Betting can be a fun and exciting pastime, but it is always important that you understand what your bets can mean – particularly when there’s real money at stake. With this in mind, you may have heard the term “each way betting” – and you may be wondering exactly what that means, and how you can make the most of it as a way to try and make some money on sports that you enjoy watching.
A quick definition
An “each way” bet is something that is often offered by bookmakers and includes two separate bets at the same stake level. The bet wins if the subject of the bet wins or is placed. The number of places offered depends on the bookmaker offering the bet.
Let’s look at “each way” in more detail
When you bet each way, you are actually placing two bets rather than one, though each bet will be at the same stake. One bet is on a win, and the other bet is on a high placing, which is usually the top three places, but this can change depending on where you place the bet, and what you place it on. If you achieve a placing with your bet, then the amount that you win will usually be worked out as a fraction of the “win” odds. The fraction that you win will always depend on the sport and individual event, and should be checked before you place the bet, as this means that you will have a better understanding of exactly how much money you might be able to make.
Why do people choose each way betting?
The aim of betting is to try and win some money at the end of an event, and each way betting gives the punter a better chance of being able to win something from their wager. It is almost like a type of insurance, a way of covering more bases which means that there are a higher number of results in the event that would lead to a favourable pay-out for the punter. In this type of bet, if the punter wins the event then this is what results in the highest pay-out, but if they are close to winning then they will still gain some money from their bet, therefore a complete loss would be avoided.
An example of an each way bet
If you are interested in horse racing, and you place an each way bet on a horse that is 4/1 then you will have placed two bets – one on the horse to win, and the other for it to be placed. If the horse wins, you will be awarded with not only the winnings for the first place, but also the winnings for the placing in general, too – so you will have won both sides of the bet. If your horse finished second or third for example then you would lose your stake for one of your bets as it didn’t win, however you would receive a prize for the fact that it was placed, which is a fraction of the odds for a win. You should always check the odds and the payment scales before you place any bets.
Should I place an each way bet?
If you’re interested in an event but you’re not certain that your chosen team will win, then an each way bet is a good way to give yourself a little bit of insurance. It is always worth calculating the potential profit and loss for any bet that you might place, as this means that you will know how much you could win – and lose. The key is that you should always understand the terms of the bet, and each possible scenario that the results could bring. It certainly increases your chances of winning prize money at any event, so you may decide that it is worth it from this perspective.