horse with odds of 10/1.
This means you’re effectively placing two separate £10 bets: one for the horse to win and another for it to place, making your total stake £20.
Here’s how it works:
It’s crucial to note the place terms specified by the bookmaker. These terms determine how much you’ll receive for the place part of your bet. I’ll provide detailed explanations in the following sections.
The place terms are determined by the Bookmaker or Betting Exchange where you place your Each Way (EW) bet, typically found on or near the bet slip.
There are two key components to understand about Each Way place terms:
For example, if the place terms state: “This EW market pays 1st-3rd in the race at 1/5 odds,” it means:
To determine your potential winnings from an Each Way bet, you can use an Each Way Bet Calculator by inputting the odds, stake and place terms. For a detailed step-by-step calculation example, continue to the section ‘How to Calculate Each Way Payouts’ below.
You can use regular bookmakers and betting exchanges to place Each Way bets. For a wide range of markets, I recommend the following options:
Bet365 is a standout for each-way betting due to its extensive range of ‘Each Way Extra’ offers, where you can add places to your each-way horse racing bets and take a reduced price or remove places and increase the odds on your selection.
They also provide a price-match guarantee for ITV races, matching the best prices of major competitors from 10 am until 15 minutes before the race starts.
Additionally, Bet365 offers Best Odds Guaranteed (BOG) on bets, you benefit if the odds improve by the start of the race.
Min deposit requirement. Free Bets are paid as Bet Credits and are available for use upon settlement of qualifying bets. Min odds, bet and payment method exclusions apply. Returns exclude Bet Credits stake. Time limits and T&Cs apply.
Betfred is well-regarded for offering bonuses on multiples, and this extends to each-way betting with ‘Super Extra Places’—a promotion where selected races offer additional each-way places, enhancing the chances of winning part of your bet.
They also provide Best Odds Guaranteed (BOG) on bets placed after 8 am on the day of the race, further increasing the value of each-way betting with them.
New customers only. Register with BETFRED50. Deposit £10+ via Debit Card and place first bet £10+ at Evens (2.0)+ on Sports within 7 days to get 3 x £10 in Sports Free Bets & 2 x £10 in Acca Free Bets within 10 hours of settlement. 7-day expiry. Eligibility & payment exclusions apply. T&Cs apply.
William Hill is known for its extensive selection of extra places, featured in selected race meetings each week. In addition, they provide a top price guarantee on specific races.
While they no longer offer Best Odds Guaranteed (BOG), William Hill is notable for its willingness to accept larger bets at extra place terms, which is beneficial for bettors.
18+. Play Safe. From 00:01 on 18.10.2022. £30 bonus. New customers only. Use promo code R30 during registration. Minimum £10 stake on odds of 1/2 (1.5) or greater on sportsbook (excluding Virtual markets). Further terms apply. www.begambleaware.org #ad
Now, let’s walk through the manual calculation of Each Way profits using both Fractional and Decimal odds, without relying on an online calculator.
Imagine you’ve placed an Each Way bet of £10 (£5 on Win and £5 on Place) on a horse priced at 20/1 (21.0 decimal odds). The Each Way terms for the race are:
Here are the three potential outcomes of this EW bet:
Here are the results of the win and place bets when the horse wins the race:
Win bet:
Place bet:
Total Return = £105 (Win) + £25 (Place) = £130
Total Profit = £130 (Total Return) – £10 (Total Risk) = +£120
Here are the results of the win and place bets when the horse places but doesn’t win (i.e. it finishes 2nd-6th):
Win bet:
Place bet:
Total Return = £0 (Win) + £25 (Place) = £25
Total Profit = £25 (Total Return) – £10 (Total Risk) = +£15
Here are the results of the win and place bets when the horse does not place in the race (i.e. it finishes 7th or lower):
Win bet:
Place bet:
Total Return = £0
Total Profit = -£5 (Win) + -£5 (Place) = –£10
Remember: you can simply use an online Each Way Bet Calculator.
Determining the winner of a race often involves a photo finish. However, when the result is too close to call and results in a “Dead Heat,” it means there is a tie between one or more horses.
Each Way bets handle Dead Heats in the same manner as other bet types. The stake is divided among the number of winners in the event.
For instance, in a two-way Dead Heat (where 2 horses tie for the win), the return and profit would be half of what they would have been if the horse had won outright. In the example above, the bet would return £77.50 with a profit of £67.50.
Each Way betting presents both advantages and disadvantages that bettors should carefully weigh before placing their bets.
Each Way betting provides a safety net compared to traditional win-only bets. If your selection doesn't win but places, you still receive a payout, albeit at reduced odds.
EW bets often yield higher strike rates because they offer two opportunities to win: once for the win part and again for the place part of the bet.
Many bookmakers offer promotions with extra places, particularly in larger fields or prestigious events like the Grand National. This increases the likelihood of your bet paying out.
Each Way betting allows bettors to hedge their bets to some extent. If you have a strong feeling a selection will perform well but may not win outright, EW betting allows you to cover both scenarios.
The place part of an Each Way bet typically pays out at a fraction of the win odds (e.g., 1/4 or 1/5). This means if your selection places but doesn’t win, the payout is significantly lower than if it had won outright.
Each Way bets require doubling the stake because they consist of two separate bets: one for the win and one for the place. This increases the overall cost of betting compared to a single win-only bet.
The attractiveness of Each Way betting can vary depending on the size of the field. Larger fields generally offer more places, increasing the potential for a return, whereas smaller fields may not offer enough places to justify an EW bet.
If you misinterpret the terms or are unaware of specific conditions (like the number of places paid and the fraction of odds), it can lead to unexpected outcomes or lower-than-expected payouts.
