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The each-way over-round will be the average of those two. Both will depend not only on the type of race and number of places on offer but the distribution of odds, such as whether or not they are being skewed by a short-priced favourite. As a guide, though, we can look at the reality of what actually occurs, such as in all Flat races in Britain in By contrast, it is seldom a good policy to back each-way rather than win only in plus non-handicaps or in 5- to 7-runner handicaps.
However, it should be remembered that an each-way bet is a win bet plus a place bet, so bad value with the former may more than offset better value with the latter. Those are the races to concentrate on for each-way purposes, all other things being equal. Those standard place terms mentioned earlier are the starting point for each-way betting, but bookmakers will sometimes try to tempt you in with variations, especially by offering additional places.
The best way to calculate the value, or otherwise, of such a proposition is to run it through that spreadsheet. Besides anything else, The Good Lord bookmakers may be inclined to giveth in enhanced place terms as well as taketh away with stingier win odds.
Some of the enticements are a bit easier to figure out than others. Others require a bit more calculation. In summary, obtaining an extra place for a slight reduction in place odds is very likely to be worth it in mathematical terms.
Just keep an eye on whether you are giving up more in the win part of an each-way bet than you are gaining in the place part. My best attempt at solving this particular conundrum after I had corresponded with a senior trader at one of the big bookmakers is as follows:.
The calculation for the second proposition where we assume that the first proposition is fair, is:. Each-way betting is a complicated matter in mathematical terms — I think you will agree! Both the number of specified places and the fractional odds applied by the bookmakers depend on the type of race and how many runners there are in the field:. Big horse races, such as the Grand National, usually see a lot of novice punters betting each way.
Tournament-based competitions, such as the FIFA World Cup football , the Masters golf , Formula 1 motor racing , greyhound racing and cycling competitions all provide opportunities for each-way betting. The each way terms available differ depending on the sport, competition and market.
The selection is a horse priced at Decimal odds are pretty straight forward once you get the hang of them. For standard back bets you simply multiply your stake by the decimal odds to calculate your total return including your stake. Your profit is then your total return — your stake. Trying to calculate place odds for each way bets requires a little more understanding. For example: if we back a horse at For instance, if all but one of your selections wins and the remaining selection only manages to be placed, the WIN element of the bet is void.
The same outcome would occur if one selection wins but the remaining selections only manage to be placed. Still, you will receive a return for the place element of the multiple each way bet. If just one of your selections fails to win OR place, the entire multiple each way bet is void.
It is important to remember that should your first selection win, the returns from that bet DO NOT become the stake for subsequent selections. If one of your two selections wins but the other only manages to place, the win element of the each way double is void. If one of your three selections wins, but the other two only manage to be placed, the win element of the each way treble is void. An each way accumulator follows the same principles as an each way double or treble. The only difference is that the number of selections made is chosen by the bettor instead of the bookmaker.
The each way odds are equivalent to, or are in excess of, 5.