An each way bet is a popular type of wager commonly found in horse racing betting and other forms of sports betting. An each-way bet is when you make two bets at once with bookmakers.
One is for the horse or team to win, the other for it to at least come in second or third. If your pick wins, you win both bets. If it comes in second or third, you win the second bet. The each way bet gives you a higher chance of winning something, even if your selection doesn’t come first.
Each way bets are popular because they offer a form of insurance if your selection doesn't win but performs well enough to finish within the specified range.
However, the payout for the place part of the bet is often lower than the full win odds. Remember, the terms of each way bet can vary between betting websites and different sports, so it's important to check the specific rules and terms before placing your bet.
Example of Each Way Bet
Consider a horse race where a horse has odds of 5.50, and you're placing an each way bet for the top 3 positions:
- Win Bet: You place ₹500 each way bet on a horse to win at odds of 5.50.
- Place Bet: The place part of the bet often pays out at around 1/4 or 1/5 of the win odds. Let's consider it at 1/4 of the odds.
The possible outcomes can be as follows:
- The horse wins the race: You win both parts of the bet. For the win bet, you receive ₹2,500 (₹500 stake x 5.50). For the place bet, with 1/4 of the win odds, you might get ₹1,375 (1/4 of ₹5,500), resulting in a total payout of ₹3,875.
- Horse finishes 2nd or 3rd (as specified): You lose the win part of the bet, but the place part is successful. You receive a payout based on the place odds, which might be a fraction of the win odds.
- Horse finishes outside the specified range: You lose both the win and place parts of the bet, and you won't receive any payout.
What is Each Way Betting in Football?
Each way betting in football is less common than in horse racing, but it can still be available for certain tournaments or specific markets, especially in competitions with an outright winner format.
In football betting, an each-way bet usually involves predicting the winner of a tournament or league and placing a bet that covers both the chance of that team winning and finishing in one of the specified positions, typically the top 2 or top 3.
Suppose you're betting on Manchester City to win the EPL with odds of 4.50, and you're placing an each way bet considering the top 2 positions:
- Win Bet: You place a ₹1,000 each way bet on Manchester City to win the league at odds of 4.50.
- Place Bet: The place part of the bet typically pays out at a fraction of the win odds, often around 1/3 of the odds.
- Manchester City wins the league: You win both parts of the bet. For the win bet, you receive ₹4,500 (₹1,000 stake x 4.50). For the place bet, with 1/3 of the win odds, you might get ₹1,500 (1/3 of ₹4,500), resulting in a total payout of ₹6,000.
- Manchester City finishes 2nd or in the specified range: You lose the win part of the bet, but the place part is successful. You'll receive a payout based on the place odds, which could be a fraction of the win odds (e.g., 1/3).
- Manchester City finishes outside the specified range: You lose both the win and place parts of the bet, and you won't receive any payout.
When to Use Each Way Betting
Each way betting can be a valuable tool in your betting arsenal, providing a balance between potential returns and risk mitigation. However, it's crucial to use it judiciously.
Let's see when to use it:
- Longer Odds Selections: When backing a selection with relatively longer odds that might have a chance of finishing in the top positions but might not necessarily win outright.
- Reducing Losses: Each way bets act as a form of insurance, allowing you to still gain returns if your selection doesn't win but places within the specified range.
- Tournament Format: In competitions where the format rewards placements, like football leagues or horse racing, each way betting can be advantageous as it accounts for both winning and placing.
- Risk Tolerance: If you prefer a more conservative approach to betting and want to minimize potential losses while still having the chance of winning, each way bets can align with your risk appetite.