Introduction
Horse racing is a popular sport that offers a variety of betting options for enthusiasts. One of the most common types of bets is each way betting, but what does it actually mean and how does it work?
What is Each Way Betting?
Each way betting is essentially two bets in one – one bet on the horse to win and another bet on the horse to place. This means that if your horse comes in first, you win both parts of the bet. If it comes in second or third, you only win the place part of the bet.
How Does Each Way Betting Work?
When you place an each way bet, you are essentially placing two equal stakes – one for the horse to win and one for the horse to place. The odds for the win part of the bet are higher than the odds for the place part, which is why the stake is split evenly.
Example
Let’s say you place a £10 each way bet on a horse at odds of 10/1. Your total stake would be £20 – £10 for the win bet and £10 for the place bet. If the horse wins, you would receive £100 for the win part of the bet (10/1 x £10 stake) and £25 for the place part of the bet (1/4 of the odds x £10 stake).
Case Study
In the 2021 Grand National, Rachael Blackmore made history by becoming the first female jockey to win the race. Many punters placed each way bets on her horse, Minella Times, and were rewarded handsomely when he crossed the finish line first.
Statistics
- Each way betting is most commonly used in horse racing
- It is a popular choice for punters looking to hedge their bets and increase their chances of winning
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