The world of horse racing is full of several terms that may seem confusing, especially to a beginner looking in. One of the terms that you may come across when wagering here is Each Way Betting. So, what’s an Each Way Bet? An Each Way (E/W, EW) bet is essentially two separate bets: one bet the horse you are wagering on to win, and the other one for the horse to place in any of the place positions that the race offers.
In other words, it means that as a bettor you can receive a return on your bet should your selection win, but also if it manages to place too. When placing an each way bet, you need to stake an amount on both the place and the win. Therefore, when placing £5 each way, it means that you are placing £5 on the win and another £5 on the place, a total of £10. Even though you can place an each way bet on any event where bookies offer it, mostly, this type of betting is associated with horse racing.
As a beginner just about to begin placing horse racing bets, you need to be cautious and take things slow on the learning curve. Betting on horses is fun and exciting. However, if you dive in head first without getting two a few important things about horse race betting, you may end up with some unpleasant horse race betting experience.
There are two main categories to choose from when wagering on horse races: straight wagers and exotic wagers. If you are a beginner, you may want to start with straight wagers. Here, you simply pick the horse that you think will finish in the first, second, or third position. It’s as simple as that. The minimum bet here is mostly £2. That’s a good amount to begin and learn.
Exotic wagers may not be ideal for beginners since they are difficult to predict and require an advanced degree of knowledge and skill. While exotic wagers come with high payoffs, it may be difficult to predict the number of places or the order in which the horses will finish in which order.
As a beginner, ensure that you familiarize yourself with everything about horse race betting. If possible, familiarize yourself with reading the race day program or attend as many horse racing events as possible. Look at the history of the jockey, the surface that the horses will be running on, and previous performance of the horse. That way, you’ll have an upper hand as a beginner here.
As you can see, an each-way bet isn’t something complicated as you might have imagined. There are two parts of each-way bet that you need to know. As mentioned above, there’s the Win bet in an each-way bet. What this means is that with your Win bet, this type of wager gets to win, but only if the selections that you make wins the event in which they are competing.
Besides the Win bet, there’s the Place bet. This one wins, but only if the selections manage to finish within the specified amount of places. You need to note that you stand to receive a return of both the win and place parts of your bet wins. If you can remember, you’ll get some returns if you win the place parts of your each-way bet.
Therefore, the Win bet and the Place bet are the only two selections of an each-way bet.
Placing an each way bet isn’t a complicated task as such. At first, it may seem slightly confusing, but placing an each way bet is quite easy. Once you’ve signed up with a sportsbook of your choice and deposited some funds to your account, now it’s time to place an each way bet.
First, make sure that you tick the E/W box underneath your selection on the betslip. The moment you do that, you’ll notice that the total will automatically be doubled since it will look at the stake that you intend at placing on each line of your bet. The odds that you’ll get for the place part of your wager, whether for an each-way bet or to be placed bet are commonly known as ‘place terms.’
Place terms will determine the overall payout of your bet. For example, if you place a bet which is Each Way 1/5, and 3 places, and your horse manages to finish in the top 3, it means that you’ll win your wager. The place portion of your wager will pay out at 1/5 of the odds that you took for the horse that you were betting for.
Should your horse come first, it means that you’ll receive the payout on both the Win and the Place portions of the bet. If the horse finishes 2nd or 3rd, you’ll only receive the payout on the section only. The win part of your bet loses.
When wagering on a contest that presents several possible outcomes, you’ll find a variety of way of making a bet. Each-way bet is an apt example of such a bet. Calculating an each-way bet isn’t hard. Assuming that your selections wins, you get to calculate the winnings as indicated below:
(Bet x Odds) + (Bet x ¼ of Odds) + ½ Stake +1/2 Stake = Each Way Winnings.
In this equation, the bet is the total amount of money that you place on a racer to either win or finish close to the top (twice the bet). Let’s assume that you place a bet of £100 on a horse that (£200 betting stake), running at the odds of 3 to 1, in an each way bet. If the horse wins the race, the equation would read: (£100 x 3) + (£100 x .75) + 100 + 100 = Each Way Winnings.
The above is for the horse to win the race. But if the selection doesn’t win, half of your betting stake will be lost. If the selection doesn’t win, the equation reads: (Bet x Odds x 0) + (Bet x ¼ of Odds) + ½ Stake = Each Way Winnings.
The bet is the amount of money that you place on a certain horse. The odds are the probability where you back a horse to win, and the stake is the total amount of money you place on a racer to either win or finish near the top.
Each-way bets tend to be worthwhile in some circumstances than others. You can go ahead and bet each way, but only if the win odds and place odds have a higher chance of returning at least part of your stake. For example, assume that you bet £5 each way on a horse with win odds of 5/1 (total stake £10), and it places. Here, you’ll lose your £5 win bet, but the place part of your each-way bet will see you receive a return at a fifth of 5/1. This means that you get your £5 stake from the place part of your wager plus £5 winnings.
Sometimes, the number of each-way places can differ depending on the number of runners in a race. Some combinations of field sizes and the terms of each-way can be attractive for such kind of bets than others. Look at the terms as to whether they are favorable or not before placing each-way bets.
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