An each way bet is one that is basically at least two bets in one. At bookmakers, you will typically see an each way bet with the abbreviations of EW or E/W.
In an each way bet, half of your bet will go on the winner of an event, and the other half will go to a place wager, which is typically the second-, third- and fourth-place finishers.
The bet is a good one giving you a chance to make a profit even if your top finisher pick does not come in, but if it does, the profit is a significant one. There are more each way bets that have multiple selections in them as well.
This is more for full cover bets where there have to be at least three bet selections in the wager. However, horse racing also offers multiple selection each way bets.
Each way bets on horse racing are common, and that is the sport you will see them in the most. However, they are available for other sports as well.
It has to be for a sporting event with multiple people or teams in an event. For example, there is an each way golf bet since there are many competitors or NASCAR with many cars in a race.
There can be an each way bet on soccer and basketball, but it will have to be for a tournament or competition, so you may see an each way bet World Cup winner. Considering part of an each way bet is for a place wager, there is no way there can be one where only two teams are playing, such as a soccer match or basketball game.
Each Way Bets on Horse Racing
For horse racing, like mentioned before, an each way bet is two bets in one with half of the money on the win bet and half for a place, or more bet. For the win bet to be a successful one, you have to pick the horse to win the race while the place bet the horse will have to finish second, third, or fourth.
For some of the bigger horse races around the world, bookmakers will pay out the place bet more places, so, for each way bet example, a race could pay out the fifth, sixth, and seventh place finishers.
It is very rare that a bookmaker online will have an each way bet for a horse race that has fewer than five horses. The number of places counting for each way bets on horse racing will depend on the bookmaker, the market, the kind of horse race it is, and the number of horses in the race.
Usually, you will see an each way horse race bet like this:
- Five to seven horses – non-handicap – 1/4 win odds on the first- and second-place finishers.
- Eight or more horses – non-handicap – 1/5 win odds on the first-, second-, and third-place finishers.
- Five to seven horses – handicap race – 1/4 win odds on the first- and second-place finishers.
- Eight to 11 horses – handicap race – 1/5 win odds on first-, second-, and third-place finishers.
- Twelve to 15 horses – handicap race - 1/4 win odds on the first- and second-place finishers.
- Sixteen or more horses – handicap race - 1/4 win odds on the first- and second-place finishers.
Other Types of Each Way Bets on Horse Races
If you want to know how to bet on horse racing each way, the typical bets are above, and here are some other ones that are not as common and referred to as full cover bets.
Multiple: A multiple each way bet is for a win-win and place-place outcome. For example, if all of the horses in your bet but one wins and the last one places the win part of the bet is then voided.
The same thing would take place if one of your picks wins the race, but the rest of the horses place. You will not get more money because more of the horses you pick win.
However, you will make money on the bet for the place part of the wager of an each way multiple bet. If only one of the horses you picked does not win or place, then the whole each way multiple bet is voided.
Double (Two picks): A double each way bet is also two bets in one a win double as well as a place double. If one of the horses you picked wins and the other one places the win part is voided. Still, you will get paid out for the place.
Treble (Three picks): In an each way treble, it is also like a typical each way bet in two bets in one in a win treble as well as a place treble. If one of the three horses that you picked wins the race and the other two place, the win part is voided. Just like the double, you will be paid out for the place.
Accumulator (Four or more picks): An accumulator each way bet is like a double or treble one, but the difference is that you will make the picks instead of the online bookie.
Full Cover Betting Undercovered
While a few of the full cover bets for horse racing were explained above, there are several other types. A full cover bet is one that is a combination of multiple bets in one such as parlays, doubles, and trebles.
For any full cover bet, you will need at least three favorable results to get a payout. This is like parlay betting, but in a full cover bet, the payout you get does not have to go in your favor.
Full cover bets are available for horse racing, as well as greyhound racing, and other sports as well.
A few of the full cover bets with more selections are the Lucky 15, Canadian, Goliath, Heinz, and Super Heinz.
For an example here is a lucky 15 each way bet explained for horse racing:
A Lucky 15 bets is an each way bet, but rather than two bets in one, it is 15 made up of four bet types in 15 different races. The bet is four singles, six doubles, four trebles, and one accumulator bet.
You have to bet the same amount for each of the 15 bets, so if you bet $2, it would cost you $30. If online one of your picks wins in the bet, you will be paid out triple as a consolation.
If Lady Luck is on your side and all four of your picks win, you will receive a bonus of 20% on top of what you won.
Full Cover Betting Line
The full covered betting line is the number of selections in the full cover bet. So, if there were seven selections, there would be seven betting lines.
The more betting lines are in a full cover bet, the higher the payout can be. Some full cover bets that do not have single betting lines are:
- Super Heinz
Calculating a Payout for an Each Way Bet
Here is an example of an each way bet with three outcomes and the payouts. You can also use an each way patent bet calculator, which is available on the internet and many online bookmakers.
In a horse race each way bet a horse is priced at 12 with a place of 3.5 with eight horses in the race (1/5 win odds on first-, second-, and third-place finishers). Here are the three payout outcomes with a stake of $10.
Your horse wins the race. $10 x $12 = $120 (Win) + $10 x 3.5 = $35 (place) – Your total win would be $155
Your horse comes in second or third place – $10 x $3.5 = $35 – no win – Your win would be $35
Your pick does not finish in the top three in a race – No win or place, so the bet is a losing one with no payout.
Each Way Sports Bets
So, you can see how an each way bet works and, as stated before, you can make that type of bet, and full cover bets, on other sports besides horse racing. There are each way golf bets, each way soccer bets, and each way basketball bets, just to name some examples.
There have to be multiple players or teams for a sports each way bet so for a Formula 1 race, PGA golf tournament, soccer competitions and tournaments, and tennis tournaments. So for example, you could find an each way bet World Cup winner or an each way bet Masters winner.
Where do they offer Each way bets?
Every legal sportsbook in US will offer each way betting, the only research you should do is check which betting site is available on your state: