What does Each Way Mean?
An each way bet is one which places money on both a win and a place. In other words, the initial stake will pay off if the selection of horse, football team etc. comes in either first or within a set range – i.e. first to fourth.
Working out the winnings on offer from an each way bet is slightly more complex than when betting purely on a win. The first thing to bear in mind, however, is that the stake placed will be double the size of the bet. In other words, a £5.00 each way bet will require a stake of £10.00, £5.00 being bet on the pick winning and £5.00 on it being placed.
How does Each Way Betting Work?
If a £2.00 each way bet is placed on a horse running at odds of 16/1 then it will pay out as follows:
If the horse wins then the winnings will run to £32.00 plus the original stake, which equals £34.00. The bettor will also receive a payment for placing which, in most races, means finishing in the first four positions. In the case of this bet, the odds for placing would be 4/1, the original odds divided by four. This means the winnings for placing will be another £8.00, again plus the original stake.
In all, an each way bet at 16/1 on a horse which wins a race will generate winnings of £44.00, a profit of £40.00 on the original bet. If the horse finishes second, third or fourth, on the other hand, the winnings will be nothing on the £2.00 bet on winning, and £8.00 on the £2.00 bet on placing, plus the stake.
It should be noted that the number of finishing positions which pay-out will vary depending upon the number of runners/contestants in the race and, for greyhound and horse racing each way, whether it is a Handicap or Non-Handicap race.