What
Does "Each Way" Mean?
An each way bet is really two separate bets. The first bet is a standard
win bet. The second is a bet that your selection will get a place.
e.g. £10 each way = £10 to win and £10 to get a place.
Total staked = £20
Obviously a horse is much more likely just to get a place than it is
to win. The place section of the bet is therefore paid out at reduced odds. These are
normally either 1/5 or 1/4 of the win odds.
The number of places available and the place payout factor are
determined by two criteria. These being the type of race and secondly the number of
runners in the race. See the table below.
Race Type |
<4 run |
5-7 run |
H'Cap 8-11 run |
H'Cap 12-15 run |
H'Cap 16+ run |
Non H'Cap 8+ run |
Paid Places |
win only |
1,2 |
1,2,3 |
1,2,3 |
1,2,3,4 |
1,2,3 |
Place Factor |
win only |
1/4 |
1/5 |
1/4 |
1/4 |
1/5 |
N.B The above table will be correct on most occasions.
Sometimes however individual bookmakers will offer special promotions to attract more
business. For example with the Grand National if you shop around you may see 1/4 odds paid
out for up to five places instead of the standard four.
Example:
Red Rum £10 each way @ 20/1 in an eight runner handicap.
Remember this is two bets. £10 win @ 20/1 and £10 place @20/1 * place
factor.
Total stake = £20.
Checking the table above we see that for an eight runner handicap
there are three places available and that the place factor is 1/5.
Lets assume that Red Rum runs a decent race and manages to finish in
third position.
The win bet is lost. However as your horse finished in the top three
the place section of the bet will pay out.
Return = Stake * (1 * {odds*place factor})
Return = £10 * ( 1 + {20* 1/5})
= £10 * (1 + 4) = £50
The total staked including the win section of the bet was £20.
Your winnings are therefore £50- £20 = £30
Now let's work out what would happen if Red Rum won the race at 20/1.
In this scenario you would have two winning bets.
The win bet would return £10 * (1+20/1) = £210
As described above the place bet would return £50
Therefore total returned = £260
Total winnings = £260 - £20 = £240
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