Each way and place betting are two of the more popular bet types in the industry. They are both essentially bets that cover a multitude of results, each having different pay-outs depending on where your bet finishes.
This article will be looking at both forms betting, including the similarities and differences for each.
Each way betting
Each way betting is actually two bets rolled into one. The format is pretty simple in that your bet is actually split in half, with one half going on the win bet for your selection and the other half going on your selection finishing within a certain number of places (1st, 2nd or 3rd for example). The sport that it’s most commonly used in is horse racing since the format of each race suits the bet perfectly; let’s use horse racing to study an example:
Imagine you back a horse each way and you stake £10 at odds of 10/1. £5 of that bet would go on that horse to win and £5 of that bet would go on that horse to finish within a certain number of places. For the second part of the bet (the place) the number of horses in the race will determine in what position the horse must finish outside of the winning spot to claim the place prize; for most races it will be top 4 places paying out a quarter of the original odds. In basic terms, what position counts as a ‘place’ can vary.
Let’s say that the horse we backed goes on to win the race. So, £5 of the bet that was on the win would be successful and at odds of 10/1 this would mean we would get £50 profit. The second half of the bet (place bet) would also win, and the odds for that were 1/5 (it’s usually 1/5 or 1/4), returning £10 profit. So, overall we would get £60 profit from this bet and a £70 total return (including stake).
Now let’s say that the horse finishes third. We miss out on win part of the bet so that £5 stake is lost, but we can still claim on the place part as the horse finished within the top 4. So our other £5 would pay out at odds of 1/5 (one fifth of the original odds), resulting in a profit of £10 and a total return of £15 for our place bet. So overall, we are still £5 up.
If the same horse finished outside of the top four places in this example, or outside the number of places being paid, then the bet would lose completely.
Place betting is a similar concept, except the bet is a singular wager for the horse to finish within the highlighted number of places only. The odds will be less than that of a bet to win due to the increased number of finishing positions that count as a winning bet, but every qualifying finishing position will pay out exactly the same, so your profit will be the same whether the horse comes in first or fourth.
For example, we back a golfer to finish in the top 5 positions of a tournament for our place bet. If they finish within these top 5 places, in any order, we win our bet at fixed odds. If they finish outside the top 5, then we simply lose the bet.
Each way v place betting
Each way betting is always going to be the bet that gives you the biggest return on investment when successful. The fact that your bet is split into two means that the possibilities of a larger return are increased, not only because you technically have two chances of winning, but due to the fact that the win bet will pay out at the original (higher) odds, than the associated place bet.
A good time to use these types of bets is when you are backing something that you think has a really good chance of winning, but you want the security of a place just in case something goes wrong, so you could at the very least make a few pounds if the win doesn’t go your way.
On the other hand, place betting is widely regarded as being a much safer bet than each way betting as it will generally give you better odds as a single than the quarter odds you would receive for the place part of an each way bet.
These types of bets are good when you think your selection has a good chance of finishing in the place positions but is unlikely to win due to a heavy favourite that is much more likely to walk away with the victory.
Each way and place betting by sport
The two forms of betting will work quite differently depending on which sport you are betting on. Below, we have highlighted some of the more typical scenarios which you will find from a number of different sports.
Two of the most popular markets in football are that of betting on tournament winners and also the first goalscorer market. When betting on which team you think will win a certain tournament, an each way bet will have a certain cut off point as to how many places it pays out for the place part of the bet. Usually what you will find is that a team will need to reach the final for the place bet to pay out, which essentially means a top 2 finish. Obviously this will have an effect on the odds for the place bet, but you can expect them to be around 1/3rd of the odds taken.
Each way betting on the first goalscorer market will often help you if the player you have backed fails to score the first goal, but does go on to score the second. Again, if this occurs then the odds for the place bet will be around 1/3rd of the original bet.
In horse racing, the number of horses in the race will dictate how many places are paid out for both each way bets and place bets. As a general rule, for most races that include 8 or more horses you can expect to see 3 places paid and races with 13 or more runners will have 4 places paid, although this varies from bookmaker to bookmaker. In fact, often bookmakers will increase the number of paid places for certain races as part of a promotion that they are running, so keep an eye out for those.
The main market for these types of bets are the outright winner market and this is where these bets are going to be most popular in horse racing.
Golf works much the same as other sports in that a set amount of players will be highlighted for the place bet. It differs slightly because of the vast number of players in each tournament (often over 150), so the number of places increases slightly, with most bookmakers offering 6 places to be paid for each way and place bets.
Again, you’re looking at the outright winner of a tournament which is the most popular for this bet type. However, there is one important thing to take into account with golf which you don’t get with all other sports; it’s not uncommon for players to shoot the same score, resulting in them finishing tied for that position.
If this happens then dead heat rules apply and the number of people tied for that position will determine the calculation for the pay out. For example, if 2 players are tied for one spot then your stake will be divided by 2. If there are 3 players then your stake will be third and so on.
This does not apply to the overall winner. An outright winner will always occur, even via a play-off if need be.