What Does Each Way Mean in Betting?

Each-way wagers combine two separate bets into one: a winning wager on your choice to win and a place wager on your selection finishing within a selected predetermined number of places. That's why you have to risk a total of £10 on a £5 each-way wager (£5 to win plus £5 to place).

Although each-way betting (also known as EW or E/W) is most frequently associated with horse racing, it is possible to place an each-way wager on any event. Not all bookmakers will offer this type of bet on certain sports or events though so this is worth considering. For the purposes of this article, we are going to imagine we are looking to place a bet on a horse race.

The Possible Outcomes of an Each-Way Bet

Win bet Wins: This happens when the horse you have selected wins the race

Place bet Wins: Upon your selection finishing within the number of places specified

If your selection wins: Your each-way bet pays a return on both the win and place wagers. In other words, you win both of the bets you have placed so this is the perfect scenario.

If your selection places: Only the place portion of an each-way wager yields a profit.

Things You Need to Consider Before Placing an Each-Way Bet

Odds: Odds are by far the most important factor in any bet. Betting on a heavy favorite to place is unlikely to be worth it, as the odds for them to win the race will be very low. If they are a strong favorite the odds for the horse to finish in the top three will be extremely low.

Each-way places: These let you know what positions your selection must finish in for your place wager to be successful. You can find different places on offer. Logically the more places your selection can finish in, the lower the odds.

After considering these variables, you may place an each-way bet by selecting the EW option on the bet slip. Keep in mind that if you place an each-way bet, you will stake twice as much.

How Many Places Do Bookies Pay Out on an Each-Way Bet?

Bookmakers may pay out to a certain number of places on each-way bets; this is indicated next to the market. As with the place odds, it is included in the each-way conditions (see below).

The number of each-way places offered in horse racing wagering is established by the number of horses in the race. You should also be aware if horses drop out before the race begins, this can alter the number of places that will payout.

Enhanced Each-Way Terms and Extra Places

As a way to retain their current clientele, several bookmakers provide enhanced each-way offers, such as a larger number of each-way places or a larger each-way fraction, on some of the day's races.

In high-profile races like the Grand National and Cheltenham Gold Cup, bookmakers always attempt to outdo each other, so bettors should shop around for the best available each-way terms.

How Do I Decide Whether or Not to Place an Each-Way Bet?

There are situations in which betting, either way, is more advantageous than others. If you are trying to decide between betting each way and betting to win, you should think about the following two questions:

Will You Break Even if Your Selection Places?

Whether or not to back a horse either way depends on weighing the win odds and the place odds. To put it another way, if the place odds aren't evens (1/1) or higher, you lose money on an each-way bet unless the horse wins outright. Below I have provided an example.

If you place a total bet of £10 (£5 win, £5 place, £0 show) on a horse with win odds of 5/1 and it finishes in second or third place, you'll lose your £5 win bet but break even on your £1.50 each-way wager (5/1 place bet). That's a return of your £5 place bet stake plus £5 profit (a total of £10) if your wager wins.

Are There Enough Places for an Each-Way Bet to Be Worthwhile?

This is especially important in horse racing, as the number of each-way places available varies with the number of competitors. Each-way wagers could be more alluring on some occasions than others, depending on the proportion of the field that is paid out.

In a horse race featuring only four, three, or two runners, bookies usually don’t provide each-way betting. Players can only wager on the winner in such a race. When there are between 5 to 7 runners, there is the option for an each-way bet on two places with ¼ odds. 

Horse races with 8-15 entrants typically have each-way betting terms of three places at 1/5 odds. Nonetheless, this is not relevant for handicap races. The typical each-way term for a handicap event with 12-15 entrants is three places at 1/4 odds.

Conclusion

As with all forms of betting, there is always the risk of losing, just as there is a chance of winning. An each-way bet helps you keep all ends tied and improves your chances of winning or breaking even at worse.