The Difference between Each Way and Place Bets in Horse Racing
For those who are interested in placing their bets on horse races, knowing what each style of bet means, and how to place your bets, is the only way to ensure the payoff you want to see, when wagering. So, knowing the difference between each way and place bets, is one thing you have to realize if you want to know how to properly wager on your horse, on a race, or on a series of races you are going to be betting money in. What does a each way bet mean, what does a place bet mean, and how does each work? These are a few basics of each betting style.
The each way betting style –
Each way betting is a style of betting which originated in horse racing. For this reason, it is one of the more popular types of bets placed on races. Basically, this type of bet allows you to hedge your wager, as it is pretty much placing two bets in one. Half your bet goes towards the win, and other bet towards the “place” (place is defined by the horses in a race and type of race, and other specific factors in a particular race).
If the bet you placed does win, then both bets placed will pay as a winner. If the horse places, a portion of your wager is lost, however you do collect on the “bet” portion. If it loses, or doesn't place, you lose both portions of the bet which you originally placed. Each bookie or online betting site has different terms in regards to payouts, and what constitutes a “win” or “place.” So, before placing your wager with this type of bet, make sure you fully understand how it works to ensure you do not lose out on a bet, where you would otherwise collect on other sites.
Place betting –
What is a place bet? It is a single bet which you wager on a particular horse in the race. You get the same amount if the horse comes in fourth or first (based on the definition and defined terms of what constitutes a place for the particular bet). So, regardless of where the horse places, as long as you place your wager on the right place (defined in a race), you are going to collect even if the horse is not the winner. Although the odds are lower with this type of wager, it is one in which you can earn a higher payout for big races or events you place a wager on a particular event or race.
Again, as with an each way bet, with place betting, you have to make sure you understand what the definition of “Place” is for the particular race. This will determine whether or not you win a race, what position the horse can come out in, and how much you are going to earn for a particular race. With lower odds of winning, these bets are not as secure as each way betting, which does have a safety mechanism built in place, as you are basically placing two individual bets in one.
When should you use each? –
These bets are seen as “hedge” or “insurance” bets. Due to the fact that the payout is lower with both types of bets, in comparison to that of a straight bet, they are not as risky as other types of bets which you can place when it comes to horse racing, or other types of race events. Placing the each way bet on a strong favorite is not common. The reason being that even if the horse places, if it does not win the race, you are only going to win 1/2 of the money which you wagered back on that particular race and horse. You still run the risk of losing money with this type of bet if you are betting on a horse which is highly favored to win the race.
Place bets for horse racing are generally used on horses which are seen as outsiders, or those which are not likely to come out in first place for the particular race. The reason being is that you have the security of the “place,” which is defined by each particular race, and does not necessarily mean that the horse has to come in first place, in order for you to receive some payout on the race. It is also highly used as an insurance type of bet on a favorite horse for a particular race, which is going to place among the top horses in a particular race. Even if the horse does not win the race, you are betting that they are going to place among the top finishers for the race in question.
Both the each way and place bet are valuable styles of betting in many situations. If you want to hedge your loses, these are “security” style bets which will allow you to at least receive the amount you wager in return, as long as your horse places (based on the definition for the particular race). In turn, with these types of wagers, you are at least going to receive some form of compensation or return, and are likely to not lose everything on a particular race, even if the horse in question does not win the race you are betting on.
The difference between each way and place bets and knowing how and when you should use them, is something that is extremely important for those who engage in horse racing on a regular basis. Even if the favorite horse does not have a great day, these wagers will allow you to see some compensation, even if it is a minimal amount for the race. These are some of the basics to know about horse race betting, as well as how to use the each way or place bet, for a particular race where a horse is favored to place, but not necessarily win the race. I hope you now understand the difference between each way and place bets and will feel more comfortable in using them in the correct manner.
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