Each Way Betting Term Meaning
Each Way is a well-known betting term that refers to a specific wager comprised of two separate bets: a win bet and a place bet.
Punters can only bet each way on events that involve a field of entrants such as a horse or greyhound race, or outright winner markets like the winner of the US Masters, World Cup winners, winner of Wimbledon and so forth.
An each way bet consists of two parts. The first bet is on the win and the second bet is on the place. The size of the field will generally determine how many places are paid and what odds the place bets are going to be set at. For instance:
- Wetherby 3.50 (Peter Harper 60th Birthday Celebration Novices' Handicap Hurdle)
- Each Way 1/5 1-2-3
- Mid Day Gun 5/1 (6.0 in decimal)
The race above pays 1/5 the odds for places 1, 2 or 3.
You want to bet £10 each way on this horse. That is a total wager of £20. (£10 to win and £10 to place). These are the possible outcomes:
- Mid Day Gun wins the race. You win £10 x 6.0 = £60 (for the win bet) and £10 x 2.0 = £20 (for the place bet) = £80 return (£60 profit)
- Mid Day Gun comes second. You lose the £10 win bet, but you win £10 x 2.0 = £20 for the place bet = £20 return (£0 profit)
- Mid Day Gun comes third. You lose the £10 win bet, but you win £10 x 2.0 = £20 for the place bet = £20 return (£0 profit)
- Mid Day Gun comes fourth or lower. You lose the £10 win bet and you lose £10 on the place bet = £20 loss
There is some variation between bookmakers on the number of places paid and the odds given on the place bet. A common promotion many online operators use is ‘Pays Extra Places’. So, instead of paying on 1-2-3-4 places, the promotion will pay out on 1-2-3-4-5 places. These are generally for major events such as the Grand National, the Open Championship golf or the winner of the London Marathon.
To offer some kind of rule book, the Jockey Club of Great Britain uses a standard set of terms that bookmakers operating at its racecourses must adhere to.
- Any race with only 3 runners: win bets only
- Any race with 3 or 4 runners: 1/5 of the odds for finishing 1-2 (first or second)
- Any race with 5 to 7 runners: 1/4 of the odds for finishing 1-2
- Any race with 8 or more runners: 1/5 of the odds for finishing 1-2-3
- Handicap races with 12 to 15 runners: 1/4 odds for finishing 1-2-3
- Handicap races with 16 to 21 runners: 1/5 odds for finishing 1-2-3-4
- Handicap races with 22 or more runners: 1/4 odds for finishing 1-2-3-4