The Each Way bet is the most common way to back a horse in the Grand National. It’s easy to see why most people prefer this sort of wager on the National, as it includes any horse that finishes in one of the top four slots. We also go over general horse racing in this essay, so you’ll know what an each-way wager is regardless of the race.
How does it work?
The aim of most horse races is to select the winner. However, when you have an event as large as the Grand National with a field of 40 horses, predicting the winner is difficult.
That’s where the “Each-Way” bet makes sense. It essentially gives you the opportunity to get a return on your money if the horse you backed doesn’t win, but instead finishes second, third, fourth or fifth.
You are risking two outcomes when you wager on each way. The first is that the horse will win. The second is that it will finish in any position from 5th to 1st. As a result, your bet consists of two parts: the ‘Win’ and the ‘Place.’ Each component of the wager must be a matching stake; for example, a £5 each way bet would require £10 in stakes: £5 on the ‘Win’ and £5 on the ‘Place.’
Win the ‘Wager,’ which is on your horse to win first, and place the ‘Wager,’ which is on your horse to finish either first or in one of the places, such as second, third, fourth (fifth or sixth with certain bookmakers). This works similarly for any race you can wager on throughout the year.
How is it won?
In horse racing, each-way bet must be followed by certain regulations. They are determined by the number of horses that will compete in a race.
- 1 to 4 runners: No Places, Win Only bet
- 5 – 7 runners: 1/4 Odds, 1st & 2nd place only
- 8+ runners: 1/5 odds, 1st, 2nd and 3rd place
- 12 – 15 runners (handicapped races only): 1/4 odds, 1st, 2nd, and 3rd place
- 16+ runners (handicapped races only): 1/4 odds, 1st, 2nd, 3rd, and 4th place
If you were backing this EW bet tip and your horse returns home first (wins), both the ‘Win’ and ‘Place’ components of your wager will be paid. However, if only the horse’s performance earns a position, you will lose the ‘Win’ piece of your bet. You’ll still get your ‘Place’ bet if your horse finishes second, third, fourth, or fifth. Just keep in mind that if a handicapped race has more than 16 runners and it is run at a distance of 1 mile or longer, the bookmaker must pay out 1/4 of the odds. The payout is cut to 1/5 of the odds advertised if they slip below 5th or sixth place.
How much do you win?
The amount won is determined by a variety of criteria. Most significantly, was your horse victorious in the race or simply placed? And what odds were you given when you placed the bet?
Assume your horse wins (1st) at 40/1 and you’ve backed him for £5 each way, for a total of £10. The £200 ‘win’ portion of your wager is paid out, plus the original £5 ‘win’ stake is refunded, giving you a net profit of £205.
You will also get paid on the ‘place’ aspect of the bet! Bookmakers, on the other hand, will generally only pay out 1/5 of the stated odds for big races. The £5 “place” portion of your wager pays out £40. In this example, a fifth of 40/1 is 8/1, £5@8/1 = £40.00, and your original £5 investment is returned, resulting in a profit of £45. You may also add the $205 ‘win’ portion to the overall sum to get $250 in winnings.