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Each way betting is a popular form of wager in horse racing staged in the UK. In this article we will start from the beginning with the basics of each way betting and an explanation of the place terms for those who may not be too familiar with it or new to racing and just getting in to it. To back a horse each way you are placing in effect two bets. One for the horse to win and one for the horse to place. If the horse wins then you win both parts of the bet. If the horse does not win but does place (more on that in a minute) then you still win the place element of the bet. The terms you get for the place element vary depending on the type of the race which we’ll explain below. Just for clarity – this guide is written based on UK horse racing. So – you fancy a horse and want to back it each way. As above, that’s two bets. One to win, one to place. Therefore a £5 each way bet will cost you £10. It is very important that you understand the place terms. These are dependent on the number of runners in a race and the type of race. Current conditions are as below: Four or less runners: Win only. A race with four or less runners is not used to each way betting. Five, six or seven runners: Horse must finish first or second. Place terms are normally 1/4 the odds. Eight or more runners: Horse must finish first, second or third. Place terms are 1/5 the odds. Between twelve and fifteen runners, race is a handicap: Horse must finish first, second or third. Place terms are 1/4 the odds. Sixteen or more runners, race is a handicap: Horse must finish first, second, third or fourth. Place terms are 1/4 the odds. For the avoidance of doubt, if the title of the race includes the word “handicap” then take particular notice of the number of runners as that will affect the number of places paid and the place element odds. Non-runners can affect the terms. For example if eight runners are declared to run then normal place terms are first three. However, if there is a non-runner and only seven horses start the race then the horse has to finish first or second for you to collect. It’s the number of horses taking part in the race that’s important here, not the number declared to run. It is a common frustration that we’ve all shared – that seventeen runner handicap has a couple of late withdrawals reducing things to fifteen runners and first three for places or that eight runner race going down to seven due to a non-runner. However we will look at a way later in this ebook whereby you can still get paid out if non-runners would otherwise reduce the place terms. Two worked examples of each way are below for illustrative purposes. One where the horse wins, one where it places. £5 each way. Horse is 10/1. Place terms and ¼ the odds 1,2,3. Your stake is £10 (£5 to win, £5 to place). Horse wins. You collect £55 for the win part and £17.50 for the place part for a total return of £72.50 which includes your original stake of £10. Congratulations – a tidy profit of £62.50. £5 each way. Horse is 10/1. Place terms and ¼ the odds 1,2,3. Your stake is £10 (£5 to win, £5 to place). Horse comes third. You have lost the win part but do win £17.50 for the place part for a total return of £17.50 which includes your original stake of £5 for the place part. A smaller profit of just £7.50 but still a profit. Occasionally, usually on the bigger races such as the Grand National, some bookmakers will offer special each-way terms paying out on perhaps the first five or even six places. Keep an eye out for them. For a free guide all about each way betting – including how it works, races to consider, strategies, different approaches, place only betting and more besides, please visit http://www.eachwaybetting.co.uk to download your free copy.
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