Today we will take a look at one of the most popular bet types in the world today, the Each Way bet. This type of wager is a favorite of punters because it offers a greater chance of a payout than betting on a selection to win, providing more excitement to those watching live in person or through Bet365 live streaming.
Each Way bet meaning
You can place each-way bets on a number of different sports, although they are most often associated with horse racing and football. Each Way bets are actually two separate bets: a bet on your selection to win and a separate place bet.
When you place a £10 each way bet*, the actual bet will cost you £20, because you are placing £10 on the Win selection plus a further £10 to cover the Place Bet selection.
Each part of the bet is treated separately from the other. So for the Win portion of the bet to pay out, you will need your selection to win. For the “Place” part of the bet to pay out, you need your selection to win or finish in one of the predetermined paying places for that event.
The odds for the Win portion of your each-way bet are the same as a standard Win bet. However, for the place bet, they are stated as a fraction of the win odds, usually between a fifth to a half of the stated odds.
A Bet365 Each Way bet example
Editors note: The bet amounts in this article are for demonstration purposes only. Only bet what you can afford to lose.
In some sports, bookmakers will set their own each-way odds for markets. For example, if you placed a £10 each-way bet on Liverpool to win the Champions League final at odds of 8 to 1, then the bookmaker may offer odds of half of the stated odds on your selection reaching the final but not winning the trophy.
If Liverpool then reaches the final but loses that game, the win portion of your bet would lose, but your Place bet would win, but at half the stated 8 to 1 odds, which is 4 to 1. Therefore, your total return on this bet of £20 total would be £40 in winnings, plus your £10 each way stake returned.
But if Liverpool wins the final, you would also see the Win portion of your bet payout at the stated odds. So that would be £80 in winnings for the £10 Win part of your bet, plus your stake back for £90. You would also receive the £50 in total returns from your Place bet for a total return of £140.
How does an Each Way bet work on horses?
For horse racing, things work a bit differently than other sports. Odds for the place bet are set by the Jockey Club and are dependent on the number of runners in the race. Standard place terms will see payouts on horses finishing first and second, first, second and third or even first, second, third and fourth, dependent on the number of runners.
Place odds on these races are often paid out at one-forth or one-fifth of the stated odds.
It should be noted that on some big races, such as the each way bet Grand National, bookmakers like bet365 can offer enhanced place terms on each-way bets. This may mean that payouts on the place portion of the each-way bet are either increased in value or extended to cover more horses than standard each-way bets. Sometimes they even include both.
Do you need an Each Way bet calculator?
Calculating the exact amount of your each-way payout on a horse race can be complicated unless you know the number of runners in the race and the exact odds that are set for the place bets. Fortunately, you don’t have to concern yourself with this as the amount you win will be paid to you automatically at bet365 so there is no need for an each way bet calculator.
Also, if your bet is placed on a race that is due to start imminently, you will see real-time updates of your potential each-way payout.
A Horse Racing Each Way bet example
As an example, if I decided to place a £10 each-way bet on the horse Admiralty at 10 to 1 odds, this would pay me a maximum of £145.00 if my bet is a winner. How is that worked out?
Well, given that there are 20 runners in this race, standard each-way bets are paid out on the top four, and for this Place portion of your bet, you would be paid out at one-fourth the odds.
You can calculate the payout for this bet easily. At 10 to 1, a £10 bet to win would return £100 in winnings, plus your £10 stake money back for £110. The Place part of the bet would payout at a quarter of the 10 to 1 odds, which is 5 to 2 or 2.5 to 1. That means you would win £25 for the each-way part of the bet and get your £10 stake back. Add those total returns of £110 and £35 together and you would receive a total of £145.
How to bet on horse racing each way
Each-way betting is especially popular for punters that like to place smaller wagers but on longer odds selections in the hope that those selections can finish in the top places and earn a larger payout. For example, a £10 each-way bet on a horse rated at 100 to 1 on a race that paid out at one-fourth of the odds would see you earn £250 in winnings, plus your £10 stake returned if the horse finished in one of the paying places.
You would receive £1,270 if that 100 to 1 horse proved to be a winner! But that doesn’t happen too often!
Conclusion
Along with win bets, each-way betting is one of the most popular and common types of bets, due to the flexibility they offer in terms of earning a payout.
That’s all for now on the basics of each-way bets. Be sure to subscribe to our YouTube channel to watch other videos on Bet365 bet types as well as learn additional information on legal and licensed online sports betting sites and casinos.
Thanks for watching and remember you must be aged 18 or over to play. Terms and Conditions apply and if you have any concerns about your gambling, then help is available at BeGambleAware.org.
*Please note that the bet amounts mentioned in this article are for demonstration purposes only. Bet only what you can afford to use.
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