An Each Way bet means you are betting on two things.
The first is that the horse will win. The second is that it will finish anywhere up to a set number of places e.g in the top 4.
MATCHED BETTING & EACH WAY BETS
By laying both the bet to win and the bet to place, members can make sure qualifying losses are kept to a minimum but there is also the opportunity to profit.
There are a couple of techniques that can be employed to make profit but the most popular and profitable way is through extra place offers.
Extra place offers run frequently and this is where a bookmaker will run a special offer to pay out on extra places on a specific race. For example, where a bookmaker would normally pay out on 4 places on extra place races they would pay out on 5.
We can take advantage of this because the exchange will not change its own place terms to match a bookies, the place market on the exchange will still be related to positions 1-4 so if our horse finishes 5th we win both our place bet with the bookie and our lay bet in the exchange which can produce very large profits.
You can improve your chances of hitting an extra place by increasing the number of horses that you back and lay in a race.
Try to avoid backing more than 2 horses per bookmaker unless it is on a major race like the Grand National.
This also has the added benefit for small banks in that it will share your liability within that particular race.
With shared liability, there can only be one winner of a horse race, and this can be used to your advantage.
The amount of money you need to lay a bet is based on your maximum potential loss, therefore if you lay two different results on a market that can only have one outcome, only one of those bets can lose.
What this means is that the most you can lose is whichever selection has the largest liability.
The liability on the selection with lower liability is ignored for the purposes of calculating how much money you need to lay the bet.
NB: Be careful to keep an eye on the amount of runners when doing each way bets. If there are a lot of non-runners then the bookmaker may cut the amount of places. If there are 4-7 runners the bookmaker pays 2 places, above 8 they pay 3. If you bet on a race with 9 runners in and 2 horses pull out then the bookmaker will only pay 2 places, however the exchange will stay at 3. This leaves you in a precarious position as, if the horse finishes 3rd, you won't win at the bookmaker but will lose the liability at the exchange.
To avoid this you need to:
1) Keep an eye on non-runners
2) Try to do your each way bets near to the race start time
3) Try to do your each way bets on races with plenty of runners over the place change (e.g. 11 runners in a race because then you would need 4 non runners before the bookmaker dropped to 2 places paid)
BetConnect place terms do not change irrespective of other bookmaker offers and can be found on our Rules page.
Place terms:
Non-Handicap Races:
2 – 4 Runners Win Only
5 – 7 Runners 1/4 the Odds 1, 2
8 or more Runners 1/5 the Odds 1, 2, 3
Handicap Races:
2 – 4 Runners Win Only
5 – 7 Runners 1/4 the Odds 1, 2
8 – 11 Runners 1/5 the Odds 1, 2, 3
12 – 15 Runners 1/4 the Odds . 1, 2, 3
16 or more Runners 1/4 theOdds 1, 2, 3, 4
In all races the number of runners shall be the number of runners coming under starters orders.