Each Way Banking on Equine Racing Discussed The bottom line to understand with each way wagering is that basically you’re putting TWO equally sized wagers one component is a wager on the equine to win the race and the second component is a wager on the equine to place in a race i.e. finishing in the places first, second, third or also fourth in some kinds of races.
Considering Each Way Wagering by doing this as 2 separate wagers will make it much easier for you to understand each way wagering.
If you put a £20 EW (each way) bank on an equine in a race your 2 wagers are a £10 bank on your equine to win and a 2nd £10 bank on your equine to finish in the places, so the total cost of the wagers is therefore £20. The win component of the wager is relatively understandable it coincides as if you had put £10 to win bank on the equine worried. Discussing how the place component of the wager is worked out by your bookmaker is a bit more complicated and depends on the kind of race you’re wagering in. The following explains how the bookmaker’s rules for working out each way wagers works.
2-4 Joggers – No place wagering enabled
5-7 Joggers – first and second pay 1/4 of the chances
8+ Joggers – first, second and third pay 1/5 of the chances
12 – 15 Jogger Handicap Races – first, second and third pay 1/4 of the chances
16+ Jogger Handicap Races – first, second, third and fourth pay 1/4 of the chances
As you can see from the over instance, races with up to 4 joggers are win just (so each way wagering isn’t offered by Bookies).
You’ll also notice that handicap races are treated differently. In theory all the equines are provided various weights to carry. The ‘weighting process’ is put together by an Official Handicapper and its his job to attempt to schedule all the equines in the race to actually finish with each other in a straight line! Therefore projecting which equine will finish put is considered a harder job (the handicapper may slip up with a couple of equines but certainly not with the entire area.) So for the purposes of Each Way Wagering in handicaps the bookies offer improved place terms i.e. one quarter of the chances rather than one 5th and in areas of over 16 joggers they typically offer one extra place position (first, second, third and fourth).
Each-Way Wager Instance
You decide to place a £10 EW bank on Loopylu in the 2.30 at Newmarket up in arms of 10-1 (the race is an 8 jogger race non handicap, so the EW terms are 1/5 of the chances for first, second or third place.)
Your bookmaker will take the £20 risk from your wagering account (remember £10 EW is TWO £10 wagers) the first wager is a £10 win wager up in arms of 10-1 and the second is a £10 wager up in arms of 2-1 (2-1 being 1/5 of 10-1) the second wager is for Loopylu to finish put (i.e. first, second or third.)
Currently there are 3 various outcomes for this wager as complies with:
- Loopylu Does not Win or Place
Loopylu finishes in none of the places (first, second or third) i.e. fourth or even worse, so if this result was to occur you have shed both your £10 win wager and your £10 place wager so in this situation the failure is £20.
- Loopylu Places but Does not Win
Loopylu finishes second or third but does not win. There’s no distinction in between second and 3rd; they matter as the same i.e. they are both “a place”. So if this result was to occur, keeping in mind that your £10 EW wager is 2 wagers (£10 win and £10 place) your win wager of £10 has shed and your £10 win risk remains with the bookmaker. However your £10 place wager has won and your return at 2-1 (2-1 being a 1/5 of the chances) = £30, that is £20 profit and your initial £10 place risk. So the overall profit on this wager is £10 (you laid £20 (£10 EW) and received £30 back.)
- Loopylu Victories the Race
If Loopylu victories the race after that both of your wagers are champions as a win also matters as a place (first, second or third.)
So if this result occurs the win component of your wager returns £110 i.e. £100 profit at 10-1 and your £10 initial risk.
However the place wager of your wager has also won and as currently discussed over in number 2., that wager returns £30 (£20 profit and your £10 initial place risk).
So the total return in this circumstances is £140 i.e. £120 profit and the initial £20 risk.
Sometimes bookies will offer improved place terms on races with well over of 16 joggers, a fine example is the Grand Nationwide which usually has more than 30 joggers, and in this circumstances many offer a 1/4 of the chances for an equine finishing first, second, third, fourth and fifth and sometimes also sixth.
Having actually discussed the idea of how Each Way Banking on equine racing works I would certainly prefer to explain that the putting of Each Way Solitary Wagers is just one of my suggested approaches to wagering.
So for a more Tactical and Lucrative approach to EW wagering read my further article on “The Wager the Bookies Fear Most – The Each Way Double”.