There are many differences between Australian horse racing and racing in the United States. The most prominent of these is that all Australian races are conducted on the grass. The bet types used in Australia can be different, too, but the Each Way Bet is very similar to the Win/Place wager selected by many U.S. bettors. An Each Way Bet gives you the opportunity to cash a winning ticket if your chosen horse runs first or second.
Looking for an Online Racebook? We highly recommend this one!
What is an Each Way Bet?
An Each Way Bet is actually a combination of two bets on one horse. A bettor wagers one total which is then evenly split on bets that the chosen horse will run first or second. If the horse comes in either spot, winnings are returned to the bettor. If the horse wins, both bets succeed.
In America, this is known as Win/Place betting. Horse races are determined by an order of finish. The horse which reaches the finish line first is said to “win” the race. The horse which runs second is said to have “placed.” The horse which finishes third “shows” and typically delivers a much smaller payout. Horses who finish fourth or worse are referred to as also-rans. Of these, only the fourth place finisher figures into bets like the Superfecta.
You should become familiar with the different designations and lingo used by online racebooks if you wish to bet effectively. Knowing the terms will also come in handy when you visit a live race track and must communicate your chosen wager verbally to a teller.
Advantages of an Each Way Bet
An Each Way Bet gives you some definite advantages over a straight Win bet. First and foremost among these is the opportunity to err on the side of caution when choosing a horse to win.
Picking winning horses is not easy. This is evidenced by the fact that favorites only win 33% of the time or one out of every three tries. The betting public is the one who decides which horse will be the favorite in a race. This is simply determined by which horse has received the most money in the betting pool. So, the statistic mentioned means that the betting public only gets it right one-third of the time. Included in the betting public are very smart handicappers who bet horses for a living. That should tell you how hard it is to identify the winning horse.
A favorite, however, often runs second. In fact, betting odds-on favorites to place is one of the few racetrack bets that tends to produce consistent winners. No one can really understand this phenomenon except to say that the public has encountered a race where a case could be made for more than one horse.
An advantage of an Each Way Bet is that you have a margin of error. If the horse you chose to win comes up just a little bit short and finishes second, you still win money. If your horse does in fact win, you cash a bigger ticket because you have both a win and a place bet.
How to Each Way Bet
The term Each Way Bet is exclusive to Australian bookmakers and racebooks. In America it is referred to as Win/Place. This bet type is offered as a part of the standard betting menu at all Australian and American racebooks. It has been one of the standards of EZ Horse Betting for many years.
The first thing you will need is an account with an online racebook. You will log into your account and select the track you wish to bet on and the race you wish to bet. You will find that many American racebooks such as Twin Spires offer wagering on Australian horse racing tracks.
Once you have chosen the track and the race, you must then decide which horse you wish to bet on. After this, you select Win/Place or Each Way from the betting menu. You will pay one amount for your ticket which will be equally divided amongst both bets.
For example, if you elect to make a $10 Each Way Bet the actual bet is $5 to Win and $5 to Place. Although the Each Way is bet as a single ticket, it reflects two individual bets that are considered independently. This means that you can win one or both bets. To win both, your chosen horse must win the race. To win one, your horse must run second.
Did you know that you can create an account with an online racebook recommended by EZ Horse Betting in just a few simple clicks? Within minutes you can be betting horses online from the comfort of your own home. You’ll get a nice welcome bonus and free past performances to assist your handicapping.