Betting each way is a useful tool in horse racing. It's a great way of finding value and each-way bet is actually two bets, one to win and one to place. It pays out a percentage of the winning price if your horse comes first to fourth, depending on the race. The payouts change with the number of runners. Each way is only offered with five or more horses racing it breaks down like this races with five to seven runners only covers first and second at 25% of the winning odds.
More than eight and the first three payout at 20%, more than 15 in a handicapped race sees the first four payouts also at 20%. Bookmakers hate each way betting. It's an old formula which doesn't benefit them, which is great news for you the punter. The best time to bet each way is to look at races where three or four horses are clearly ahead of the rest. Here we see only four of the eight horses have a serious chance of winning the race, backing the favored horses each way in a race like this stacks the odds in your favor. Why? Because the outdated each way place terms don't accurately reflect the true probabilities of these horses finishing in the first three places, providing good value to bet each way. Be patient, wait for the races that suit you and take advantage of each way betting! .
As found on Youtube