Almost every other day, pundits and gamblers are always looking for new ways to beat the bookmakers. One such popular betting strategy is that of each-way betting.
So what does each way bet means?
Each way bet explained
One thing that users need to note is the fact that whenever they opt for each way betting, the bet is deemed as being two separate bets. Let me explain by taking the example of a horse race. If one plays each way bet in a horse race, for example, this would mean two things;
• The main bet is for a particular horse to win – if that horse ends up winning, then the individual’s bet would win.
• The other bet is for the horse to place – if the horse ends up taking any position between position one and two, the bet would still win.
Each way bet simply means that one’s stake is doubled. So if you place a £10 bet on a given bet, your final stake would be £20. £10 would for the horse to finish in either of the first 3 positions, depending with other offer given, and the other £10 would be for a particular horse to win.
As such, each way best can simply be explained as two separate bets; one is to place and the other is to win. Depending on the sport, each way bet terms can include up to the 6th position especially when it is given under special offers.
For football betting, for example, such as the World Cup, each way bet terms are normally offered as the final two teams that would reach the final or the final four teams that would take the first four positions.
But each way bet in football is mainly offered as the final two teams that would play in the final. That is the 1st and 2nd place.
How does each way bet works?
Each way bets can best be understood as a type of betting that sees punters making two wagers in one. Having each way bet explained would go a long way in assisting the punter to weigh up the benefits of such a bet. The main reason why main people tend to opt for each way betting is the fact that it helps them to cover their bases somehow, just in case the punter is convinced that his team has a good chance of winning in the place market but also come with an outside shot of not winning the title.
To explain each-way bet in football, let’s take the example that one placed each-way bet for France to win the 2018 World Cup.
If the individual placed a £10 each way bet for France to win the World Cup offered at 10/1, that individual would have won £150. £100 would be for a France win and £50 would be for France finishing in the top 2. If France would have lost to Croatia, that individual would have made £50 which would be for the place part of the bet.
Each way bet is ideally a type of insurance betting. This is the case as one will still be guaranteed a chance of winning something if his/her selection only coms one step short of winning the title.
The key thing to note is that your stake would be doubled. This means that one needs to ensure that he/she keenly weighs the payoff of the stake taking into account the return the bet would bring for the unexpected situation of a place finish.
How are each-way bets calculated?
Just like the calculation of any bet can be a daunting process, so too is the process of placing each-way best. The calculation of each way bet involve taking into account the return of the placed stake and the win stake.
For instance, if one places a £2 each way bet for an 8/1 winning odd. The total stake would be £4. The total calculated winning odds would be £16 for the win at 8/1 odds, and £4 for the place stake at ¼ odds. This means that the individual would get a £2 at 8/1 equaling £8 return and £2 at 2/1 for £2 position on the same bet. The total profit would be £20 plus your initial stake.
But if the odd ended up winning the place returns, your profit would be £2, as you will have to cover the other losing winning part of the bet. The good thing is you will make a profit of £2 at the end of it all.
But thanks to modern technology there are many online each way betting calculators that would make the process as easy as possible. To make things even better, many bookmakers make the calculations for users by offering their own each way bet calculators.