Each-Way Betting Guide

Knowing how an each-way bet works can be the difference between a successful Cheltenham Festival and an unsuccessful festival. This bet is one that is predominantly found in horse racing betting markets as sporadic horse racing bettors may wish to place these bets on the Cheltenham Gold Cup, Royal Ascot or the Grand National. Each-way bets can be placed on other races and other sports such as the football World Cup, Champions League and more! However, the Gold Cup, Royal Ascot and the Grand National are three events we often see in an each-way win treble.

What is an Each-Way Bet?

An each-way bet (also abbreviated to e w or e/w) consists of two separate bets with equal costs. However, they have varying payouts. The first bet is a bet on your selection to win the race and the second bet is a place bet where you're betting on the horse to finish within a certain number of places specified by the bookmaker. So, if you were looking to place a £5 bet, you would place £2.50 on the horse to win and £2.50 on the horse to place. Your bet loses if your chosen horse finishes outside of the specified places. The odds you see when you place the bet will be the odds of the horse winning the race. Meanwhile, it will pay out at lower odds if the horse places, such as 1/3 or 1/5.

These are the potential outcomes of an each-way bet:

Win: - The horse you selected has finished in 1st place. You will be paid out at the determined win odds.

Place - The horse you selected has finished 2nd or 3rd (sometimes extended to 5th for big races). Depending on placement, you will be paid out a portion of the determined win odds. This pays out due to the second bet and is less than you would be paid if the horse wins.

Loss - The horse you selected has lost, and therefore, your bet has lost. You will not receive any payout.

How Are the Number of Places Decided?

In general, the number of places for a race or event will vary according to how many runners or competitors there are. So horse races with a large number of runners, such as the Grand National, may offer four places. For sports with a podium for the top three competitors - such as motorsports or athletics - you can expect the number of places to be three.

How to Calculate Your Winnings From an Each-Way Bet

As an each-way bet is essentially two bets in one, there are several permutations attached. Let's use horse racing as an example. If your selection wins, then both parts of the bet have come in. That means, to calculate your winnings, you need to add up the winnings from the win bet (using the original odds) and the place bet (using the each-way fraction).

For a scenario in which the horse doesn't finish first but places, your win bet is lost, but your place bet has won. In these cases, you would work out your winnings by applying the each-way fraction.

The third possible scenario is if that horse doesn't win or place (come in the top two, three or four). In these cases, both bets have lost.

Is Each-Way Betting a Smart Move?

The main attraction of betting each-way is that it increases the chances of winning. But is each-way betting savvy? Or is it a punter's admission that they are not confident in their pick? There are times when backing an event entrant each-way can make sense, both in terms of the nature of the event and the form of the competitor. And the experts say that because there are fixed rules in place for working out place odds from the each-way fraction, there is a potential mathematical benefit that cannot be realised from straight win bets alone.

Horse racing offers an excellent example of how the boundary between the various place categories could offer value to someone placing the bet. Typically, when a race has eight or more runners, its places would be 1-2-3. So a race with just eight runners (or 'dead eight' as this is commonly referred to) and places 1-2-3 might be considered more mathematically advantageous than a race with 11 runners that also has placed 1-2-3, assuming both had the same each-way fraction. Similarly, 16 runners are generally the minimum number for a race to have places 1-2-3-4, and so a punter may consider this to offer good conditions for an each-way bet, compared to a race with, say 20 horses, that has the same places and each-way fraction.

You might find some events, such as golf tournaments or horse races with many runners, where there are no entrants priced as strong favourites, and every selection is priced long. It is obviously difficult to pick who wins perfectly in these markets, but because of the long odds, each-way betting still offers attractive odds even after the each-way fraction is applied.

How Are Each-Way Bets Written?

Before we calculate the potential winnings of an each-way bet, it is important to know how they are written on sports betting platforms. You should look out for the following three elements:

Betting odds - these would usually be written as a fraction, decimal, or Moneyline odds and be seen to the right of the horse or competitor.

The number of places - as we explained earlier, the number of positions that count as a place will vary between the top two, three or four. You can check which positions your horse or competitor needs to finish in to place in a particular race. This will typically be shown towards the top of the screen as 1-2, 1-2-3, or 1-2-3-4.

Each-way fraction - the third element you should always look out for when weighing up an each-way bet is the each-way fraction. This will allow you to work out the odds for the place part of the bet.

As the horse or competitor has more chance of placing than they do of winning the race, the odds for the win part of the bet is reduced to the 'each-way fraction' of the winning odds. This then gives you the odds for the place part of the bet.

The each-way fraction is commonly 1/4 or 1/5. So with an each-way fraction of 1/5, winning odds of 10/1 would be reduced to 2/1 for the place part of the bet. We will explain how to calculate your potential winnings further in the next section.

Each-Way Betting With Accumulators

If you are a fan of accumulators, which are bets made up of four or more selections which all need to be successful in order for you to win (odds are multiplied together for increased winnings) - then you should know that you can apply each-way betting. The shortened name for this is an 'each-way acca'.

Essentially, there is not much different from placing a standard each-way bet, apart from the format is an accumulator. So the win part of the bet remains the same as a typical accumulator, while the place part requires all the selections in the accumulator to place in order for it to win - the each-way fraction is applied in the same way to each selection.

Which Sports Are Suitable For Each-Way Betting?

While each-way betting might be readily associated with horse racing, you can bet each-way on a number of sports. These would typically be sports or markets with a range of competitors pitted against each other, rather than a match with two opponents or two teams. Each-way bets are popular when it comes to betting on golf, as well as other multi-competitor sports such as motorsports, athletics and cycling. In some sports with matches featuring two opponents or teams, you might find an each-way betting option in the market for an outright winner of a competition. You might find each-way bets in football betting markets for tournaments such as the FA Cup, or the European Championships, or in tennis betting for picking the outcome of tournaments like Wimbledon or the US Open, or the Snooker World Championship, for example.

Each-way betting is a useful betting technique to be aware of. And while each-way bets might not always offer the best value, depending on the individual odds of participants winning a particular event, use this betting option wisely and it could increase the number of times you come out a winner!

Are There Any Downsides to Each-Way Betting?

You should take into account that while it offers a 'safety net' of sorts to a win bet, an each-way bet does require you to double your stake, meaning that you are risking a larger amount of money.

Another potential downside of each-way betting is the odds you receive after the each-way fraction has been applied. For cases in which the odds were relatively short to begin with, the each-way fraction will shrink your potential winnings to an even lower sum. This might make an each-way option less attractive in the eyes of many.

Each-Way Betting FAQs

Is it Worth Betting Each-Way?

The worth of betting each-way depends on the odds of the chosen horse and your own personal preference. Typically, each-way bets are placed on horses that have high odds. So, let's say you're placing a bet on a horse that has odds of 20/1, with place odds of 1/3 and your stake is a total of £5, meaning £2.50 on each bet.

Assume that horse finishes second; if you had placed your full bet on winning, you'd have lost it. However, because you placed an each-way bet, your £5 bet would return £19.17 as it's only returning part of the profit. However, that £19.17 is still a good return on your investment. So, yes in some cases, it is worth betting each-way.

Is Each-Way 1st, 2nd and 3rd?

An each-way bet does give players a victory whether they would finish 1st, 2nd or 3rd in most cases, although in events with fewer competitors, only 1st and 2nd will pay out. Similarly, depending on the size of the race, you may find each-way payouts for 4th and 5th-placed horses.

What Does 1/4 Each-Way Mean?

When each-way terms are placed at 1/4 and your selected horse fails to win but finishes placed, you will be paid at a quarter of the odds selected when the bet was placed for the placed part of your bet at 1/4 of the odds.

Is Each-Way Betting Profitable?

If you're betting for a sustained period of time, such as the duration of the Cheltenham Festival, then it can definitely prove to be profitable placing each-way bets - especially on a restricted budget. If you're betting for a short period of time and are flexible with your deposit strategy, you may wish to place winner bets solely.

Q. Can I Place an Each-Way With My Free Bets?

Yes. If you're looking to place an each-way bet and you've got free bets available, you will usually be able to use them on each-way bets. The only exception would be in situations where the free bet is specifically given for specific bets and sports.