Sports betting is always pretty thrilling since your skills play no role in leading you to win or lose. But there are betting methods even in sports that help increase your chances by allowing you to bet in multiple ways. One such betting method is Each Way Betting. So, let’s delve deep into this pretty intricate method and learn everything there is to know about it.
What is an Each Way Bet
Most commonly associated and used in the sport of Horse Racing, Each Way, or EW, betting allows you to place 2 bets in a single wager. The 2 bets are placed in the form of covering both the place as well as the win, giving you a better chance of winning your overall bet. The main concept behind this method is that you not only bet for your chosen unit to win but also to win in a certain position. This implies that even if your chosen unit does not win in the first place, you can still win your bet if they place in your chosen position.
How Does it Work?
As specified earlier, this method allows you to place a win bet and a place bet in the same wager. The win bet is successful if your selected player, such as your chosen horse in a horse racing game, wins. But in the case of a place bet, you earn a specific percentage of the odds taken when placing the bet. In the case of a majority of sportsbooks, this percentage is 20%, or 1/5th of the odds, for around the top 3-5 betting places. For example, if there is an odd of +1000 for a straight win, then you will earn 20% of this odd, i.e. +200, if your selection lands in the top 3 or the top 5 spots.
The most important thing to note here is that if your selection wins, then you earn for the best bet, meaning the win bet, as well as the place bet. For instance, if you placed a $10 bet for a straight win as well as a $10 place bet for a specific horse in a horse race with an odd of +1000 and your chosen horse actually wins, then you will earn $10 @ +1000, which comes to a total of $110. On top of it, you will also win for the horse coming in the top 5 places, which comes to $10 @ +200 (1/5th of the odd), which comes to a total of $30. So, your EW bet in this game will earn you a total amount of $140 against a bet of $20. However, if your chosen horse does not win but comes in the top 3 or top 5 places, then you earn $30 only for the place bet.
Benefits of Each Way Betting
There are multiple benefits to this method, which has helped it become such a preferred strategy for many sports betting enthusiasts. Some such benefits include:
- Broadens your Winning Scope: An EW bet allows you to not only bet on the winner but also on those placing in the top few positions. This significantly increases your chances of earning through betting than if you had only placed a straight win bet.
- Provides Cover for Losing Bets as Well: In the case of games with many players, such as horse races, it is difficult to always pick the winning player through a straight win bet. In such cases, the EW bet provides significant cover, giving you a payout even on picks that did not win the race.
Shortcomings of Each Way Betting
While there are obvious benefits, there are also considerable shortcomings that you need to consider before getting started. Here are some common disadvantages of the strategy you should know:
- Double the Betting Value: EW betting requires you to place your bet in 2 pools, implying double the stake. Stake meaning in betting is the amount of money you are investing in a bet, combining the win and place bets. While you can choose to split up the stake for a single bet and place it in the 2 option, it will also lead to lesser returns, making the entire bet not as profitable as you would like.
- Potential of Low Returns: While many sportsbooks give you 1/5th of the odds, there are many betting sites that offer you even lower percentages. So, it is crucial to find a betting platform that gives you at least 1/5th payout. Any less than that should be avoided.
Placing an Each Way Bet
There are a few steps that can help you place an EW bet on your chosen betting website.
- Step 1: Create an account with your email address on your preferred betting website. This will help you to keep track of your bets.
- Step 2: On creating the account, you will then need to fund your account with your chosen payment method.
- Step 3: Select the sport or the market that you want to place your bet on.
- Step 4: Once you have spotted the sport or market you want to place a bet on, you need to add it to your bet slip. Take note of the odds, the percentage for the place net, as well as the place betting applicable in the game.
- Step 5: Make sure to click the Each Bet option to signify that you are opting for this betting method. Then enter the stake for the bets, taking note of the total stake.
- Step 6: Confirm your selection then simply wait to see whether you have won or not.
Calculating Returns on an Each Way Bet
Calculating your winnings from an EW bet can be a little difficult initially, especially if you are not familiar with the different terms and conditions associated with this betting method. So, it is crucial to become familiar with every aspect before you get started with betting.
In the case of a straight win, calculation is easy as the returns are calculated easily depending on the odds of the game and your stake in the winning bet. For instance, if you make a bet of $100 on a game with +800 odds and your selection ends up winning, then you will earn back your stake along with $800 for a total win of $900.
The calculation becomes slightly difficult when it comes to placing bets. In addition to the odds and your staked amount, you also need to consider the number of places that are paid apart from the winning player. So, in the same case of staking $100 on a +800 odds game, we will consider that the pay has been determined at 1/4th of the odds for 3 places. If your selection ends up in the 2nd or 3rd place, then you will win 1/4th of the odds on top of your stake. So, you will earn back your $100 along with $200 for a total win of $300.
Each Way Betting in Different Sports
While this betting method is most commonly used in horse races, it can also be used in other sports, such as golf, soccer, baseball, tennis, cricket, and more. The rules, odds, and payouts for each game would be different and you would need to familiarize yourself with those rules before betting. So, here we explore how the method is used in horse racing, golf, and soccer to understand the minute differences.
As stated previously, horse racing is indeed the most famous sport that betting enthusiasts use the EW method for. One of the main reasons for this is the difference in the abilities of the players, which increases the betting odds between the obvious favorites and those with not much potential. In such racing sports, you can place a straight win bet as well as a placebet to further increase your chances of getting at least some returns, making it more profitable than any other strategy.
Golf is well-suited for this betting method as well, owing to the vast grounds that the game is played on and the many participants that you can choose from to bet on. This implies that the odds are bound to vary massively, making it ideal for big bets, meaning the chance to get a huge value in terms of returns.
Just like horse racing, EW betting in golf also requires you to consider the odds and the places paid as determined by the market. However, one thing you need to consider is the potential for ties. This gives rise to the aspect for 3 way betting, meaning that there is a chance of a win, a place win, and even a tie. In the event that you placed a stake on a player who ends up in a tie with one or more players, then your returns would be divided by the number of players they tied with.
Unlike horse racing and golf, EW betting in soccer is slightly different. Primarily in the fact that it requires you to bet for results after the end of the tournament rather than a single game. So, betting in soccer requires you to bet for the final winners, top scorers, and similar results.
However, in this case as well, you need to keep an eye out on your betting website to identify which positions the bets are open for. Staying aware of the odds percentage and the places can help you place your bets more carefully.
EW betting is a very versatile and highly rewarding strategy that offers you security and the chance of substantial payouts. By understanding how the method works, staying aware of the risks, and the way it applies to different sports can help you use it in the optimal way, depending on the sport. This way, you can turn the odds in your favor and increase your chances of winning in sports betting significantly.