Those new to betting on the horses frequently ask the question, what is each-way betting? It's a popular bet that is an alternative bet to betting on the outright winner. Instead, of betting on a horse to just win the race you place two bets of equal amounts on a horse to either win the race or to be placed. The number of places depends on the race.
Usually, the top three or four places are paid out on. But it depends on how many horses are in the race. If there are only a few horses in the race, only the top 2 places will be counted, but if it's a really but race, with a lot of horses, like in the Grand National 4, 5, 6 or even 7 places can be paid.
If more than 3 places are being paid, then the bookies often advertise that they are paying extra places on a race.
The size of the field determines the number of places paid. The more horses in the race, the more places that will be paid out on.
Whilst this is usually the case, the bookmakers have started to entice customers to bet with them by running promotions for each way bets. These promotional offers are usually advertised as "paying extra places". As above these are sometimes just for big races like the National, but some pay extra place on selected races each day and others have started giving customers a free bet if there horse places as opposed to winning.
We will be putting a list of each-way extra betting offers on our promo pages very soon.
Using an each-way matched betting strategy can be a profitable way to create value from a horse racing bet. It can be advantageous to place each-way bets because the odds are not set according to the probability of an event happening. The odds are tied to the win odds, ie 1/4 or 1/5 fraction of the to win price.
A 1/5 each-way means that the win part of the bet will be paid at the odds taken when you placed your bet and the place part of the bet will be paid at a 1/5 of those odds.
If your horse wins the race you will be paid out at the odds taken when you placed your bet.
But if your horse finishes 2nd or 3rd (or another place if more places are being paid) you will be paid out at a 1/5 of those odds.
Essentially you are placing two bets. So the total stake is twice that of a single bet.
For example, if you place a £1 each-way bet it would cost you £2.
When you place an each-way bet EW (1/4, 5 places) and your horse finishes in the top 5, you're bet will win.
If your horse comes first you'll receive a payout on the win and the place part of the bet.
If your horse comes 2nd, 3rd, 4th or 5th you will get paid out at 1/4 odds that you took for that horse.
Obviously, each-way bets are placed at bookmakers. Online, mobile and high street bookmakers allow each-way bets to be placed on horse racing or other sports if they offer those markets.
Some bookmakers are better than others and we will possibly do a post very soon on the best bookmakers for Each-Way Bets.
In the meantime, if you want to place your bets on the horse racing with the best bookmakers for mobile horse racing bets, take a look at our home page.