There are many different terms in betting that can seem potentially confusing to newcomers, such as ‘win’ and ‘each way’. Both of these terms are frequently used, not only in sports gambling generally, but especially in horse racing.
In this blog post, we’ll work to remove the mystery from this commonly used slang, and explain how a deeper knowledge of the ins and outs of betting terminology may help improve your approach.
What Does Win And Each Way Mean In Horse Racing?
In horse racing, you'll often hear about two popular types of bets: "win" and "each way." Both are straightforward once you know the basics.
A "win" bet is the simpler of the two, and the easiest to understand. When you place a ‘win’ bet, you’re betting on a specific horse to win the race. If the horse wins the race, you receive a payout- this is the sum of what you have won during the horse’s victory.
An "each way" bet consists of two parts: there is still an element of a ‘win’ bet, however you also broaden your chances of success by utilising a ‘place’ bet. This is where you still receive a payout if your horse ‘places’; these are usually the second and third places. However, the number of places can vary depending on the race and the bookmaker's rules.
If the horse wins, both parts of your each way bet are paid out. If it just places, only the place part wins.
Whilst each way bets can be seen as appealing, it's important to understand that it’s akin to placing two bets. Due to this, it's key to keep in mind that gambling should be done responsibly for enjoyment.
How Are Each Way Bets Calculated?
When you place an each way bet, you're essentially making two separate bets: one for the win and one for the place. This means you are doubling your initial stake.
Let's say you bet £5 each way on a horse, meaning your total stake is £10 – £5 for the win and £5 for the place.
If your horse wins the race, both bets are successful. Your win bet would be paid out at the full odds offered by the bookmaker. The place bet is usually paid at a fraction of the win odds, called the place terms, which differ depending on the race and the bookmaker.
If your horse only places, then you lose the win part of your stake, but you get a return from the place bet calculated at the specified place odds.
Are Each Way Bets Worth It?
Deciding whether each way bets are worth it depends on a few factors. It’s all about weighing the potential benefits against the costs.
Each way bets can potentially offer a bit of comfort, especially if you think your choice has a good chance to place, but not necessarily win outright.
However, remember that each way bets double your stake, as you're placing two separate bets. This means that while there’s potentially more opportunity to get something back, it also costs more upfront.
Consider the odds and place terms offered by the bookmaker. In situations where the place odds may seem favourable, each way bets might indeed be worth considering.
The key is to consider each bet carefully. By understanding both the potential rewards and costs, you can make choices that fit both your strategy and budget. Always bet responsibly, ensuring that you enjoy the experience.
**The information provided in this blog is intended for educational purposes and should not be construed as betting advice or a guarantee of success. Always gamble responsibly.