Each Way Betting Discussion

Each Way Betting Advice

The following discussion from this morning regarding betting each way was lifted from the full member area at www.PunterProfits.com

Worth a read to any one who has ever bet a horse each way.

PunterProfits as a site.. well worth closer investigation if you are a thinking

There are many highly profitable tipping threads in the private forums there
whose results would blow any £2k a year glossy slick marketed tipster

Not sure where to post this but here goes. I thought it could be useful for
some discussions/articles on general betting techniques and practices. I think
that there are some techniques that we can all learn from each other that will
improve our returns.

I would be interested to hear people’s thoughts on betting each way. I personally
rarely bet each way, with the exceptions of 8 or 16 horse races or if the market
has a particular shape eg odds on fav with 2 dangers and then mostly longer
odds. I notice a lot of threads where selections are advised each way so am
interested to understand what the stats are on this or whether it is just a
matter of personal preferences. I do think that there are definite situations
where value can be obtained each way (indeed there is a thread for 16 runner
handicaps) so hope this might be a useful topic for discussion.


I ONLY back in 16+ handicaps and always each way as its mainly the place money
I want. I have constantly made money doing this and run a small service to 10
other people and have done so for the last five years.

REASON is that in my opinion big handicaps are the only races that offer value
as bookmakers struggle to make ther books up early in these races. My problem
is that nearly all the book makers will not take my bets anymore, or just offer
me crappy sp – Betfair offers poor value early on as there is never enough money
to get a decent bet on, thats the reason I went down the tipster route.

I do not back any other method or follow anyone else on the site. Yesterday
I had 10 bets – NO winners, I few seconds unfortunatly but 5 did place @ 25/1
16/1 16/1 20/1 25/1 but still made a nice profit at just £10EW.

The method I use is Value, value value + a little bit of form smile.gif

To me its the only route to go, as following the short end of the market will
lead you to busto smile.gif

GL Padman

Hi Carl

Sounds like you are starting from the mathematical angle

of seeking race frames that offer each way advantage.

eg classic case of 8 runner race with a very short price favourite.

16 runner handicaps as per Padman again is in that realm.

It can throw up potential as well for the odd each way double.

More so a case of not taking the starting point of

I am going to find a few random horses to each way double every day,

instead .. the markets are throwing up this opportunity today

with two good each framed races.

eg say for arguments sake you have two horses with a

calculated zero positive or negative edge on the win side

but 10% value on the place side.

The double factors up that value to about 21%

It is another style of selective punt that the bookies do not like very much

A totally different angle on each way betting is from a bank management perspective.

eg If you ask the rough question of “I have fixed capital of £1000..

How best to I manage my betting of this method for optimal growth.”

Well sometimes an each way approach can be advantageous.

Likes of Kelly formulae will indicate % bank to use will vary with both ROI
and strike rate.

With each way betting there is potential to increase strike rate / reduce losing
run length

and draw downs etc.

That can permit additional aggression in terms of % bank which can in turn lead
to faster growth rate.

However not something to go into blindly.

More so done after research of a particular approach or method indicates is
favourable to do so.

In the back of my head I recall some research ( possibly by Dave ) indicating
each way

was less profitable than on the nose assuming random horse selections.

eg picture two betting shop mug punters who over the year each bet the same
randomly selected 500

horses at 10/1 over the course of a year.

The punter who bets each will have much more pleasurable experiences when landing

place returns. The win only punter may endure losing runs with much fewer pleasurable

However add up at year end what they have won or lost and the win only punter
will have

lost less than his each way betting mate.

So for average betting shop mug punters who often focus “on the day”
rather than long term

each way can be a psychological trap set by the bookmaker.

But it is also an exploitable trap by the shrewd who can identify the correct
frame of race

where the maths and numbers move from bookmaker to punter.



Each Way Betting Explained

Each Way Betting. What is Each Way Value?

What really makes a good each way bet?

Firstly lets just re-iterate exactly what an each way bet is. It’s
a bet traditionally offered by UK bookmakers consisting of two separate
bets: a win bet and a place bet. For the win bet to give a return the
selection must win, for the place bet to win the selection must either
win or finish in one of the predetermined places, i.e. 2nd
or 3rd. Your stake for an each way bet will be the same on
both parts, so if you bet “£5 each way”, you are betting £5 win
and £5 to place – a total of £10.

Ok so that’s the simple stuff out of the way.

Now let’s talk value.

Betting at value is essentially placing a bet at bigger odds than what
the true chances dictate the odds should be. Of course finding out what
the true chances of something happening are and therefore the relevant
odds isn’t an exact science. Therefore it simply comes down to a matter
of finding “perceived value”.

So with an each way bet we need to evaluate both the win odds AND the
place odds to get an idea of how the prices stack up against our ideas
of a value price.

Opportunities arise with each way betting because the place price offered
against a horse is a fixed fraction (normally 1/5 or ¼) of its win
price, and so may bear little or no relation to its actual chance of
being placed.

There are general misconceptions that
say that betting each way at odds under 5/1 represents a poor bet. And
often horses quoted around 25/1 are touted as great each way bets, on
the basis that the place pays around 5/1.

I’m going to suggest to you that ANY price can represent each way value.

Whether its 10/1 or 10/11.

The calculation that most people do before placing an each way bet is
to work out their returns should the horse only place. So a horse placing
at 4/1 (1/5 place odds) would give a return of £9 from a £5 each way
bet – a loss of £1 overall.

To look at this potential loss in isolation is to look at each way betting
from a narrow and blinkered angle.
This is an entirely wrong perspective in my opinion.

You see lets assume that the horse in question is actually a true 4/1
shot, and therefore it’d win one in every 5 runnings of the same race
on average.

Buts lets also assume that there is very little else other than the
first three in the betting with any real form. And therefore that it
would place on average 80% of the time.

Finding 10 bets like this could easily give the following results from
£5 each way bets:

4/1 unplaced -£10

4/1 3rd -£1

4/1 2nd -£1

4/1 Won +£24

4/1 2nd -£1

4/1 2nd -£1

4/1 unplaced -£10

4/1 3rd -£1

4/1 2nd -£1

4/1 Won +£24

Total P/L +£22

Remember this is a true 4/1 shot, so it would only ever be a break even
situation betting win only. But because of the favourable place terms,
we’ve turned a break even series of bets, into a winning one.

Of course finding horses that have about 80% chance of placing yet can
be backed at 4/1 each way do not come up everyday, but they do come
up more often than you might think.

Two obvious places you might find instances where the place odds make
each way betting favourable are 8 or 9 runner races with an odds-on favourite and 16 runner handicaps.

The principle is the same whatever the race though. It is comparing
the each way place price against the actual chances that will reveal the true value of an each way bet.

Paul Ruffy –


Paul Ruffy is a respected horse racing advisor
specialising in each way betting on uk horse racing.

Visit his site for more info

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