Two-Way Bet Explained: A Simple Guide to Smarter Betting
Some of the terms that we use in sports betting and gambling can be a little confusing when you first come across them, and one that often confuses people is the 2-way bet.
The difficulty is that many people confuse this with an each way bet, which is an entirely different animal.
That is unless it is a two-horse race you are betting on, in which case they are very similar, though not quite the same.
To avoid any future confusion, we will explain both.
What is a Two-Way Bet?
A two-way bet is a type of wager that involves two possible outcomes, with no chance of a tie or a draw.
This type of bet is commonly used in sports like tennis, where only one player can win.
For instance, in a tennis match, you can place a bet on either player to win, and there is no possibility of a draw.
In football matches, a two-way bet can be offered on a Draw No Bet basis.
This means that if the game ends in a draw, the bookmaker returns your stake.
This type of bet is also popular in other sports, such as ice hockey, where the outcome is either a win or a loss.
By focusing on just two outcomes, a two-way bet simplifies the betting process and can often provide more favorable odds compared to traditional three-way bets.
It is important to realise that games such as football elimination matches in which the result may be finally decided by extra time or a penalty shootout are not 2 way bets as the bookmaker pays out according to the full time score in 90 minutes – extra time does not count.
So should the game go to extra time, any bet other than on a draw would lose.
Obviously the odds will be less for a football match where you are betting on two outcomes rather than three.
So for example, here are the odds for Crystal Palace v Everton in the Premier League in the normal match odds (1×2) market:
- Crystal Palace: 2.7
- Draw: 3.5
- Everton: 2.88
But when reduced to a 2-way bet where the draw has been taken out of the equation (i.e. draw no bet), the odds are then:
- Crystal Palace: 1.93
- Everton: 2.0
So you are getting lower odds for either side to win, but if the game finishes in a draw you get your money back, which doesn’t happen in the normal match odds (1×2) market.
That’s the advantage of a 2-way bet.
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What is an Each-Way Bet?
An each-way bet is typically used in horse racing but also in other sports like golf and snooker where you can bet on the winner of a tournament.
Effectively an each-way bet is a bet in which half of your total stake is bet on your selected horse winning, and half is bet on the horse being placed in one of the top ranks.
What counts as a place depends on several factors such as the size of the field (which is the number of horses running in the race), the specific event, and on the strategy or whim of the bookmaker.
The payout for each way bets also varies, again depending on the size of the field and other factors.
An each way bet offers a strategic advantage by allowing bettors to win not only if their horse finishes first but also if it places in the top positions.
- In races with 2-4 runners, each way bets are not usually available. It is normally win-only on these small-field races.
- In races with 5-7 runners the payouts are typically one quarter (1/4) of the betting odds on first and second places (1-2).
- In races with 8-15 runners, bookmakers usually offer one fifth (1/5) odds on first, second and third place (1-3).
- In handicap races with 12-15 runners, bookmakers usually offer one quarter (1/4) odds on first, second and third place (1-3).
- In races with 16+ runners, bookmakers usually offer one quarter (1/4) odds on first, second, third and fourth place (1-4).
Handicap races tend to be a little different, for instance, if there are 16 or more runners one quarter (1/4) odds are usually offered on the first four places.
The Grand National is a prime example where each-way betting is popular due to the large field of runners and extended payout options.
Example of Each-Way Bet
Here is an example that should make it clear:
Say you place an each-way bet on a 12 horse race where the bookmaker is offering quarter (1/4) odds on the first three places.
Your selection is priced at 16/1, and you bet £5 each-way (£10 total bet, made up of £5 on the win and £5 on the place).
The following payouts apply:
- If your selection wins, you win £5 x 16 for the win half your bet = £80, plus 1/4 x 16 x 5 = £20 for the place half of your bet. The bookmaker also returns your full stake, so you walk away with £110.
- If your selection is placed second or third, then you lose your bet on a win, but you win your place bet. Your payout is plus 1/4 x 16 x 5 = £20 and half your stake (£5) is returned. Thus, you walk away with £25. In races with less than five runners, only the win part of the bet is normally applicable, making each-way bets inapplicable.
It is normally only worth making a each-way bet if the odds offered by the bookmaker are high – above 3/1 for example. Making each way bets on low odds is a waste of money.
It is also advisable to check if the bookmaker offers best odds guaranteed to ensure you receive the highest possible payout.
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Components of an Each-Way Bet
An each-way bet consists of two components: a ‘win’ part and a ‘place’ part.
The ‘win’ part of the bet is a wager on the selected horse to win the race, while the ‘place’ part is a wager on the horse to finish in one of the top ranks, usually first, second, or third.
Essentially, you are placing two separate bets, which means your total stake is double that of a single win bet.
For example, if you place a £10 each-way bet, you are actually betting £10 on the horse to win and £10 on the horse to place, making your total stake £20.
How Does an Each-Way Bet Work?
An each-way bet works by combining the ‘win’ and ‘place’ parts of the bet into one wager.
The win part is straightforward: if the horse wins, you win the bet.
The place part is a bit more complex, as the number of places that qualify can vary depending on the bookmaker and the number of runners in the race.
For instance, as explained above, in a race with 5-7 runners, the bookmaker may offer 1/4 odds for the horse finishing in either 1st or 2nd place.
This means that even if your horse doesn’t win but finishes in one of the top places, you still get a return on your bet.
Calculating Winnings from an Each-Way Bet
Calculating winnings from an each-way bet can be a bit intricate, as it depends on the odds provided by the bookmaker, the place terms, and whether the horse wins or just places.
To calculate the winnings, you need to consider both parts of the bet separately.
The win part of the bet would return the full odds, while the place part would pay out a fraction of the odds, usually 1/4 or 1/5.
For example, if you place a £1 each-way bet on a horse at 6.0 (5/1) with 1/4 place terms, the possible outcomes are:
- If the horse loses, you lose both parts of the bet.
- If the horse wins, you get the full odds for the win part and 1/4 of the odds for the place part.
- If the horse finishes in the top 3 but doesn’t win, you get 1/4 of the odds for the place part.
Benefits of Each-Way Betting
Each-way betting offers several benefits to bettors, including reduced risk and increased potential returns.
By covering both the win and place parts of the bet, each-way betting reduces the risk of losing the entire stake.
This is particularly advantageous in races with large fields, where the number of places offered by the bookies are normally higher.
Additionally, each-way betting can offer higher potential returns than a single win bet, especially if the horse has long odds.
However, it’s essential to note that each-way betting also doubles the stake, which can increase the overall cost of the bet.
This makes it crucial to weigh the potential benefits against the increased cost before placing an each-way bet.
Conclusion – 2-Way Betting
Understanding the difference between a two-way bet and an each-way bet is key to making more informed decisions in your sports betting journey.
While a two-way bet simplifies things by focusing on just two possible outcomes, an each-way bet offers a bit more complexity, particularly with events like horse racing where you’re betting on both a win and a place.
Each betting type has its strengths: the two-way bet reduces risk with options like “draw no bet,” while the each-way bet gives you a chance to profit even if your selection doesn’t win outright.
Knowing when and how to use these strategies can help you navigate the betting world with confidence and hopefully lead to better results.
Whether you’re wagering on a football match or placing bets on the next big race, a solid grasp of these betting types will put you in a better position to succeed.
Happy betting!
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