Each way bet in football meaning – What is an each way bet?31st March 2018 / lee
One of the most popular and commonly used phrases in sports betting is the each way bet. This is because it is frequently used because it offers a little backup plan to the main bet. Granted the each way bet is probably used more often in horse racing than it is than any other sport and that is because of the bigger prizes that you find on runners in a race. If you have eight horses, for example, running in the race then you are naturally going to find bigger prices and options to get into as opposed to one of two teams winning a football match.
But you can find decent each way value when you skip over match outrights and look at longer term options such as league winners or cup winners. Then the each way bet can come into play a little bit better. So what does each way mean in betting? It means that, say for example you are backing Liverpool to win the Premier League, you are essentially backing Liverpool to win and covering yourself to some extent in case they don’t.
Naturally, the race for the title is going to be competitive and that means you may want to take a little back up plan. So if you back Liverpool each way to win the Premier League, it means that you get paid out in full if they do win, but if they only place (finished second or third) then you would collect 1/4 odds back.
How does an each way bet work?
Let’s look at this in a little more detail then. Let’s say you have a £10 stake on Liverpool at 10/1 to win the Premier League. You are essentially making two separate bets. One to win and one to place (the each way part). What does win and each way mean, well the win portion needs your selection to win their event/match or whatever it is. Each way means that you need them to finish in one of the designated places (either second or third generally) to get a payout at an odds reduction. So in an each way bet, the initial stake will be doubled because you are making two bets, so a £10 each way will need a stake of £20 (£10 going to the win portion, £10 going to the place portion).
In order for the bet to win, you selection obviously needs to be successful. To collect on the Place part of the bet, you will need your selection to finish in one of the number of places on offer in the given market (which will vary from market to market). Going back to horse racing, it is usual that you will get three places. So if you backed your selection each way and they came home third, you would be paid out only on the Place portion of the bet.
You can always use an each way bet calculator to figure out how much you would get back if your selection was to place. That’s the easiest way to look at things and then you can assess whether or not you would be happy with what you get back compared to the outlay. Naturally, because you are upping your stake for this extra bit of insurance and only getting 1/4 odds back (it’s usually 1/4 odds but some markets may have 1/5 odds on them) it is rarely worth backing really short-priced options to start with in an each way bet.
For example, if you back a horse at even money each way, you would be getting the £2.50 profit back (a quarter of the £10 stake on the Place portion of the bet). But remember in this scenario the win portion, that other £10 stake on the bet will have been lost. So you will have staked £20, returned £12.50 for a loss of 7.50.
Let’s say you hit up William Hill then and go for a £10 each way bet on Liverpool at 10/1 to win the Premier League. That’s a £20 stake you are putting up, but if they only place, you would collect back a decent enough profit of £25 if they were to miss the title, but get close in the top three. So that is where the bigger priced option makes more sense. But there is something more to this, because if the wager wins, then you not only get the win portion of the stake but you would also win the each way portion of the bet as well at the quarter odds, so it’s important not to forget that!
Here is winnings in an each way bet explained for both outcomes:
A £10 each way bet on Liverpool at 10/1 to win the Premier League
That equals a £10 x 2 stake = £20
£10 x 10/1 odds = £100 win plus £10 return
£10 x 1/4 odds (quarter each way odds) = £25 win plus 10 return
If the bet wins that is £100 + £25 plus £20 stake back = £145 total
If the bet places that is just the £25 win plus 10 return = £35 total
So that is how the each way bet can pay off well when you are looking at those bigger priced options. They can offer a little coverage on a big league winner market if your selection narrowly misses out. The other way to consider an each way bet is by looking at a big priced underdog who may surprise in getting close. Going back to horse racing, if you find a 30/1 shot, which is naturally going to be an outsider, but you think they could get close. Backing them each way could offer tremendous coverage.
The tip is based on the personal opinion of the author. No success is guaranteed. Please gamble responsibly. 18+
* All mentioned odds were valid at the time of writing. Betting odds are subject to fluctuations. Please check the current odds with the respective bookmaker!
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