Each way betting, it can be the preferred method of betting for the punter placing bets he knows he shouldn’t, on selections he knows don’t have a hope in hell’s chance of winning.
But… if used correctly, they can make a great tool in the punters arsenal for taking on the bookies.
Each Way betting and place betting can make great value bets if you know what to look out for.
I’ll show you what factors to look out for in a minute, but first, here’s the difference between an each way bet and a place bet to clear up any possible confusion.
A place bet is when you are simply betting on a selection to place, where as an each way bet is a combination of a place bet and a win bet where half of your stake goes on the selection to win and the other half on the selection to place.
Place betting used to mainly be available only at betting exchanges but it is becoming more and more common for bookmakers to offer place only bets.
When each way betting, the odds for the place part of the bet are calculated using the odds for the win portion of the bet, usually being either 1/4 or 1/5 of the odds of the win odds depending on the number of runners in the race.
This method of calculating place odds give fair place odds in most circumstances, but the method isn’t perfect by any means.
And this imperfect method results in a very exploitable chink in the bookmakers armour.
In events with a heavy favourite, the place odds of the higher odds 2nd and 3rd favourites can be far higher than the actual chances of that selection placing, offering great value for anyone placing an each way bet on them.
If you’re looking for more details on what to look out for to spot a value each way bet, give the following article a read:
http://winnersodds.com/each-way-betting-and-taking-value/
Until next time,
Kenny Turnbull
