What is An Each Way Bet?
When we place an each way bet, say £10 each way, we are essentially making two bets. We are betting £10 that a horse will win a race; and we are betting £10 that that same horse will place in that race. And by place, we commonly mean will finish in the top three or four - though this depends on the number of runners in the field. Sometimes, often during big race meets like the Grand National Festival at Aintree and Cheltenham Festival, bookmakers offer extra each way places to entice punters to bet.
When extra places are offered by a bookmaker punters can profit, because exchanges will not be offering the extra place. Let’s use an example to illustrate this.
You back a horse each way and they are paying 4 places instead of 3. You place your £10 bet each way, which will total £20. Essentially you are betting £10 on the win and £10 on the place. If your horse wins, you will win your £10 win bet and your £10 place bet. If your horse places 2nd - 4th, you will lose your win bet, but win your place bet.
The exchange offers a win market and a place market as well, but the place market is only 3 places instead of 4. In this scenario if you backed each way and layed the win and place market on the exchange and your horse came 4th, you would win the place part of your each way bet and win your lay stake on the place market at the exchange. This can be very profitable for matched bettors over the long run, especially on horse at higher odds.
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