In contests with large fields, even the shorter-priced favourites may have quite high odds.
To increase the chances of a punter winning something from this bet, it may be offered each way.
What does each way mean in betting?
bets are actually two bets, one for the win and one for a high placing, and are settled as two bets. The
place part is calculated at a fraction of the win odds. This fraction will vary by sport and event, and
will always be displayed where each way betting is available.
In a football tournament the each way part
is usually settled at half odds for 1st and 2nd place only. Consider a £10 each way bet on England to win
the World Cup at 10/1. If England win, a £150 profit would be made; £100 for the win at 10/1 and £50 for
finishing in the top 2 at 5/1. If England lost in the final, the profit would only be £40; £50 from the
place part minus the £10 stake lost on the win.
Each Way Bets are a form of betting which essentially sees the punter take two wagers in one and having Each Way Betting explained can help a punter weigh up the benefits of this type of bet. The purpose of an Each Way Bet is to cover your bases a little bit, in the event that you think a selection has a good chance of finishing in the Place Market but also has an outside shot of winning.
An Each Way bet consists of two bets, one Win and one Place bet and is very commonly used in horse racing betting. Naturally there are considerations here for this form of betting. With an Each Way bet, in order for the punter to be paid out fully, the selection needs to win, as in that instance, you will earn your full return on the full odds selected for the Each Way bet. You will also be paid out a Place winning as well. Because of the coverage of a payout if the selection finishes within a designated Place finish (usually 2nd, 3rd and sometimes 4th in horse racing for example) you will only be paid out at a fraction of the Win odds part of the Each Way bet. Usually this comes at 1/3 or 1/4 of the main odds.
Each way bet example
So for a simple example, if you took an Each Way bet on a horse to win at 4/1 and your horse won, then you would be paid out at the full 4/1 odds, plus the returns from the Place odds too. If your horse trails in second for example, occupying a Place in the market, then you would be paid out at just Evens if the Place market was paying out at 1/4 odds. So there is value still to be taken in Each Way betting, but it usually reserved for longer shots in betting markets, where there is still a good pay out even if your selection just places.
It is a form of insurance betting, because you will at least be guaranteed something back if your selection comes close enough to winning the race. Because an Each Way bet is essentially two bets, then your initial stake will naturally be doubled. If you wanted to put a £1 bet on a Each Way single, then you would actually have to stake £2 in total (one for each of the two bets). So as a punter you need to weigh up the payoff of your stake and the returns it can bring for a worse case scenario of a place finish. This due to the fact that you are increasing your chances of getting a payout but at the sacrifice of potentially lower odds than just having a straight out Winner bet. So this is the trade off for Each Way betting.
When it comes to the pay out of an Each Way bet, you need to calculate both the return of the Win stake and the Place stake. For example, if you place a £1 Each Way bet on an 8/1 selection. Your total stake will be £2. Your total calculated winnings would be £8 for the win at 8/1 odds, and £2 for the Place at 1/4 odds (which in this case would be odds of 2/1). So you have essentially landed £1 at 8/1 equaling £8 return and £1 at 2/1 for a £2 return on the same selection. So your total profit would be £10.00 plus your return of stake of course. If your selection just managed to Place at quarter odds (again in this instance 2/1), then your profit on this would actually be just £1. A £1 at 2/1 does equals £2 return, but you remember you have to cover the other losing Win part stake of the bet, so you only walk away with £1 profit.
So naturally in this instance, the greater the starting price that your selection is going to be, the greater the return you are going to be able to pick up if your selection lands a Place finish. That is why Each Way betting is a superb option when you are looking at outsiders in a market. So that is Each Way Betting explained. The degree of Places in a market will vary depending on the type of event and the number of competitors involved. The existence of the Each Way bet is to satiate the temptation of at least getting your stake back on a bet. Some punters like to back up their Each Way bet with an extra Win bet on the same selection, if there is a profit margin in just a Place finish. The profit which would be coming in from a Place finish can be used a separate single bet on the same selection. Therefore the profit margins can be increased because the second bet's stake will be covered by the Place finish from the Each Way bet.
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