What Does Each Way Mean in Betting?
So you’re probably wondering what each way bets are, and how do each way bets work? Each way betting or sometimes also known as EW betting is a form of insurance betting. Essentially 2 separate bets are made when you choose to use an each way bet, one to win and one for the team or horse to ‘place’. As a result of this, making an each way bet will be twice the stake of just making a single bet.
The Each Way Bet Explained
Let’s say you want to bet on a horse to win a race. The odds are 10/1 and you would like to stake £1. This would be classified as a single bet and if the horse came in 1st position you would get £10, plus your initial stake of £1 back equalling £11. If the horse finished in any other position other than 1st, you would lose your stake.
Each Way Bet
The bookies also offer each way (EW) betting on this event and offer you 1/5th odds on first 5 positions. Your stake would double to £2, £1 for the single and £1 for the EW bet. If your horse came in 1st position you would win your £11 for the single (as detailed above) and you would also win 1/5th odds on 10/1. One fifth of 10/1 would be 2/1. So as the horse has placed in the top 5 positions you would win £2 plus your £1 stake back giving you £3 in total.
The EW bet is a form of insurance betting that is commonly used in conjunction with high odds single bets. As the each way bet odds are slashed considerably when compared to the single, it is more common on odds such as 20/1 or greater than it would be on 5/1.
Each Way Betting on Horse Racing
Now that we’ve covered the general idea of what each way betting is, here’s how it generally works with horse racing. As the number of horses in a race may differ, the bookie will offer a selection of odds based on:
- The amount of runners in the race.
- The number of places they will give.
- The odds themselves.
Each Way Bet Example
|Number of Runners||Place Terms||Number of Paid Places|
|5-7||1/4 Odds||1 & 2|
|8-11 (Handicap)||1/5 Odds||1, 2 & 3|
|12-6+ (Handicap)||1/4 Odds||1, 2, 3, 4|
|Single Bet||EW Bet||Totals|
|Bet:||Horse to win||Horse to place 1-3||-|
|Odds:||20/1 Odds||5/1 (1/4 Odds of 20/1)||20/1 + 5/1|
|Potential Returns:||£21 (£20 + £1 stake)||£6 (£5 + £1 stake)||£27 (£25 + £2 stake)|
Each Way Betting in Football
Football EW bets follow the same principals as they do for horse racing EW bets, however as individual football matches only have 2 teams, EW bets can’t be used for single games. They can be used in tournaments, leagues and cups where teams can ‘place’ in certain positions on the leaderboards.
As with horse racing EW bets, football EW bets are a form of insurance in case your chosen team doesn’t win the tournament but does finish in a set number of places.
Football EW Bet Example
|Single Bet||EW Bet||Totals|
|Bet:||Liverpool to win||Liverpool to place 1-3||-|
|Odds:||40/1 Odds||10/1 (1/4 Odds of 20/1)||40/1 + 10/1|
|Potential Returns:||£41 (£40 + £1 stake)||£11 (£10 + £1 stake)||£52 (£50 + £2 stake)|
Now that you have read the full article, hopefully I’ve covered the each way bet in enough detail. Please let me know in the comments section below if you have any questions and I’ll get back to you as soon as I can.