Each Way Betting: The basics
There are two parts to an each way bet - the Win part and the Place part. The place depends on the terms but usually applies if your selection finishes in the top 3. Your payout for placing will be a fixed fraction of the win odds. There are two parts to the bet so if you bet €10 each way the total bet will cost you €20.
Each part of the bet is settled separately. So for example.
You bet €10 each way on Absainte @ 21.0.
This counts as two bets, firstly €10 @ 21.0 for Absainte to win, but you also get €10 on Absainte to place (1st, 2nd or 3rd) at one-fifth odds which in this case is 5.0 (21.0 in decimal odds is 20/1 in fractional odds, one-fifth of 20 is 4, gives 4/1 to place in fractional odds or 5.0 in decimal odds).
So your position would be.
You need to be careful to check the place terms to know what you are getting. In the race above the terms are "E/W 1/5 1-2-3". This means that the place part of the each way bet will pay out one-fifth of the win odds if your selection finishes in position 1, 2 or 3.
In general for horse racing the terms will be based on the type of race (whether its a handicap or not) and the number of runners.
If after you back the horse and the each way terms change, then you will be payed out based on the new terms. For example, suppose that you bet on Absainte above in the morning when all 8 runners were declared, then before the race a horse pulls out so that there are only 7 runners. In this situation you win the place part of the bet only if Absainte finishes in the top 2. If Absainte is third you win nothing. You win neither win nor place part of the bet and are down your full combined stake of €20. This point is very important to understand.
If you had backed a horse each way in a 5 runner race, so you have €10 each way (€10 to win and €10 to place) then the situation is a little different with non runners. If a horse drops out, the each way terms go to "win only" so now your bet will be €20 to win. If the horse finishes second or any other place then your each way bet wins nothing.
Each way bets can also be offered on other markets apart from horse racing.
On knockout competition where there is a final, often you can get each way terms of 1/2 odds for 1-2. For example you can get a €10 each way bet on Kerry to win the All Ireland @ 5.0 (4/1 in fractional). So now you get 3.0 (2/1 in fractional) to reach the final.
On league competitions outright betting, or top goalscorer betting you can also get each way odds. These will differ depending on the relatives strengths of the teams/players involved. On some markets they could be 1/3 odds for 1-2, others could be 1/5 odds for 1-2-3.
On golf competitions you can often get each way terms of 1/4 odds for places 1-2-3-4. There is a trend at the bookies of late to offer enhanced each way terms on golf. Depending on the bookie and the tournament you can now often see 1/4 or 1/5 terms for places sometimes up to 10 more commonly 6 or 7 places. They can continue to offer each way bets in play on golf, but as players are cut and as the leaders cement their positions the terms will gradually be less generous like maybe changing to 1/5 odds only or dropping the number of places until eventually they go win only.
Bet365 have started offering each way odds on the first goalscorer in popular football matches. They give 1/3 odds on unlimited places. So if you have Aguero to score first @ 3/1 each way - that equates to €10 @ 3/1 to score first plus another bet of €10 at evens to score any time.
Each part of the bet is settled separately. So for example.
You bet €10 each way on Absainte @ 21.0.
This counts as two bets, firstly €10 @ 21.0 for Absainte to win, but you also get €10 on Absainte to place (1st, 2nd or 3rd) at one-fifth odds which in this case is 5.0 (21.0 in decimal odds is 20/1 in fractional odds, one-fifth of 20 is 4, gives 4/1 to place in fractional odds or 5.0 in decimal odds).
So your position would be.
- Absainte wins: You win both bets the win part returns €210 and the place part returns €50. The total return is €260. This is €240 profit after your stakes are deducted.
- Absainte places only: If you win only the place bet then the return is €50. This is €30 profit after you deduct your total stakes.
- Absainte finishes out of the top 3: You lose both parts of the bet. You are down both stakes. You lose €20.
You need to be careful to check the place terms to know what you are getting. In the race above the terms are "E/W 1/5 1-2-3". This means that the place part of the each way bet will pay out one-fifth of the win odds if your selection finishes in position 1, 2 or 3.
In general for horse racing the terms will be based on the type of race (whether its a handicap or not) and the number of runners.
| Race Type/Runners | Odds | Places |
|---|---|---|
| Handicaps of more than 15 runners | 1/4 | 1-2-3-4 |
| Handicaps of 12-15 runners | 1/4 | 1-2-3 |
| All other races of more than 7 runners | 1/5 | 1-2-3 |
| All races of 5-7 runners | 1/4 | 1-2 |
| All races of less than 5 runners | - | win only |
If you had backed a horse each way in a 5 runner race, so you have €10 each way (€10 to win and €10 to place) then the situation is a little different with non runners. If a horse drops out, the each way terms go to "win only" so now your bet will be €20 to win. If the horse finishes second or any other place then your each way bet wins nothing.
Each way bets can also be offered on other markets apart from horse racing.
On knockout competition where there is a final, often you can get each way terms of 1/2 odds for 1-2. For example you can get a €10 each way bet on Kerry to win the All Ireland @ 5.0 (4/1 in fractional). So now you get 3.0 (2/1 in fractional) to reach the final.
On league competitions outright betting, or top goalscorer betting you can also get each way odds. These will differ depending on the relatives strengths of the teams/players involved. On some markets they could be 1/3 odds for 1-2, others could be 1/5 odds for 1-2-3.
On golf competitions you can often get each way terms of 1/4 odds for places 1-2-3-4. There is a trend at the bookies of late to offer enhanced each way terms on golf. Depending on the bookie and the tournament you can now often see 1/4 or 1/5 terms for places sometimes up to 10 more commonly 6 or 7 places. They can continue to offer each way bets in play on golf, but as players are cut and as the leaders cement their positions the terms will gradually be less generous like maybe changing to 1/5 odds only or dropping the number of places until eventually they go win only.
Bet365 have started offering each way odds on the first goalscorer in popular football matches. They give 1/3 odds on unlimited places. So if you have Aguero to score first @ 3/1 each way - that equates to €10 @ 3/1 to score first plus another bet of €10 at evens to score any time.
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