An each-way bet consists of two separate bets: a win bet and a place bet. Half of your stake would go on your selection to win and the other half would go on the selection to place.
This type of bet would be most commonly used in horse racing, but it is also widely adopted across a range of sports.
It is important to remember that if you bet £10 each-way on a horse, then you are staking £20. By choosing to bet each-way, you are effectively doubling your stake.
A win bet means you are betting on the horse to finish first, whereas the place part of the bet ensures you receive some return on investment if the horse finishes in the top two, three or four.
Each-Way Betting Options
Each-way terms can differ depending on how many runners there are taking place in the race.
For example, if there are 2-4 runners taking place, then an each-way bet won’t be an option offered by bookmakers. If there are 5-7 runners taking place, then your horse must finish in the top two to land the place part of the bet.
If there are between eight and 15 runners then your horse would be deemed placed if it finishes in the top three, while 16 or more runners in a handicap would mean there are four places on offer.
Usually, the place part of the bet would be settled at 1/4 or 1/5 of the win odds.
If there are between two and four runners then punters can bet win only. If there are between five and seven runners or 16 or more, then your bet would be settled at a 1/4 of the odds.
Between eight and 15 runners would be settled at a 1/5 of the win odds, unless it is a handicap race featuring between 12 and 15 runners, in that case it would be settled at 1/4 of the win odds on the first three places.
For example, if you had a £10 each-way single on a horse at 10/1 in an eight-runner race and it won, you would return £140 for your £20 investment.
The win part of the bet returns £110 (10 x stake + stake) while the place part of the bet returns £30 (1/5 of the win odds). You would still collect £30 if your horse finished second or third, yielding a £10 profit.
Each-way betting can provide punters with extra insurance, and it is often a good strategy to use when backing outsiders or something available at lucrative odds.
Popular Each-Way Sports Bets
Punters also often choose to bet each-way in golf competitions, due to the enhanced place terms, while you can also choose to do so when backing the winner of the Premier League, the snooker World Championship or events such as Wimbledon.
Each-way betting on snooker, tennis and darts differs somewhat and the place part of the bet would be settled at 1/2 of the win odds. However, your selection must make the final in order to land the place part of the bet.
Each-way bets are far more common in golf as there are normally many players involved and, therefore, you can get better place terms. Finding a tournament winner can be hard, but if you place an each-way bet, you place a second bet that the golfer will finish in the top-five.
These bets can also be used in football on an outright market. For example, an each-way bet on the Premier League winner pays first and second at the 1/3 of the win odds. The number of places and each-way terms can differ depending on the size of the competition.