Aside from the straight winner option, an “each way” bet is probably the most popular way to stake among the betting community. It’s a little more advanced but is very easy to understand and, it’s a way of aiming for a return if your selection doesn’t win but is highly placed at the end of their event.
As we move through this guide, we’ll look at the each way bet meaning while using some real life examples that underline this popular method of approaching the markets.
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So How Does an Each Way Bet Work?
When we take an each way bet we are actually making two stakes. The most common sport for this type of betting is horse racing but an each way bet football is also available in outright markets such as the winner of the World Cup.
A perfect example from the football world is the market for the Golden Boot as the highest scorer in the English Premier League. With an each way stake here, you should receive some form of return if your selection finishes in the top four.
Let’s say we want to take a bet on Mohamed Salah. If we bet on him each way we are, in effect, making two wagers: First stake is for the win and the second one is for a place in the top four.
If Salah wins that Golden Boot race, both the win and the place bets will pay out. However, if he finishes second, third or fourth, we can receive a return on the place bet only, assuming that all bookies pay down to four each way places.
Can You Show Me Some Calculations?
All types of wagers are explained better when we use examples and each way is no exception. The question is, what is an each way bet and we’ll continue with that example of backing Mo Salah in the Golden Boot betting.
For the sake of this example, we’ll say that the odds are at Even Money and we want to stake a unit of £10.00.
Each way bet rules mean that there are two stakes here - one on the win and one on the place so:
- Stake £10.00 on win portion
- Stake £10.00 on place portion
- Total stake = £20.00
What if the wager wins and Salah claims the Golden Boot? It will always be easier to put things in an online calculator but it’s easy to explain this one using those odds. So, how does an each way bet payout.
- £10.00 win portion pays out at 1/1 plus stake returned = £20.00
The place bet pays out at a quarter of the odds so here we have:
- £10.00 x 0.25 = £2.5 profit plus £10.00 stake = £12.50
In summary, we have staked £20.00 and received returns of £32.50 so we have an overall profit of £12.50.
If Salah had finished second, third or fourth, the win bet would not pay out. The place bet pays £12.50 so we would have made a small loss of £7.50.
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How Does It Work in Terms of the Staking Process?
We’ve answered the question how does it work but let’s see it in action using a real life example. As an each way bet explained, we will continue with our example of staking on Mo Salah to win the Golden Boot.
We’ve found a market and this screenshot lists the available odds.
We click on Mo Salah and the following betslip has opened up in the top right-hand corner of the screen.
As you can see, it defaults to a win stake as you would expect. All we need to do is click on that box with the E/W letters next to it and this is what happens.
Now we just need to confirm our stake.
As you can see from the third screenshot, the terms of this stake are slightly different from our original each way bet. Firstly, Salah’s odds have dipped to 10/11 and the sportsbook in question pays at 1/5 on places from 1 through to 3.
This underlines the fact that the terms of this wagering option will differ depending on which bookie you use. Finally, there is no need for an each way bet calculator as the betting slip lists all the possible returns for our stakes.
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When Should I Use Each Way Betting?
It’s entirely up to the individual as to when they use this betting option. In the each way bet calculator that we used in our example, we could still claim some return when our player finished second, third or fourth.
This is a common practise - using this option to enjoy a bigger profit if the selection wins while reducing possible losses if the pick finishes in places 2-4.
As an alternative, an each way selection at longer odds - say 50/1 - would provide us with a return even if the win stake failed and the place stake succeeded.
This is another reason why bettors like each way options. Those with higher odds could still provide a profit even if they don’t win their event.
The choice, as always, is entirely up to the individual punter: Before making a stake with real money, they can always place notional bets on paper while they get used to the mechanics of each way betting.
In summary, when we ask what is a each way bet, the answer is a simple one and it’s also a very versatile type of bet that can be used in a vast number of different circumstances.
❓Q: Do All Bookmakers Pay Down to Four Places on an Each Way Bet?
💬A: No. This will differ depending on the bookmaker you are using so please check their terms before you bet.
💰Q: Do the Sportsbooks Always Pay One Quarter of the Odds on the Place Section?
💬A: Not always: One quarter is a common payout but you may also receive one fifth odds.
🤷♂️Q: Is Your Stake Returned on Both Parts of an Each Way Bet?
💬A: If the wager is successful, the stake made will be returned along with the profits made
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