When an each-way bet is placed, the bookmaker will have terms and conditions regarding which places will offer returns and what odds are on offer. With some races being handicapped and some not featuring a handicap, this can affect the place’s prices. Here at OddsMonkey, we will look at some of the terms and conditions that bookmakers use and how they can affect your bets in each way to ensure that you are fully aware of all the intracises surrounding place bets.
Each way bets are the most common in horse racing. These could potentially see returns be made even if the horse does not win the race but if they place in a certain category instead. One prime example would be if a horse comes within the top 4 finishers. These bets can be affected by different variables, such as a handicap or the number of horses running in a race. For more advice on horse racing, you could check out our very own OddsMonkey horse racing betting guide.
Each Way Betting Explained
Speaking of each-way bets, these perfect for those times when you are still determining who you think is going to win a tournament or a race. These could potentially result in returns even if the person or team you have backed doesn’t win, but instead finishes in the identified places.
For example, in a golf tournament, you can make a bet each way for a golfer to finish in the top 4, with a bonus coming if they win the tournament. These types of bets have become immensely popular due to their flexibility. It is important to know that these each-way bets actually come as 2 separate bets, with the place bet return usually coming as a fraction of the other winning bet. Since golf is such a popular sport for each-way bets, why not check out our golf-matched betting guide.
With each-way bets being extremely popular in horse racing especially, you can even check out our each-way calculator to make sure you know how much your returns could be considering the different odds for each-way betting. This useful tool only requires the details with your bet, automatically doing the calculations for you!
Different Types Of Bookmaker Place Terms
Here are the different standard place terms and conditions that are typically used by bookmakers; it is important to note that these may be enhanced or changed for special events such as Cheltenham and other major festivals.
How Many Places Will Be Paid?
- 2-4 runners – 1st only (Non-handicap and handicapped races)
- 5-7 runners – 1st, 2nd (Non-handicap and handicap)
- 8+ runners – 1st, 2nd, 3rd (Non-handicap and handicap)
- 16+ runners – 1st, 2nd, 3rd and 4th ( Handicap races only)
Place Terms: Handicap Races:
- 2-4 runners – 1st
- 5-7 runners – 1st, 2nd
- 8-11 runners – 1st, 2nd, 3rd
- 11-15 runners – 1st, 2nd, 3rd
- 16+ runners – 1st, 2nd, 3rd, 4th
Place Terms: Non-Handicap Races:
- 2-4 runners – 1st
- 5-7 runners – 1st, 2nd
- 8+ runners – 1st, 2nd, 3rd
How Do Bookmaker Place Terms Link To Matched Betting?
These specific bookmaker place terms need to be taken into account when players are betting on horse racing, as they can completely change the outcome of the bet, with certain rules and conditions being applicable. Now, you might be asking how any of this links to matched betting; however, horse racing is a huge market for matched betting opportunities. Matched betting is the act of placing two opposing bets, one to win and one to lose, to cover all potential outcomes when it comes to the potential outcome of a particular sporting event.
Placing back and lay bets means you can use free bets to lock in margins of profit if used correctly. To make sure you are using the right odds and amounts, you could make use of our matched betting calculator to ensure the odds of your selections work.
