Whilst many who are already familiar with each way betting will likely associate it with horse racing, you can in fact use it on a plethora of other sports as well, such as football, golf, greyhound racing and so many more. There is actually a fine art in making sure that you choose the right bets or markets for each way betting. Whilst a lot of professional bettors will be backing things to win outright, a great hedge, if you will, is that of utilising each way betting on bets that are slightly longer odds than their normal.
This means that you essentially have two chances of making a return from your bet. As a quick example, if we were to be each way on horse racing, it would mean that the bet would pay out if the horse won and if the horse finished within a certain number of places aside from winning. Obviously, if the selection fails to win, but places, then you only get the place part of the payout. The win part of the bet is pretty self-explanatory in that your stake is paid out on the odds that you took.
The place part is a little less straightforward in that first off you need to see how many places are paid. This number will be directly related to the number of runners in that race or match. The bookmaker will then determine what fraction of the odds that you get for the place bet. This fraction then becomes your new odds for the place bet. We are going to be using horse racing as our example as this is where the bet type is most common.
This is a common mistake that we see people make both online and at sporting events, thinking they are betting half of what they are actually wagering, so bear this in mind. The horse wins and we go to collect our winnings. The winnings are signified as the following. The timing of these bets can be very subjective. Obviously, we are trying to get the maximum return from each bet, but we know of many punters that like to work slowly with reduced variance, which each way betting offers.
But, what we would say is that price should play a pretty big role in whether you decide to bet each way and whether you decide to bet straight on the win. As a general rule you want to be keeping your each way bets for longer priced outside bets and your betting to win and the shorter priced favourites.
The main reason? For us it has to come down to value or simply lack of it when it comes to shorter priced bets. The horse is priced at even money 2. So, even though the horse placed, we still made a loss. A key rule of betting is to only bet what you can afford to lose. Backing each way on a selection at this price offers no value.
You reduce losses slightly if your bet fails to win, but all your doing on a short-priced favourite is limiting the amount it can win. And bear in mind, at this price, in this scenario, the horse has a good chance. You need to do some playing about to see what you want from each bet and what returns you think you need to be satisfied. With horse racing you will find places that are paid are based on factors such as the type of the race and the number of runners in that race.
For example, handicap and non-handicap races will differ slightly in the number of places paid. Whilst these are all pretty standardised across the industry, there are times that bookies alter this, of which they are free to do as long as they improve the number for the punter.
You often see bookmakers offering up an increased number of places paid for major sporting events, such as the Grand National and the Gold Cup. These are races where the interest from the wider public are going to be maximised, so this offer provides a bigger chance of gaining an ROI.
Golf is a massively popular sport for an increase in paid places, especially when it comes to the likes of the Masters or The Open. Standard tournaments will usually pay around the 5 or so, but some bookies have been known to extend this to as many as 12 in years gone by.
We will speak more about golf and each way betting later in this article. But, you may also be aware that many bookies now offer place only betting as a separate market. You should now be familiar with each way betting and how it works with the win and place bet. With this market you are betting on the outcome of your selection to finish within a certain number of places. Whether they finish 1st, 2nd or 3rd assuming all are within paid places is totally irrelevant and the payout will be the same for each.
So, with each way betting you will win money from the win bet and the place, the place betting market is a single market, just offering a payout within those places. But, the market actually works a little differently. The first thing is that the place price will be significantly higher than the place price within the each way. Place betting is an area that the majority of bookmakers do offer these days, but they are pretty reluctant to market these types of markets on betting home pages.
You see, the each way bets work out a better margin for them as they are able to get a better feel for what might happen and how the odds can reflect that. This means that you often need to dig a little deeper to find these types of markets. Some bookies are more transparent with it than others, but you should be able to find it with a little digging.
For those that have no idea about the Tote or how it works here is quick crash course. The Tote is essentially pool betting. So, you place your bets, the money gets put into a pool with all the other bets, if your selection wins, then you get a dividend of that pool of money along with any other winning bettors. The Tote Place is probably the easier to grasp put of the two. For this bet you simply bet on the horse to finish within a certain number of positions.
The number of places is fixed and that will depend on the number of horses in the race, exactly the same as with each way bets. Some could not do without it, while others are dismissive of it, seeing it as an admission of betting weakness. The inference may be that they do not really fancy the horse to win and that an each-way recommendation is a fudge. However, there are circumstances in which each-way betting is eminently sensible, including to do with the nature of the horse or the race itself, and there are times when it makes perfect mathematical sense.
A reminder that an each-way bet is effectively two bets in one: a bet to win, and a bet to place, with the odds for the latter derived directly from the odds of the former. The standard place terms are as follows:. The great thing about the place part of an each-way bet is that such fixed rules for deriving place odds from win odds throw up opportunities in which place betting is mathematically advantageous to the punter even when win betting is not.
It is also the reason why place-only betting is not allowed, unless it is in a dedicated place market. Otherwise, it would sometimes be possible to back every outcome to guarantee a profit. When does this occur? Well, it depends. The each-way over-round will be the average of those two. Both will depend not only on the type of race and number of places on offer but the distribution of odds, such as whether or not they are being skewed by a short-priced favourite.
As a guide, though, we can look at the reality of what actually occurs, such as in all Flat races in Britain in By contrast, it is seldom a good policy to back each-way rather than win only in plus non-handicaps or in 5- to 7-runner handicaps. However, it should be remembered that an each-way bet is a win bet plus a place bet, so bad value with the former may more than offset better value with the latter. Those are the races to concentrate on for each-way purposes, all other things being equal.
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