In our ongoing look at different kinds of betting methods, today we’re taking a look at each-way bets. One of the most common types of bets, it’s most typically done on horse racing. The desirability of this particular sort of bet comes from the fact that it works to the benefit of the person placing the bet, acting as a form of insurance in the event that their chosen candidate doesn’t win.
How does an Each-Way Bet work?
An each-way bet is a bet that essentially includes a contingency. Bettors place a bet on their preferred candidate to win, but include a second bet, identical to the first, that also wagers on the particular candidate “placing” – that is to say, in a top position such as 2 or 3. The number of top position can vary, but can also go up to 4 or 5 – in the UK, this is almost always set by the Jockey Club. Betting in this way increases the likelihood of getting a payout. Keep in mind that an each-way bet is generally double the stated amount – so if you bet £5 each way, you’re putting £5 on one result and £5 on another, meaning you’ve spent £10 in total.
What’s the catch?
Yep, there’s a catch to it. The resulting payout is typically less than usual – often half or one-third of the nominal odds. The tradeoff here is that while you might win more often, you may not win as much. It’s down to you to decide – reliability or the potential for a much bigger payout. It’s a tricky decision!
What sports can I bet on?
Each-way betting is mostly done on horse racing, but a variety of tournament sports – such as the Masters golf tournament, the FIFA World Cup, the Formula 1, and various cycling competitions – also offer the opportunity to place each-way bets since there are often clearly-delineated “places”. Sports in which the winner takes all, such as tennis, snooker, darts, and individual football, are less suited to each-way betting. However, it’s always advised to read up on the precise terms of each bet to make sure you know what you’re getting into. Happy betting!