An each-way bet combines a win bet with a place bet on the same selection.
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How each-way betting works
An each-way bet consists of a bet that a selection will win an event and a bet for the same amount that the selection will manage to finish placed. If you bet “£1 each way”, for example, the stake you’ll be wagering is £2 – that is, £1 for each of the two bets.
The first bet wagers a stake on the selection to win at the selected odds. The second bet wagers an equal stake on the place, typically at ¼ of the odds offered for the win. This bet pays out if the selection wins or achieves a place (typically a finish in the top three positions) in the event.
How to make an each-way bet online
The betting slip you use to place bets with an online sportsbook will feature an “Each Way” betting box, usually marked E/W. Ticking this box will convert a bet on a selection into an each-way bet, automatically doubling the amount staked on the selection.
Example of an each-way bet
Say you choose to bet £5 on Everton winning the Premier League at odds of 12/1, and then select the E/W box on your betting slip. This automatically places two separate £5 bets for a total stake of £10.
The original £5 is staked on Everton winning the league at 12/1 odds (bet #1). The other £5 is staked at odds of 3/1 (12/1 x ¼) on Everton finishing the Premiership placed (bet #2).
If Everton wins the Premier League, both bets will pay out. This means that you’ll earn 5 x 12 (bet #1) + 5 x 3 (bet #2) + 10 (the total stake), for a total return of £85.
If Everton finishes the season in third place, only the second bet will pay out. This means you’ll earn 5 x 3 (bet #2) + 5 (the winning stake) – 5 (the losing stake), for a total return of £15.
When to bet each way
Each-way betting is worthwhile only if the odds are high enough that you’ll generate an overall profit if your selection achieves a place but doesn’t win outright. For this reason, each-way betting should only be done when your selection is priced over 4/1 for an each-way bet paying 1/4 odds on a place, or 5/1 for an each-way bet paying out 1/5 odds on a place.
It’s also worth looking out for extra place specials if you’re planning to place each-way bets.
Sportsbooks frequently offer additional place payouts on events, ranging from tennis and golf tournaments to high-profile horse races. This improves the chance that an each-way bet will win, making it a better proposition.