An each-way bet combines two bets into one; a win bet and a place bet.
A $10 each-way bet means that the bettor is wagering $20 in total; $10 for the win and $10 for the place. If the runner finishes 2nd or 3rd, the bettor will receive the place dividend. If the runner wins, they will receive both the win and place dividend.
Each-way betting is synonymous with betting on horses in Australia. It is a prevalent bet type; however, there are more effective ways of placing the two bets.
The example shows how a $10 each-way bet works. The total bet amount is $20, made up of a $10 win bet at odds of $6.00; and a $10 place bet at odds of $2.50 on runner three, Phar Lap. If Phar Lap wins, both bets will be successful, and the bet will return a total of $85. If Phar Lap finishes second or third, only the place bet is successful and the bet will return $25. If Phar Lap fails to finish in the top three, the bettor will lose a total of $20.
The problem with each-way betting is that in most cases they use fixed odds or tote prices, both are the shortest and least valuable of all betting prices on offer from the bookmaker. It would be more beneficial to place the win and place bets individually with more lucrative bet types like the Top Fluctuation or Best of the Best. These products will return a higher dividend. The place bet should then use the best available product like Best Tote or Mid Tote Place.
Each-way betting can be effective on runners where the place dividend is greater than $2.00. If the horse runs a place, the winnings from the place dividend will cover the total cost of the bet. Each-way betting is a fun way to bet for social racegoers as the chances of a bet returning a dividend increase. However, for maximum returns, the win bets are best placed separately.
