The phrase “each way” comes from the betting jargon used in horse racing to describe a bet that pays out if either one of two outcomes occurs, or both occur. The most common each way bets are the lay bets: you win either £1 or lose £1. If your horse wins for example, you’ll get £5 back. But if he loses, you’ll keep your original stake. Each-way bets can be more complicated and you’ll see different types of each way bets at different times during the day’s racing.
In a standard each way bet, there is only one possible outcome – that the horse will finish first (win) or second (place). For example, if you bet £10 on a horse who has been placed third in his last three races but has a chance of winning the next race, then the payout would be 50/50, with half of the money returned to you if it finishes second, and the other half paid out if it wins.
However, each way betting has its own terminology which is different depending on what type of each way bet you’re making. There are four main types of each way bets:
- Win Only
You put down a stake of £1 on a horse that must win the current race in order to collect your winnings. If the horse does not win, you lose your stake. This type of each way bet is also known as a Win/Place Only bet.
- Place Only
You put down a stake of £1 on a horse that cannot lose. If the horse does not place, you will keep your stake. If the horse places, the bet is a No Decision. In this case, the bet pays out 100% if your horse wins and nothing if he places.
A combination of the above. You put down a stake of £1 on a horse that must win in order to collect your winnings. If the horse wins, you get paid. If the horse doesn’t win, you still have your original stake. This type of each way bet is also known as a Win-Place-Only bet.
A combination of the above two. You put down a stake of £1 on a horse that must either win or place in order to collect your winnings. If the horse wins, you get paid. If the horse doesn’t win, you still have your original stake. However, if the horse places, the bet is considered a No Decision. In this case, the bet pays out 100% if your horse wins and 0% if he places.
Each way betting is often referred to as simply ‘betting’. So, instead of saying ‘I’ll bet £5 on my favourite horse’, you might say ‘I’ll bet £5 on him to win.’ Or ‘He’s going to win so I’ll bet £5 on him to win.’
When you make an each way bet, you don’t actually specify how much you want to win. Instead, you state whether you want to win ‘Yes’ or ‘No’. So, let’s say you want to win £5 if your horse wins. To do this, you’d use the following formula:
This means that you want £5 to be returned if your horse wins, and nothing if he doesn’t. It’s worth noting that while each way betting is called out as such, it actually covers any kind of bet where you’re given the choice of winning something or losing something. So a Win-Or-Place bet is essentially just another type of each way bet – it’s just that you’re given the choice of getting paid out £1 or keeping your money if the horse places.
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So, why exactly do people choose each way betting? There are a few reasons why this is becoming increasingly popular among punters. Firstly, the odds offered by bookmakers are significantly better than they were in previous years. Secondly, the cost of each way bets is considerably lower than fixed odds bets. Thirdly, each way betting offers greater flexibility when it comes to the number of horses you can bet on. And finally, because each way bets offer no specific return, you’re able to take advantage of free bets that bookies offer on certain days of the week.
Another reason why people love each way betting is because it allows them to take advantage of the fact that some horses are more likely than others to run well over their competition. For instance, if you bet £10 on my horse today, and he runs brilliantly, you stand to make £20. However, if he falls flat, you could end up losing your entire stake.
Each way betting allows you to cash in on these chances that come along every now and again. By taking advantage of this opportunity, you’ll increase your overall bank balance.
For those who prefer to stay within the parameters set by the bookmaker, it’s important to note that the majority of bookmakers offer very similar odds on all forms of each way betting. However, some of them may be slightly more generous when it comes to paying out on each way bets. For example, Ladbrokes usually pay out on each way bets at odds of 5/4. William Hill, on the other hand, usually pays out on each way bets at odds of 4/1.
You should always remember that each way betting is not without risk. In order to avoid being disappointed by your each way bet, you need to stick to the odds offered by the bookmaker.
Although each way betting has become increasingly popular in recent years, many traditionalists argue that it isn’t really necessary since the fixed odds offered by bookmakers are already far more attractive than they were in the past. They believe that each way betting can lead to less disciplined betting habits, and the increased flexibility that they give you can often lead to more risky betting.