Each Way Betting
To people who are not familiar with the ins and outs of sports betting, it may seem that gambling on professional sports is a matter of simply choosing who you think will win a specific match, race, bout etc. However, bookmakers offer a variety of options for punters when placing their bet, one of the most popular and established of these variants on straight win betting is the each way bet.
Each way bets are offered by bookmakers in events that have more than two competitors, with horse racing an obvious example of a sport in which each way betting is extremely popular as of course there can be a great number of possible winners in every horse race.
The each-way bet is a wager that is made up of two separate bets; a win bet and a place bet. If the punter is to win the win part of the bet, the selection must win, or finish first, in the said event. For the punter to win on the place part of the bet, the selection must either win or finish in one of the predetermined 'places' for the event; such as in first "place" or second "place". However these places can be extended by certain bookmakers in certain events to include third or fourth “place”.
The odds that are paid out on the win bet are of course that offered by the bookmakers, with the place part of the bet's odds predetermined (usually odds of 1/ 2, 1/ 3, 1/ 4 or 1/ 5) of the original win odds. This is due to the fact that, of course, it is more likely to win if you get a pay off for both places.
An example of an each way bet on a horse race would be this.
If a £10 each way bet is placed at odds of 9/1, with place odds of 1/ 4, then the total stake is £20.
The return on the successful win bet would be 10 x 9 = £90
The return on the place part of the bet would be 10 x 2.25 = £22.25
The return on a winning bet would therefore be £112.25 if the horse won the race and £22.25 if the horse finishes in one of the place positions.