What is an Each Way Bet? Each Way Betting Explained

If you've been on any betting sites you'll have likely come across the term each way.

It's a popular option for betting on many sports, predominantly horse racing, and is a useful tool in a punter's arsenal. 

This guide will seek to answer the question what does each way mean in betting, how each way betting works and some tips on how to best utilise this option.

What Does Each Way Mean in Betting?

Each way betting is a fairly simple concept. An each way bet is made up of two parts:

• A bet on your selection to win an event.
• A bet on your selection to finish within a certain number of places, which can vary depending on the sport, market and which bookie you're betting with (new betting sites often have more generous each way terms)

The two bets will cost the same amount. For example, a €5 each-way bet requires a total stake of €10. That's because €5 goes on the win part of the bet and the other €5 goes on the place part.

Horse racing punters will often use this bet type to secure profits from selections with large odds, but each way betting is popular across a variety of other sports too, including greyhounds, football, golf and Formula 1. 

It's also become popular on specials betting sites when it comes to betting on award shows and reality TV programmes.

Read More: Compare the best horse racing odds for today's racing.

How Does Each Way Betting Work? 

Now that we've got a better understanding of what is an each way bet, let's examine how they work and the steps to placing an each way bet.

Given how popular each way bets are on horse racing betting sites, we'll use racing as an example.

Here's a step-by-step guide to placing an each way bet on a race:

1. Head to an online bookmaker's site or betting app and locate the race you want to bet on
2. Check the each way terms for the race
3. Find the horse you want to bet on and add it to your bet slip
4. Select the each-way option on the bet slip
5. Enter your stake. Remember the stake you enter will be doubled to cover the win and place part of the each-way bet.
6. Check all the details are correct and place your bet.

If your horse goes on to win the race, you will be paid out for both the win and place parts of the wager. If your horse doesn't win but finishes in the places specified by the bookie, you'll be paid out at a percentage of the runner's starting odds.

If the horse fails to win or place, the bet loses.

How Much Do You Win On An Each Way Bet?

What you get back from an each way bet depends on a couple of factors. Firstly, did the selection win, or did it just place?

Secondly, what were the each way terms being offered by the bookmaker where you placed the wager? The percentage of the starting odds paid out and the number of places covered can vary from one bookie to another.

Let's have a look at an example to illustrate this.

Imagine you make a €5 each way bet on Honeysuckle to win the Grand National at odds of 10/1. The bookmaker is paying out on five places at 1/5 of the odds. 

In this example, Honeysuckle finishes third, so you take home €15. Here's how that works out:

• The win part of the bet loses because the horse doesn't finish first
• The second €5 place bet wins because the horse finished third - which is one of the each way places on offer
• The 10/1 odds become 2/1 due to the each way terms being a fifth (1/5) of the starting price.
• This means the €5 place stake wins at 2/1, which returns €10
• You also receive the €5 stake back, meaning you take home €15 in total

Now let’s say Honeysuckle wins the race. This would mean both parts of the each way bet win.

• The €5 win part of the each way bet would return €55 (€5x10/1= €50 plus your €5 stake).
• You would also win the place bet, returning €15 as explained above.
• So, in total, your winnings would be €70 (including both returning stakes).

If Honeysuckle finished sixth in the race, outside the each way places, neither bet would win, so you’d lose your total stake of €10.

How Many Places Are Paid In An Each Way Bet In Horse Racing?

The number of places that pay out for each way bets will vary from bookmaker to bookmaker. The figure is usually outlined where the market is listed. You’ll see the each way bet terms alongside the place odds.

In horse racing betting, the minimum number of each way places offered is based on the size of the field, with more places offered for bigger races. Typically, here is how a bookmaker will work out the each way terms for a race:

Always check the each way terms on a race on betting apps before placing a bet so you don't get caught out.

Generally, for a handicap race of 16 runners or more, a bookie must pay 1/4 of the odds on four places. But if they offer more than four places, they only have to pay 1/5 of the odds.

For the bigger races and for the major festivals, such as the Cheltenham Festival and Royal Ascot, you'll often see bookmakers offering extra places on mutiple races on any given day. 

For races with huge fields, such as the Grand National, some bookies will bump up the number of places they cover to eight at 1/5 odds.

Each Way Betting In Golf And Other Sports

It's not just horse racing where punters can enjoy an each-way bet. They can be found on most sports, but are particularly popular on golf betting sites, who will offer an each way option on nearly every tournament they price up. 

Bookies will tend to pay out on five places at 1/5 odds as a general rule for golf, but will boost this number at their discretion for the bigger tournaments and majors, all the way to 12 places on big occasions. 

Of those who regularly offer extra places on tournaments, bet365 and BoyleSports have a reputation for being among the more generous bookmakers for extra places in golf.

Each way wagers on other sports, such as football, darts, tennis, rugby and US sports tend to be antepost bets where you are backing a competitor to finish either first or second. In the case of a knockout tournament, you'll be guaranteed a payout if your selection reaches the final. 

You'll usually receive 1/2 the odds for an each way bet on a knockout event, while the terms for a season-long each way wager on football betting sites on the markets like the Premier League winner will return at 1/3 odds.

Formula 1 and greyhound racing do give you the option to have an each way bet on their races, but the terms are not the most generous. An each way bet on a greyhound race will payout on the first two places at 1/4 odds, while in F1, it's the top two at 1/3 odds.

Each Way Betting Explained - The Pros & Cons

Each way betting is popular with punters because it increases the chances of having a winning wager and opens up more betting possibilities across the field. 

In sporting events like horse racing and golf, there are occasions where a large number of selections are priced at relatively long odds. 

In these markets, it’s a lot harder to predict who'll win an event. However, long odds make each way bets worthwhile, even after the fraction has been applied, if you have a strong fancy.

In spite of this, some consider each way betting to be a lower risk, lower gain - and therefore negative - approach to betting.

Each Way Betting Tips

Each way betting divides punters. Some view it as a waste of time, seeing no value in practice and believing you'll be better off wagering win-only in the long run. But, in the right situation and with the correct strategy, it can be a profitable way to gamble

Here are a few tips to help steer punters in the right direction when it comes to placing each-way bets.

Each Way Betting: In Summary

By now you should have a better understanding of the meaning of each way, how to place an each way bet, how it works in different sports and tips to maximise the feature. 

Each way betting may not be to everyone's taste, but it's a benefit to every punter to understand when it might be the best option. 

Using this guide as a starting point, the next step is to experiment with each way betting in a live environment without taking too many risks to build on what's been discussed in this article.