You study the form, do your handicapping and decide that this is the best horse in that particular race. You decide what your betting stake will be, and place the bet on your horse as a winning bet. The horse breaks slowly from the stalls and loses two lengths.
As they approach the 400m the horse starts making its run from the rear of the field and just misses winning the race by a short head and runs second. When you bet on a horse, it’s not just about picking the winner of the race. Although this is a typical bet, an each-way bet is also available which will ensure that if the horse you back does not win but does run a place, you’re bet will still be a winning one.
What does Each-Way mean in Horse Racing – With this wager, you are not only betting on your best-handicapped horse to win the race but also on them to finish in the top three. Each-way bets can only be placed if there are at least five runners in the race. Larger events with 16 or more participants, notably handicap races, will pay you a dividend if your selection finishes in the top four. However, in Maiden races (horses that have never won a race) or Novice races (mostly inexperienced horses), a fourth-place will not yield a dividend even if there are sixteen or more runners.
When there is a significant race like the Grand National or a premier event at the Cheltenham Festival, to gain traction with their clients, bookmakers often offer up to six places for certain races. This will allow punters to play their Each-Way bet and even if their selection does not win, they will have a winning ticket if their selection runs into the top six places.
How to Benefit from Each-Way betting (Betting stake returned if your selection places)
Many races have short-priced favorites, ((8/7) – for every R7 you bet on the horse to win you receive R8 in addition to your R7 which is paid back to you) or even odds on ((5/7) – for every R7 you place on the horse to win you receive R5 in addition to your R7 which is paid back to you). Placing an each-way bet on either the horse at 8/7 or 5/7 will not offer value for the punter as place bets are calculated as one-fifth (1/5) of the win odds of the horse you are having a bet on. The place odds will not offer enough value for the bettor to return a profit on his total stake for the each-way bet.
If the horse that is short in the betting wins, your bet will be a winning and a profitable (albeit a small return on your total stake) wager. However, many each-way wagers on a horse whose odds are short or is a favourite in the race are not recommended in the long term as you will not be able to win enough money on your bets for it to be profitable. Remember that the place bet is one-fifth (1/5) of the odds of the win bet.
When the odds on the horse you wish to place a bet on are greater than 5/1, that is when your each-way bets will offer value, as a bet that you place on your best-handicapped horse for that race, will be profitable as a percentage of stake even if the horse does not win but runs a place.
For example, a £5 each-way gamble on 5/1 pick results in a total stake of £10. If If the horse that you have placed a bet on wins, your ticket is a winning one and you receive a payout on the win and place portion of your bet. However, if the horse loses by a short head and runs second, the £5 win bet is lost, but the £5 place bet wins at the reduced odds of 1/1, allowing you to breakeven on your outlay of £10, thereby allowing you to utilise your betting stake for your next each-way bet.
How to Benefit from Each-Way betting (A Profit on your Betting if your selection wins or places)
Each-way betting is also recommended in races where fields are bigger and hence the odds are even more favourable, such as handicaps. You may be interested in a horse that is priced at 10/1 on the market. The place odds on this ticket will be 2/1. Again, risk £5 each way, and if it doesn’t win, you lose your £5 investment. However, if it wins, your ticket will be a winning ticket and you will receive the win portion of the ticket (£50 for your £5 outlay) as well as the place portion of the ticket (£10 for the £5 outlay) allowing you to bank £70 for your £10 outlay.
If the horse you have placed an each-way bet on does not win but places, the win portion of your ticket will be a losing one and you will lose your £5 win stake. However, your place portion of the ticket will be a winner, and you will receive the place portion of the ticket (£10 for the £5 outlay) allowing you to bank £15 for your £10 outlay. Remember, that not only are you receiving your winning portion of the bet at 2/1 hence receiving £10, but you will also receive your initial stake for that place bet (£5) as part of your winning amount as well.
Bookmakers Regulations – Each Way Betting Odds
Each-way bets in horse racing are subject to strict regulations that bookmakers must obey. They are determined by the number of horses competing in a race.
Runners
- One to Four Runners – No Places – Win Only wager and hence Each Way Bets are not allowed.
- Five to Seven Runners – 1/4 odds – Each Way Betting is allowed but a place is limited to second place only.
- Eight or more runners – 1/5 odds – first, second, and third place
- Twelve to Fifteen Runners (Handicap races) – 1/4 odds – first, second, and third place.
- Sixteen and more Runners (Handicap races) – 1/4 odds – first, second, third, and fourth place.
If the horse that you have placed an each-way bet on wins, both the ‘Win’ and ‘Place’ sections of your bet will pay off. However, if your horse merely finishes second, you will lose the ‘Win’ portion of your bet but collect on the place portion of the bet.
Horse Racing is not nicknamed the “Sport of Kings” for no reason. The adrenaline rush the punter experiences when the horse that has been handicapped and studied wins a race is unrivaled. Imagine if that horse is owned or part-owned by the selfsame punter placing the bet and you will truly understand and feel the thrill of the Win!