What Are Each Way Bets?

What Are Each Way Bets?

An Each Way bet means you are betting on two things.

The first is that the horse will win. The second is that it will finish anywhere up to a set number of places e.g in the top 4. 

MATCHED BETTING & EACH WAY BETS

By laying both the bet to win and the bet to place, members can make sure qualifying losses are kept to a minimum but there is also the opportunity to profit.

There are a couple of techniques that can be employed to make profit but the most popular and profitable way is through extra place offers.

Extra place offers run frequently and this is where a bookmaker will run a special offer to pay out on extra places on a specific race. For example; where a bookmaker would normally pay out on 4 places on extra place races they would pay out on 5.

We can take advantage of this because the exchange will not change its own place terms to match a bookies, the place market on the exchange will still be related to positions 1-4 so if our horse finishes 5th we win both our place bet with the bookie and our lay bet in the exchange which can produce very large profits.

You can improve your chances of hitting an extra place by increasing the number of horses that you back and lay in a race.

Try to avoid to backing more than 2 horses per bookmaker unless it is on a major race like the Grand National.

This also has the added benefit for small banks in that it will share your liability within that particular race.

With shared liability, there can only be one winner of a horse race, and this can be used to your advantage.

The amount of money you need to lay a bet is based on your maximum potential loss, therefore if you lay two different results on a market that can only have one outcome, only one of those bets can lose.

What this means is that the most you can lose is whichever selection has the largest liability.

The liability on the selection with lower liability is ignored for the purposes of calculating how much money you need to lay the bet.

NB: Be careful to keep an eye on the amount of runners when doing each way bets. If there are a lot of non-runners then the bookmaker may cut the amount of places. If there are 4-7 runners the bookmaker pays 2 places, above 8 they pay 3. If you bet on a race with 9 runners in and 2 horses pull out then the bookmaker will only pay 2 places, however the exchange will stay at 3. This leaves you in a precarious position as, if the horse finishes 3rd, you won't win at the bookmaker but will lose the liability at the exchange.

To avoid this you need to:
1) Keep an eye on non-runners
2) Try to do your each way bets near to the race start time
3) Try to do your each way bets on races with plenty of runners over the place change(e.g. 11 runners in a race because then you would need 4 non runners before the bookmaker dropped to 2 places paid)

If you find yourself in a tricky position here, and are potentially going to lose out because of the non-runners, you should cash out both the place and win parts of your bet.

FINDING & PLACING EACH WAY BETS

To find close each way matches utilise the oddsmatching tools at your disposal with Outplayed. Keep an eye on on the extra place close matches thread on the forum or some members find using odds comparison sites useful. By far the easiest way is by using the Outplayed Extra Place Catcher tool, full guide here.

Once you have found your bet you will need to work out the lay stakes for both the win part and place part of the bet. To do this you can use the Each Way Calculator, one of the advanced Outplayed matched betting calculators.

OVERVIEW OF EACH WAY CALCULATOR

The Each Way Calculator is an advanced calculator that will calculate your lay stakes for BOTH parts of the each way bet. There are 2 modes for the calculator: Simple and Advanced.

Simple Mode

The Simple Mode is a straightforward mode where your profit/loss is split equally between your bookmaker and exchange bets winning or losing.

Stake (Each Way).
In this cell you would need to enter the stake of your each way back bet, not the total. If you have placed a £25 each way bet then you would simply enter £25.

Back Odds.
In this cell you would need to enter the odds that you placed your each way bet at. This will be displayed as win odds with the bookmaker.

Places Paid.
This cell is for your reference only, it has no effect on the calculations or outcomes.

Place Payout.
In this cell you would need to enter the bookmaker payout for the place part of the bet. This is usually displayed in fractional format therefore you would need to enter the last figure of the fraction in this cell. So for example if a bookmaker is offering 1/4 on places then you would simply enter 4.

Lay Odds (To Win Lay Bet).
In this cell you need to enter the current lay odds of the lay market for your to win part of the bet.

Lay Commission (To Win Lay Bet).
In this cell you need to enter the commission charge of the exchange you are using to place your to win part of the bet.

Lay Odds (To Place Lay Bet).
In this cell you need to enter the current lay odds of the lay market for your to place part of the bet.

Lay Commission (To Place Lay Bet).
In this cell you need to enter the commission charge of the exchange you are using to place your to place part of the bet. You do not have to use the same exchange as the qualifying bet.

Results.
Once the above cells are populated, the Results section will open up and tell you what you that you will need to place your each way back bet followed by your lay bet requirements;
Your "to win bet" lay stake and your required liability.
There will then be a second part to this which is;
Your "to place bet" lay stake and your required liability.

After that, you will be given your total profit/loss for the following three outcomes;
a) If your each way bet 'wins'. This would mean your selection had won meaning both your win bet and place bet won. The calculator takes into account both parts of the bet behind the scenes and totals the profit/loss.
b) If your each way bet 'places'. This would mean your selection failed to win the event but instead finished in the paid places. Your to win bet would have lost but your to place bet would have won, your exchange should reflect this. The calculator takes into account both parts of the bet behind the scenes and totals the profit/loss.
c) If your each way bet 'loses'. This would mean your selection failed to win the event and finish in the paid places. Your to win bet and your to place bet would have lost meaning no return to your bookmaker account, your funds should now all be in your exchange. The calculator takes into account both parts of the bet behind the scenes and totals the profit/loss.

Finally you will be shown the outcome if your selection finishes in the extra place.

Example: Please see video guide for example placement

Advanced Mode

In advanced mode you will see two differences;
The first would be the "rule 4 reduction cell" at the bottom of the bookmaker bet section of the calculator. More information here on what rule 4 reduction is.

The second would be the custom lay feature at the bottom of the calculator.

Stake (Each Way).
In this cell you would need to enter the stake of your each way back bet, not the total. If you have placed a £25 each way bet then you would simply enter £25.

Back Odds.
In this cell you would need to enter the odds that you placed your each way bet at. This will be displayed as win odds with the bookmaker.

Places Paid.
This cell is for your reference only, it has no effect on the calculations or outcomes.

Place Payout.
In this cell you would need to enter the bookmaker payout for the place part of the bet. This is usually displayed in fractional format therefore you would on need to enter the last figure of the fraction in this cell. So for example if a bookmaker is offering 1/4 on places then you would simply enter 4.

Rule 4 Reduction.
In this cell you would need to enter the rule 4 reduction applied to your selection if there is a withdrawal from the event. if it is a 10p reduction then you simply enter 0.10. The calculator will adjust the back odds behind the scenes and update your results. If you have already laid your bets off then you can use the custom slider at the bottom to match your current lay stakes/odds to get your true results. However, the exchanges will often apply the necessary changes your lay bets automatically but there is no harm in checking.

Lay Odds (To Win Lay Bet).
In this cell you need to enter the current lay odds of the lay market for your to win part of the bet.

Lay Commission (To Win Lay Bet).
In this cell you need to enter the commission charge of the exchange you are using to place your to win part of the bet.

Lay Odds (To Place Lay Bet).
In this cell you need to enter the current lay odds of the lay market for your to place part of the bet.

Lay Commission (To Place Lay Bet).
In this cell you need to enter the commission charge of the exchange you are using to place your to place part of the bet. You do not have to use the same exchange as the qualifying bet.

Results.
Once the above cells are populated, the Results section will open up and tell you what you that you will need to place your each way back bet followed by your lay bet requirements;
Your "to win bet" lay stake and your required liability.
There will then be a second part to this which is;
Your "to place bet" lay stake and your required liability.

After that, you will be given your total profit/loss for the following three outcomes;
a) If your each way bet 'wins'. This would mean your selection had won meaning both your win bet and place bet won. The calculator takes into account both parts of the bet behind the scenes and totals the profit/loss.

b) If your each way bet 'places'. This would mean your selection failed to win the event but instead finished in the paid places. Your to win bet would have lost but your to place bet would have won, your exchange should reflect this. The calculator takes into account both parts of the bet behind the scenes and totals the profit/loss.

c) If your each way bet 'loses'. This would mean your selection failed to win the event and finish in the paid places. Your to win bet and your to place bet would have lost meaning no return to your bookmaker account, your funds should now all be in your exchange. The calculator takes into account both parts of the bet behind the scenes and totals the profit/loss.

Finally you will be shown the outcome if your selection finishes in the extra place.

Custom.
This section will only show when in advanced mode. You can use this to custom build your own each way bet. You can overlay or underlay BOTH parts of the bet. You can, for example, chose to overlay the win part and underlay the place part. The calculator will update the outcomes accordingly and show your profit/loss for each of the 3 normal scenarios. You can use the slider to do so.

This is also handy if you have already laid your bets off and a rule 4 reduction has been applied, all you need to do is enter the reduction amount in the "rule 4 reduction" cell and move the slider to your lay stakes (assuming the lay odds are the same, if not then you can update them too) which will give you your new outcomes.