Here at Honest Betting Reviews we like to demystify and explain betting terminology and jargon. Today we look at an Each-Way Double and what it means.
An each way double bet consists of two each way bets placed on different races in which the stake and winnings from the first each way bet fund the stake on the second bet. The primary difference between an each way double bet and a standard double is that all you need for a profit is for both selections to be placed.
We will look at this in more detail, including what happens in small fields, and provide an easy to follow example. Finally we will say something about why each-way double bets are as popular as they are amongst both professional and amateur punters.
Let’s start off with an example. Assume that you select two horses in two separate races. Some bookmakers will only accept each way doubles bets if the races are separated by a minimum time which might be 10 minutes depending on the specific bookmaker. In our example we will assume that in both races our selections are priced at reasonably short odds; in fact the kind of odds that with a normal bet you wouldn’t normally bet each way.
You staked £20 on the each-way double, £10 to win plus £10 for the place. In the first race your selection finished in second place and in the second race your selection finished third.
After the first race you lose your stake on the win bet, but on the place bet your winnings are £10 x 1 = £10, and as you get that part of your original stake back, so the total amount that is staked on the second race is £10 + £10 = £20. Half of this amount will be placed on a win bet and half on a place bet.
In the second race you will lost your win bet but your winnings on your place bet will be £20 x ¾ = £15. You also get that part of your stake back so you are paid a total of £15 + £20 = £35. Not at all a bad result considering that neither of your selections won and you staked a total of just £20 producing a total profit of £15.
For an each way double bet to be successful, your selection must be placed in both races otherwise you will lose you total stake.
When there is small field and in the case of non-runners the rules are a little different. For instance if there are 8 runners initially, the first three places will count. But, if there is a non-runner then bookmakers will pay out on the first two places only, which is likely to upset your strategy.
Why each-way double bets are popular
Assuming that both horses have short but not overly short odds, say at least 4/1, then you will always make a small profit if both horses are placed. But of course you are hoping that at least one of selections will win, in which case you will make a handsome profit. Taking the above example, if both selections won you would make:
First race your winnings would be (£10 x 4) + (£10 x 1) = £50. You would get your stake back so the amount to be bet on the second race is £50 + £20 = £70.
Second race your winnings would be (£35 x 3) + (£35 x ¾) = £131.22p and you would also collect your stake on that race of £50, cashing out at a magnificent £181.22p.
This kind of bet provides a good way of hedging your bets while offering the opportunity of a handsome profit should one or both of your selections win.