If you are new to the world of betting or matched betting, you may feel overwhelmed by all of the options that are available to you. When betting on horse racing, in particular, you have everything from place betting to forecasts. It can be difficult to know where to place your money. One form of betting that you should definitely get to grips with is each-way betting. Below, we explain what this is, as well as the benefits associated with it.
What is each way betting?
An each way bet consists of two bets. The first part of the best is a ‘win’ bet, and the second part of the bet is a ‘place’ bet. If the horse wins the race, you will win both bets. If the horse finishes 2nd, 3rd or 4th (depending on the bookmaker payout terms), you will win the place part of the bet only. If the horse finishes out the places, you will lose your stake.
This is a great way to get on horses that have high odds. If a race is fairly open, and you like a horse’s chances, yet you aren’t certain they will get the win, going E/W is the best approach. This is also a good option in a race with a heavy favourite. If you think the favourite is weak or you fancy your selection to at least get second place, placing an E/W bet offers reassurance of a profit if the horse places while the glory of huge returns if it manages to win. There are various strategies for choosing horses for each way bets, from looking at past form and head-to-heads to checking out speed ratings for horse racing.
How does each way betting work for matched bettors?
Each way betting can also be very profitable if you are a matched bettor. You can take advantage of longer races in order to make some risk-free cash. To do this, you need to look for races whereby the bookmaker is paying out more places than the exchange. There are a lot of bookmakers that offers extra place races, such as Sky and Coral. For example, they may pay out five places on a race, whereas the exchange may only pay out three places.
To take advantage of this, you will need to use an each way matched betting calculator. This will provide you with good matches on horses, so you don’t have to go searching yourself. Once the software has alerted you to a good each way match, you will need to place a back bet, let’s say you opt for £25EW, which will amount to £50 in total. You will then need to go and place a lay bet of around £25 on the win market – your calculator will tell you the exact stake to place. You will then also need to put a bet on the place market at the exchange. This ensures you have all outcomes covered.
So, where does the magic happen? Well, if your horse finishes 4th or 5th, you will have won at both the exchange and the bookmaker, enabling you to make a tidy profit. This is because the exchange only paid out on three places, so technically your horse did not place. However, the bookmaker paid out on 5 places, so according to them, your horse did place.
This is a great way to make money through matched betting, but it should be noted that it is an advanced technique, and you should not try it until you are fully aware of how to go about it and the risks that are involved.