How Does Each Way Betting Work? Each Way Explained

If you've used a betting site, you'll have likely come across the term 'each way' when placing a bet.

It's a popular option for betting on many sports, predominantly horse racing, and is a useful tool in a punter's arsenal. 

This guide explains how each way betting works and provides some tips on how to best-utilise this type of bet

What Does Each Way Mean in Betting?

Each way betting is a fairly simple concept. An each way bet is made up of two parts:

• A bet on your selection to win an event.
• A bet on your selection to finish within the top places (which can vary depending on the sport, market etc.)

The two bets will cost the same amount. For example, a €5 each-way bet requires a total stake of €10. 

That's because €5 goes on the win part of the bet and the other €5 goes on the place part.

Horse racing punters will often use this bet type to secure profits from selections with high odds, but each way betting is popular across a variety of other sports too, including greyhounds, golf and Formula 1. 

How Does Each Way Betting Work? 

Now that we've got a better understanding of what an each way bet is, let's examine how they work and the steps to take when placing an each way bet.

Given how popular each way bets are at horse racing betting sites, we'll use racing as an example.

Here's a step-by-step guide to placing an each way bet on a race:

1. Head to a bookmaker's site or app and locate the race you want to bet on
2. Check the each way terms for the race
3. Find the horse you want to bet on and add it to your bet slip
4. Select the each way option on the bet slip
5. Enter your stake. Remember the stake you enter will be doubled to cover the win and place part of the each-way bet
6. Check all the details are correct and place your bet

If your horse goes on to win the race, you will be paid out for both the win and place parts of the wager.

If your horse doesn't win but finishes in the places specified by the bookie, you'll be paid out at a fraction of the runner's winning odds (usually 1/4 or 1/5 of the win odds).

If the horse fails to win or place, the bet loses.

How Much do You Win on an Each Way Bet?

What you get back from an each way bet depends on a couple of factors. Firstly, did the selection win, or did it just place?

Secondly, what were the each way terms being offered by the bookmaker? 

The percentage of the starting odds paid out and the number of places covered can vary.

Let's have a look at an example to illustrate this.

Imagine you place a €5 each way bet on Honeysuckle to win the Grand National at odds of 10/1. The bookmaker is paying out on five places at 1/5 of the odds. 

In this example, Honeysuckle finishes third, so you take home €15. Here's how that works out:

• The win part of the bet loses because the horse doesn't finish first.
• The second €5 place bet wins because the horse finished third - which is one of the each way places on offer.
• The 10/1 odds become 2/1 due to the each way terms being one fifth (1/5) of the starting price.
• This means the €5 place stake wins at 2/1, which returns €10.
• You also receive the €5 stake back, meaning you take home €15 in total.

Now let’s say Honeysuckle wins the race. This would mean both parts of the each way bet win.

• The €5 win part of the each way bet would return €55 (€5x10/1= €50 plus your €5 stake).
• You would also win the place bet, returning €15 as explained above.
• So, in total, your winnings would be €70 (including both stakes).

If Honeysuckle finished sixth in the race, outside the each way places, neither bet would win, so you’d lose your total stake of €10.

How Many Places Are Paid on an Each Way Horse Racing Bet?

The number of places that pay out for each way bets will vary from bookmaker to bookmaker. 

The figure is usually outlined where the market is listed. You’ll see the each way bet terms alongside the place odds.

In horse racing betting, the minimum number of each way places offered is based on the size of the field, with more places offered for bigger races. 

Typically, here is how a bookmaker will work out the each way terms for a race:

Always check the each way terms at betting apps or sites before placing a bet so you don't get caught out.

Generally, for a handicap race of 16 runners or more, a bookie must pay 1/4 of the odds on four places. But if they offer more than four places, they only have to pay 1/5 of the odds.

For the bigger races and for the major festivals, such as the Cheltenham Festival and Royal Ascot, you'll often see bookmakers offering extra each-way places on mutiple races, as part of Cheltenham betting offers.

For races with huge fields, such as the Grand National, some bookies will bump up the number of places they cover to eight at 1/5 odds.

Each Way Betting in Golf & Other Sports

Each way bets are particularly popular with golf bettors, with an E/W option offered for every tournament (unless it's matchplay).

Golf betting sites will tend to pay out on five places at 1/5 odds as a general rule for each way golf betting, but will boost this number at their discretion for the bigger tournaments and majors, all the way up to 12 places occasionally. 

Of the bookies that offer extra places on golf, BoyleSports have some of the most generous terms.

Each way wagers on other sports, such as football, darts, tennis, rugby and US sports tend to be outright bets where you are backing a competitor to finish either first or second. 

In the case of a knockout tournament, you'll be guaranteed a payout if your selection reaches the final. 

You'll usually receive 1/2 the odds for an each way bet on a knockout event, while the terms for a season-long each way wager with football betting sites on markets like the Premier League winner will return at 1/3 odds.

Formula 1 and greyhound racing do give you the option to have an each way bet on their races, but the terms are not the most generous. 

An each way bet on a greyhound race will pay out on the first two places at 1/4 odds, while in F1, it's the top two at 1/3 odds.

Pros & Cons of Each Way Betting Explained

Each way betting is popular with punters because it opens up more possibilities across the field. 

In sports like horse racing and golf, there are occasions where a large number of selections are priced at relatively long odds. 

In these markets, it’s a lot harder to predict who'll win an event. However, long odds make each way bets worthwhile, even after the fraction has been applied, if you have a strong outside fancy.

Each Way Betting in Summary

By now you should have a better understanding of how each way bets work and how you can use this type of bet to your advantage.

Each way betting may not be to everyone's taste, but it's a benefit to every punter to understand when it might be the best option. 

Using this guide as a starting point, the next step is to experiment with each way betting in a live environment without taking too many risks to build on what's been discussed in this article.