Betting has more than just become a place where a punter can stake money on a selection winning. While the returns would often be high in such a scenario, punters also realise that there is an equal chance of losing the bet – and the entire stake. Bookmakers offer an alternative for punters, who are extremely confident in their sections, to also bet on the selection finishing in a predefined position. This alternative is known as the each way bet.
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One portion of the bet is to back the selection to win, while the other portion will be backing the selection to finish in a set of predefined positions. Even the latter counts as a win, thus making the each way betting strategy highly effective for a punter confident in the strength of their selection.
If the punter strongly thinks that Chelsea will go on to win the Premier League, it also implies that they regard Chelsea to finish significantly higher in the Premier League table. In such a scenario, the punter can adopt the each way betting system in order to safeguard against the possibility of Chelsea failing to land the league title.
Let us assume that the odds for Chelsea winning the title are at 10/1. Now, a bookmaker will provide the opportunity to bet on Chelsea either finishing second or third in the table at a lower 1/3 odds. The latter is known as the placement odds. The each way odds are slightly lower than the standard, but they can safeguard the bet under most circumstances.
If the punter intends to back Chelsea at the odds of 10/1 in the regular form with a stake of £10, then the returns would be £110. This indeed is a handsome return, but the punter goes into the bet with a low probability since Chelsea are competing in a division with 20 teams.
Now, the punter can significantly increase the chances of success by going with the each way bet. For a top team like Chelsea, the bookmaker would usually offer place odds for the first three positions. Hence, a punter stands to make returns even if Chelsea did not finish top of the table but managed to finish in the top three places.
In this case, the total stake increases to £20 since the two bets are regarded separately by the bookmaker. The win bet would rank higher and would be calculated first. The bookmaker then proceeds to the placement odds even if the win bet is not successful. The each way bet returns are calculated only with the placement odds if the win selection was not successful.
The placement bet acts more like an insurance. In this case, the punter stands to win the placement bet if Chelsea only finished second in the table. The returns would be calculated at odds of 1/3. The total returns for the player would be a substantially lower £43, thus effectively meaning a profit of £23.
While these may seem vastly down compared to £100 profit made while backing Chelsea to win the title, betting each way has been able to provide a return even when the team did not meet the primary target of the punter.
The each way betting system is immensely popular in almost every sport. Greater importance is often provided in the case of sports like horse racing, football, tennis, motor sports, and greyhound racing.
There are places where it is most rewarding to use this betting strategy. The most common application would be when not backing a favourite in a selection. Bookmakers do not usually offer more than 2/1 as each way odds for the favourite teams. For example, Tottenham will receive each way odds equal or greater than 2/1 for the title rather than a team like Chelsea, who would rank as one of the favourites. In short, this betting strategy can be highly rewarding in the case of longer odds that are usually found with the dark horses rather than the favourites.
The punters can also use the each way betting system when they are highly confident about a team’s success, but they also want to cover themselves in case something goes wrong. This system is also applicable if the punter is also not sure about success.
Let us assume the scenario of backing a horse at the Cheltenham Festival. If the punter backs Thistlecrack at one of the races in this event. The bookmaker is offering a price of 10/1 for the success of Thistlecrack in that specific event. If the punter comes in with a stake of £10 and manages to win the each way bet, he stands to receive a whopping £100 in profit:
Should Thistlecrack finish only second in the race, the punter stands to lose the entire £10 stake.
Now, if the punter manages to activate the each way bet option, which will provide placement odds at one fifth the odds. Now, the total stake increases to £20. If Thistlecrack manages to finish first, then win would be:
Hence, the total returns would now be £140 in an each way win. The punter stands to make money even if Thistlecrack finishes in any one of the placement positions, as the returns would be £30 – a £10 profit. Even though there are lower profits, it is rather beneficial that the punter wins at least something even if the primary selection does not go well.
This primarily involves assessing the total stake and the probability of winning some profit even in terms of the placement odds. The latter is extremely important, as it is the essence behind going with this type of betting system.
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