Each-way bet payouts?

Question

I'm trying to find some proofs on why an each-way bet will be something like 1/4 of a normal win bet in a 5 to 7 horse race. But 1/5 on an 8 to 11 horse race.

Answer 1

The main thing to understand if you are about to place an "Each Way" bet is that you are placing TWO equal sized bets. You are placing a bet on the horse winning the race and you are placing a bet on the horse finishing in the "places" for the race (what constitutes a "place" varies and will be explained later in this article).

Thinking of the each-way bet in terms of two equal sized bets will make it easier to understand.

When you hear someone say that they had, for example, "Ten pounds each-way" what they are saying is that they had £10 on the horse winning the race and £10 on the horse finishing in the places - this bet would therefore have cost £20.

The Win part of the bet is fairly self-explanatory, your return for that part of the bet is exactly the same as if you had placed that amount on the horse winning the race.

The "place" part of the bet is a little more complicated and looking at the following table will make it clearer.

2-4 runners   No place betting allowed (win only)

5-7 runners   1st and 2nd 1/4 odds

8+ runners   1st, 2nd and 3rd 1/5 odds

Handicaps 12-15 runners   1st, 2nd and 3rd 1/4 Odds

Handicaps 16+ runners   1st, 2nd, 3rd and 4th 1/4 Odds

As you can see, in races with 4 runners or less, there is no place betting (and so no Each-Way betting) allowed.

Handicap races are treated differently as, theoretically, every horse has an equal chance of winning and so predicting that a horse will finish in the places of larger fields is considered a harder task (the handicapper may slip-up on one or two horses but probably not the entire field!) and so the bookmakers allow one extra place in handicaps of 16 or more runners and they generally also offer one quarter of the odds as opposed to one fifth of the odds.

To give an example:-

Assume the race in question is a 12 runner handicap race and you wish to place a £10 each-way bet on a horse whose price is 8/1.

Remember, you are placing TWO £10 bets. The first is £10 at 8/1 that the horse will win the race and the second bet is £10 at 2/1 (being one quarter of 8/1) that your horse will finish either first, second or third.

If your horse wins the race then the Win part of your bet wins and you receive £80 plus your £10 stake back = £90 return.

Your place part of the bet also wins so you receive a further £20 plus your £10 stake = £30.

Your return on this bet for your £20 stake would therefore be £120 = £100 profit.

Now imagine your horse finishes second or third.

Your win part of the bet has lost so your £10 on that part of the bet has gone. However, your place part has won so your return = £30 (being £20 winnings and your £10 stake back).

Your overall profit on this example is £10 (you staked £20 and received £30 in return).

Obviously, if your horse finished fourth or worse in this race then you will have lost both parts of your bet and you would have lost the whole £20 of your bet.

Sometimes, bookmakers will offer enhanced place terms for certain races and these will usually be handicap races which have well above 16 runners (a great example is the Grand National which usually has 30+ runners). For this kind of race, the bookmakers will sometimes offer one quarter the odds for the first five places but this is entirely at the bookmakers' discretion and you should always check this prior to placing your each-way bet.

Answer 2

Some bookmakers offer 1/4 the odds on all races, place betting is frowned upon by the big bookmakers so they offer measly odds

Answer 3

No easy answer - always used to 1/4 of the odds, now it varies - depending on the number of runners and type of race (handicap, listed etc). Bookies will always quote the each-way terms.

Answer 4

Each-way bet payout table



All races with 2, 3 or 4 runners is Win only

All races with 5, 6 or 7 runners 1st & 2nd is1/4 of the odds a place



All races with 8, 9, 10 or 11 runners 1st, 2nd & 3rd is 1/5



Non-handicaps 12 or more1st, 2nd & 3rd is 1/5



Handicaps 12, 13, 14 or 15 1st, 2nd & 3rd 1/4



Handicaps 16 or more 1st, 2nd, 3rd & 4th is1/4

Hope this helps

Answer 5

kinglee 2 gets my vote-good explanation.

Answer 6

Generally non-handicaps under 11 runners will be 1/5 as will all maiden races even with more than 11 runners. Handicaps of 8 or more should be 1/4 unless otherwise stated by the bookies. Also all races of 5-7 runners will only pay for winner and runner-up. This is set out for GB and Ire racing so be wary of any overseas races as they might be different. Races from South Africa are generally 1/5 across the board.