Each-Way Betting Explained
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An each way bet (E/W) is essentially two bets in one. It involves splitting your bet amount between a win bet and a place bet on the same horse selection. This provides two chances to get a return. For example, if you place a $10 each way bet, $5 would go on the horse to win and $5 would go on it to place. The place terms vary based on the race and number of runners.
A Practical Example of An Each Way Bet on an Australian Horse Race:
Let’s look at an example:
Say you’re placing a bet on a horse race at Flemington with 8 runners
You place a $10 each way bet on horse #3 at fixed odds of 5-1
If #3 wins the race, the $5 win bet pays out at 5-1 odds:
$5 x 5 = $25 winnings
The $5 place bet is refunded as it was not required.
If #3 runs 2nd, the win bet loses as it didn’t win.
But the $5 place bet pays around 1/4 odds:
$5 x 1.25 = $6.25 place return
So with a win you get $25 back, and a place nets $6.25 return. An each way bet can provide a return if the horse places in the top spots.
Each Way Place Terms
The number of places paid depends on the race:
- Races with 5-7 runners pays the 1st two places
- Races with 8+ runners pays the 1st three places
- Some races only pay 1st place for each way bets
Always check the each way terms before betting as they can vary.
Each way betting is a simple option that gives you two chances for a return. Just split your bet between a win and place wager on one horse to cover both outcomes.
How Odds Are Calculated For Each Way Bets
The place odds in an each way bet are calculated based on a fraction of the win odds. The exact fraction used depends on the number of runners in the race and number of placegetters paid by the bookmaker.
Some key points:
- In races with 5-7 runners, place bets are generally paid at 1/4 of the win odds. So if a horse is 10-1 to win, the place odds would be 10-1 x 1/4 = 2.5-1.
- For races with 8+ runners, place bets are commonly paid at 1/5 of the win odds. So if win odds are 10-1, the place odds are 10-1 x 1/5 = 3-1.
- In handicap races or races with 16+ runners, each way betting may pay down to 1/4 of the win odds for first 3 placings.
- Bookmakers can also offer enhanced each way terms for certain races, so always check the details.
- If the number of runners changes resulting in less placings, the place portion of the bet can be voided or subject to reduced odds.
Each Way Bet Costs
- An each way bet costs double the stake of a regular win bet.
- For example, a $10 win bet would cost $10. But a $10 each way bet costs $20 – $10 on the win and $10 on the place.
- So if you want to place a total $10 bet each way, your stake would be $5 for the win and $5 for the place, totalling $10.
- This means your potential returns are spread across two outcomes (win and place) for the same horse.
- If you placed a $10 win bet and a $10 place bet separately, it would cost $20.
- But an each way bet allows you to combine them for half the outlay of $10.
- The trade-off is that your win and place bets are coupled so returns are lower, but you only pay for one bet.
Each way bets can seem complicated at first but essentially it’s just two connected bets – a win and place – for the cost of one.
Each Way Multi Bets Explained
An each way multi bet (or each way accumulator bet) combines multiple each way bet selections into one bet. This allows the punter to include several choices in a multi while getting a return if any of the selections place.
Here’s an overview of how it works:
- An each way multi requires all bets to be placed each way, rather than just win bets.
- For example, a $1 each way multi with 3 selections would include $0.50 each way on each selection – so $3 total stake.
- If any of the selections win, the full win odds are paid out for that leg.
- If selections run 2nd or 3rd, you get a fraction of the win odds for those placegetters.
- So you can get multiple returns as long as some selections win or place.
- An each way multi gives you more chances of a return but for a lower cost than individual each way bets.
- However, all selections have to place in some form to get a full payout, making it harder than a regular multi.
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