Picking the winner in any sporting event is usually tricky. Even when it isn’t, the odds on backing that winner are usually so low it is barely worth backing for most punters. For many, each way betting is the answer.
In this article, we are going to take a look at each way betting, what it is, how it works and what it means.
Then, we will go through some of what I feel are the best each way betting markets you can find with sportsbook services such as bet365 Sport.
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So if you are new to betting and aren’t quite sure how each way betting works, especially across more sports than simply horse racing, then this is the article for you!
So let’s begin with the obvious question.
What is each way betting?
Greyhounds Race Each Way Betting example.
Each way betting is the option available on many different sports betting markets alongside the outright win bet for a sporting event.
An each way bet covers two possible outcomes in an event:
The team or individual you are backing wins the event.
The team or individual you are backing finishes in one of the stated paying places for that event.
An each way bet is a winner if either of the two outcomes, or both, come to pass in the event.
For example, if your selection is backed each way wins the event, then your bet on the win is a winner, and your bet in a place is also a winner. Hence you will get a payout on both these parts of the bet.
However, if the selection you backed does not win the event, but finishes in a paying place, your win bet is a loser. Fortunately, the each way part of the bet is a winner and you will be paid out on that part of the bet.
How much does an each way bet cost?
As there are two betting lines covered, an each way bet is always 2x the unit stake.
For example, if you bet on a horse to win a race and your unit stake is £10, then your bet would cost £10.
An each way bet on the same horse would cover the to win race market (one bet) and also the place market (another bet), so 2x the unit stake of £10, is £20.
However, you can reduce your unit stake to make an each way bet cost the same as an outright win bet. So in the example above your £10 win bet would cost you the same as a £5 each way bet.
How are the odds and place positions worked out for each way betting markets?
When offering an each way betting market on an event, a bookmaker will specify two important things.
The number of paying places for the event.
The place odds. These are the odds at which the place part of your bet will be paid out at if you are a winner.
Along with the size of the stake wagered by the customer and the odds of the selection you make, these four factors directly influence both the chances of landing a payout and how much that payout will eventually be.
For example, let’s say you have placed a £10 each way bet (£20 in total) on a selection in a horse race at odds of 10/1 and that the bookmaker is offering place odds of ¼ of the stated 10/1 odds on your selection.
If your selection wins then both parts of the bet pay you out.
Win Part of the Bet – £10 win at 10/1 – £100 in winnings, plus £10 stake returned. (£110 total)
Place Part of the Bet – £10 win at ¼ the 10/1 odds (2.5/1), which is £25 in winnings, plus your £10 stake returned (£35 total)
So in this case, you would have a total return of £145, of which £125 is profit.
However, you can also see that if your selection only finishes in the paying places in that event, then your total returns would be £35, which means a £15 profit on the bet.
Each Way Betting for Euro 2024 at bet365 Sport
Paying Places V Place Odds
What you tend to find with each way bets is that the more paying places there are in an event, then the lower the place odds offer tends to be.
For example, in an event that only pays out on the winner and a second-place finish, the place odds may be stated at ½ to 1/4 of the standard odds.
However, if an event offers pay outs on the first 7 finishers, then the place odds may be stated as 1/5 or a smaller fraction of the standard odds.
Does that mean that each way bets offering lower place odds and more places are not as good value?
Not necessarily, often the events that offer a high number of place payouts for each way bets will have a high number of competitors and some of these competitors can have very long odds to win the event.
For example, if you win an each way bet on a horse race that offers 1/4 of the odds for a top 2 finish and your selection was backed at £10 each way at odds of 10/1, then you would get back £110 for the win part of your bet and £35 for the each way part of your bet (these amounts include your stake return) for a total win of £145.
But if you were to place an each way bet on a golf tournament which offered 1/5 of the odds for a top 6 finish and you backed a golfer £10 each way from the field at odds of 50/1 and that golfer went on to win the event. Then your winnings would break down as:
Win Part of the Bet – £10 x 50 = £500, plus £10 stake return – Total £510 return
Each Way Part of the Bet – £10 x 10 (1/5 of 50 = 10) = £100 plus £10 stake return – Total £110 return
So you would earn a total of £620 for a £10 each way bet on the golf tournament.
It is this combination of factors which decide the potential value of each way bets. And it is also which partly informs my list of top ten Each Way betting markets you can find at bet365 Sport throughout the calendar year!
Bet365 Sports – Top Ten Each Way Betting Markets to Explore
Each Way Betting for Super Bowl LVIII Winner at bet365 Sport.
American Football – Super Bowl LVIII Winner – Each Way odds – 1/2 for top 2 place.
Golf – Most Tournaments Outright Winner – Each Way odds – 1/5 for a top 5 place.
Basketball – NBA Championship Winner – Each Way odds – 1/2 for top 2 place.
Cycling – Tour De France Winner – Each Way odds – 1/4 for top 3 place.
Horse Racing – 16+ runners in Handicap race – Each Way odds – 1/4 for top 4 place.
Horse Racing – 12-15 runners in Handicap race – Each Way odds – 1/4 for top 3 place
Horse Racing – 5-7 runners in a race – Each Way odds –1/4 for top 2 place.
Greyhounds – Any Race (6 runners) – Each Way odds – 1/4 for top 2 place.
Football – Premier League Top Scorer – Each Way odds – 1/5 for top 3 place.
Football – Euro 2024 Winner – Each Way odds – 1/2 for top 2 place.