Definition of Each Way Bet

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What is an "each way bet" in the world of sports betting? What is meant by the term "each way bet"?

In sports betting, an "each way bet" refers to when you add a bet "to place" automatically to a ticket. Here is how it works:

Let's say that you believe that "Nighttime Glory" will win a major horse race. You decide to also place an "each way bet" as part of the ticket.

If you decide to wager £10 on "Nighttime Glory" winning the race AND add an "each way" bet to your ticket, you will essentially be placing two £10 bets:

1. One £10 bet that "Nighttime Glory" will win the race

2. One £10 bet that "Nighttime Glory" will place (top 3, top 4, top 5, etc)

Now, the "each way" bet will come with worse odds than the first bet, as you are simply betting that the horse will place and not necessarily win.

These "each way bets" are usually expressed as fractions - for instance, the odds might look like this:

"Nighttime Glory" to win, 4.00
"Each Way" Bet, 1/4

This means that the second bet will pay out at 25% of the first bet. So, you would stand to win £30 in profit from the first bet if "Nighttime Glory" wins the race, plus an additional £7.50 in profit from the successful "each way" bet.

What happens in this case if "Nighttime Glory" finishes in second place? Well, the first bet wouldn't pay out, though the "each way bet" would.

So, in this case, your total return on the bet would be £7.50, giving you a small loss.