When it comes to sports betting, horse racing is one of the most popular sports to bet on, especially when it’s time for the Grand National, Royal Ascot and Cheltenham Festival. Horse racing betting has become even more popular in recent years with more people putting bets on the big races than ever.
What makes horse racing betting different, is that when it comes to betting on the horses, it is a sport that attracts as many casual punters as expert punters – and The Grand National often attracts first-time bettors as well. What else makes the Grand National stand out compared to other betting events, is that this is one race where the favourite rarely wins the race – which makes it tougher for even the most seasoned bettor to predict the outcome. In fact, seven out of the last ten winners of the Grand National have been given the unlikely odds of 25/1 or higher. Because predicting the winner is so difficult, one way to conquer this is to place an each-way bet, but what is it?
The Each Way Bet
Each-way betting is a type of wager that consists of two different bets. Both of the bets are equal size – one of these bets is placed on the horse to win and the other is put on the horse to place in the race (i.e. come 2nd, 3rd, 4th etc).
These bets are called ‘win’ and ‘place’ bets – and the total stake is the total of those two bets (i.e. a £10 bet would put £5 on the horse to win and £5 on the horse to place). The place part of the bet is usually a fraction of the horse odds to win. If they are offering ¼ for an each-way bet on a horse that has odds of 4/1, then you would get odds of evens for a place (¼ x 4/1).
Calculating an Each Way Bet Payout
The amount an each-way bet pays out depends on the number of runners in a race:
16 runners – 1/ 4 of the horse’s odds for a top 4 place
12-15 runners – 1/ 4 of the horse’s odds for a top 3 place.
8-12 runners – 1/ 5 of the horse’s odds for a top 3 place.
5-7 runners – 1/ 4 of the horse’s odds for a top 2 place.
Under 5 runners – place stakes are for win only.
If your horse wins if you have made an each-way bet, you will be paid out for both parts of the bet. However, if the horse places, you will lose the win part of your bet but be paid out at the place part of your bet.
So, let’s imagine you placed a £20 each-way bet on a horse priced 20/1. The each-way part of the bet is 1/ 4, so the odds for a place =
20/1 at ¼ odds means you divide the odds by four, which would be 5/1 odds. So, a £10 bet (half of the £20 each way bet) would give you £50.
So, if your horse won the race you would be paid out at £10 x 20/1 odds plus £10 x 5/1 odds = £200 + £50 = £250 plus your original £20 stake.
If your horse placed, you would lose the win part of the stake and get £10 x 5/1 odds = £50 plus your £10 stake on that bet.
Should You Place an Each-Way Bet?
Often, this very much depends on the odds your horse has and how confident you are in the horse winning or placing. Although the odds aren’t as good as a win bet, if you have confidence that a horse will place but not necessarily win, then this is always a good option. Ultimately, it’s your choice. If you want a punt on an outsider with good odds, then this might be the bet for you.