Betting on horse racing is a favourite pastime for many Australian punters, and understanding the range of bets available is key to increasing your chances of success and finding an edge.
One popular betting strategy that is often used in horse racing is the ‘each-way’ bet.
This GoBet guide aims to provide a thorough understanding of each-way betting in horse racing, explaining how it works and how it can potentially increase your returns.
What is an Each-Way Bet?
An each-way bet is a wager with a bookmaker that is made up of two parts: a ‘win’ bet and a ‘place’ bet – you’re betting on a horse to win the race, and also to get a place.
- Win: This is a bet on the horse to win the race.
- Place: This is a bet on the horse to finish in one of the designated places. In most races, a place refers to the first three horses across the finish line, but can decrease to the first two if there are seven or less runners in the race.
In an each-way bet, you stake an equal amount on both parts of the bet. For example, a $10 each-way bet actually costs $20, with $10 going on the win and $10 going on the place.
How Does an Each-Way Bet Work?
When you place an each-way bet, you stand to win both parts if your horse wins the race.
If your horse doesn’t win but still finishes in one of the top places, you lose the win part of the bet, but you can still win the place part.
The returns for each part of the bet are calculated separately. The win part is straightforward – if your horse wins, your return is your stake times the odds.
The place part is your stake times the place odds, which are typically a fraction of the win odds – depending on the number of runners in the race.
Example of an Each-Way Bet
If your horse wins the race, you win both parts of the bet. The win part pays $10 * $10 = $100, and the place part pays $10 * $3 = $30.
So, your total return is $130, and your profit is $110 ($130 return – $20 stake).
If your horse doesn’t win but finishes in the places, you lose the win part of your bet, but the place part pays $10 * $3 = $30.
So, your total return is $30, and you make a small profit of $10 ($30 return – $20 stake).
Pros and Cons of Each-Way Betting
- Increased Chances of a Return: Each-way betting can increase your chances of a return because you’re covering more outcomes.
- Profit from Non-Winning Selections: You can still make a profit if your horse doesn’t win the race but finishes in the places.
- Higher Stake: An each-way bet requires twice the stake of a straight win bet.
- Lower Returns for Placed Horses: The return for a horse finishing in the places is less than if it wins.
The Bottom Line on Each-Way Bets
Each-way betting is a popular horse racing betting type for punters as it provides more opportunities for a return from a single wager and offers some security if your horse doesn’t win.
It’s particularly useful when betting on races with a large field or when you fancy a horse to perform well but aren’t entirely confident in it securing the top spot.
Understanding and utilising each-way betting effectively can offer an extra dimension to your punting strategies, giving you a broader safety net compared to a simple win bet.