An each-way bet consists of two bets of equal cost, a win bet on your selection to win an event and a place bet on it to finish within a certain number of places specified by the bookmaker beforehand. That’s why a £5 each-way bet requires a total stake of £10 (£5 win and £5 place).
Each-way betting (commonly abbreviated to EW or E/W) is closely associated with horse racing, but you can make an each-way bet on any event where bookmakers offer it, from football to golf and even reality TV.
EACH WAY BETTING EXPLAINED
Placing a bet each-way means that you are placing an equal amount on that horse to win or come a place, usually 2nd or 3rd.
So for example, if you have placed a £10 each-way on a horse in a particular race, it means that you have placed £10 on the horse to win and £10 on the horse to run a place.
WHY IS EACH WAY BETTING SO POPULAR?
Why this form of betting is so popular is because should your horse fail to win, so long as it comes a place, you will typically win enough back to cover your initial stake. So in some ways its a form of safety betting.
WHAT ODDS WILL YOU RECEIVE FOR YOUR PLACE BET?
The odds for the place bet is usually 1/5 of the odds for a win, sometimes 1/4.
So let’s say for example a horse is 11.00 to win a race (10 to 1).
Unfortunately for you, your horse doesn’t win. But fortunately, it runs 3rd. You’ve put £10 each-way on that horse. Receiving 1/5 the win odds for a place will see you get odds of 3.00 (2 to 1) for the £10 place portion of your each-way wager.
This will give you a full return of £30. After we deduct our total stake of £20 (£10 each-way) you have made a profit of £10. Not bad going for a horse that didn’t even win.
And just imagine had your horse won! You can see why each way betting is so popular.