The best sports betting brands online in New Zealand all offer a huge range of markets on every sport and event. One of the most popular punts placed online is the each way bet. Mostly used in horse racing, they are used where you have a selection that has a decent chance of placing, but also has the ability to win. Instead of placing one separate Win and one Place bet, the two can be combined to spread out the risk.
What is an Each Way Bet?
Essentially an each way bet consists of two separate wagers. The first is a Win and the second is a Place. In order to be paid out at full sport betting odds, the selection must be a winner. However, if the selection does not win, even a placing will see a portion of the payout.
Let’s look at a simple example:
If there is an upcoming horse race and you are sure your selection will finish in the top 3 with a possibility of maybe taking the race, it could be a good idea to go with an each way option at an online sports betting site. As there are two combined, the 2 individual parts will have a stake. If you plan on putting down a total of $50, then $25 will be placed on the win part, and $25 on the place.
In this example you might find that you can place an each way sports betting wager on a horse to win at odds of 5.00. If the horse were to win, then you would be paid out the full odds for the win, as well as the returns the placing odds. If the horse was not able to win the race but does manage to place inside the top 3 or 4, then you would be paid half or a third of your placing odds. This differs, depending on the bookmaker and the type of sport in question.
Each way bets can also be used with Formula 1 as well as larger sports tournaments. In this case, you are backing a team that you know will finish with a top 3 placing in the tournament. You are not quite confident about the team winning the event, but you think they have a decent chance. In this case, you can place a wager, win money if they place, and win big if they do take the tournament.
It is at this point that punters will ask why not just place two separate online sports betting wagers for placing and winning? The answer is simply because the odds offered on these are generally better than those found on separate markets. In a way, this type of betting is a form of insurance wagering; where you are backing up a hunch with a possibility of landing a big win. It is the most effective way to spread your risk and stand a chance of pulling in a significant win.