When it comes to popular sports, there is nothing quite like horse racing to get the blood pumping. While the Premier League title race might be a great story, the thrills that horse racing offers are on another level. It is not only the sheer excitement that makes it popular either – many people like to bet on horse racing in order to have fun and maybe win some money. For the novice gambler, an each-way bet is a good way to cover any losses and is a great option for the Grand National.
If you like to wager on this sport, it is key to know all about the many types of bets. While you might think that there is only the ‘win’ bet, this is not true. Free bets at online sportsbooks are one good illustration of this, as the free bets and offers for Cheltenham at racingtips.com show. This site is a valuable resource of the best free bets around for top events such as Cheltenham, with some great horse racing tips thrown in for good measure.
Another popular sort of bet that you might have heard of is each-way – but what is it, and how does it work?
What is an each-way bet?
Sport is filled with insider lingo that seems complex to an outsider. This is especially true in horse racing – but while an each-way bet might sound complicated, it is not. In simple terms, an each-way bet is made up of two different individual bets: one for the horse to win and one for the horse to place. When you place an each-way bet, you will win some money if the horse wins and some if it finishes in the places.
How does it work in practice?
To begin with, it is key to know that the total value of an each-way bet will be double the stake that you initially choose. As an example, if you put a £10 stake on an each-way bet, the total value of the bet would be £20 – £10 for the win part and £10 for the place part.
The other major thing to know with this type of bet is how much you get back. A win will naturally be paid out at the odds taken when putting the bet on, but payouts on place finishes are usually done as a fraction of the winning odds (i.e. a quarter).
As an example, you might back a horse each-way at decimal odds of 13 to win, with a fifth of this paid out if it finishes in the places. This is with a £10 stake (£20 total bet value). If the horse wins, you would get £130 for the win and £34 for the place. If it only placed, you would get the £34 for placing but nothing else. If the horse did not place or win, you would get zero back.
Placing this type of bet is very easy. You just find the horse that you would like to bet at your online sportsbook of choice and select the ‘each-way’ option. This will allow you to put your initial stake on and show the total value of your bet, along with the potential payouts. Once happy, you just click to put the bet on and away you go!
Why consider each-way betting?
With so many types of bet available, you might wonder why it’s worth taking the each-way approach. The most common reason is that it gives bettors a level of insurance when trying to make money from horse racing. Picking a winner is hard to do at the best of times and can see many of the horses you back to win just beaten to the post numerous times. With an each-way bet, you are still assured of some kind of return if this happens, rather than getting nothing.
Another reason why this sort of bet is popular is how accessible it is. All bookies will allow you to bet each-way, and this makes it hassle-free. It can also simply give you a new way to bet and allow you to mix up your horse racing punting.
Each-way betting is a good option to have
When you look at the benefits that this type of bet offers, it is certainly a good one to have in your betting toolkit. Once you get used to how it works, you will soon become a dab hand at it. If there is a race where you just cannot pick a clear winner out of a few class acts, it can really come into its own.