Each way arbing guide
Each way arbing is an advanced matched betting strategy – a technique to use once you are familiar with backing and laying on horse races.
What is each way betting?
An each way bet consists of two parts.
- Half of your stake is on the horse to win.
- The other half of your stake is on the horse to finish in the top few places.
⇒ The win part of your each way bet is paid out at the odds taken.
⇒ The place part of your each way bet is paid out at a fraction of the win odds.
The screenshot below shows an each-way arbitrage opportunity in a 12-runner race – the 17.30 at Chelmsford. OddsMonkey Each Way Matcher is very useful for finding these bets.
Example: Bet £9.50 each way at odds of 100/1 (101.00). The place terms are 1/5 the odds to place 1-2-3-.
The bet is £19 in total:
- £9.50 to win at 100/1 (101.00), and
- £9.50 to place in the top 3 at 20/1 (21.00).
The possible outcomes are:
- Escalade wins: you win the £959.50 win (+£950 including £9.50 stake) and place parts (+£199.50 including £9.50 stake) of your each way bet.
- If Escalade finishes 2nd to 4th: you lose the win part (-£9.50) and win the place part (+199.50 including stake).
- Escalade finishes 5th or lower: you lose the win (-£9.50) and place (-£9.50) parts.
Calculating place odds
To calculate the place odds in fractional odds, divide the 100/1 win odds by 5, which equals 20/1.
To calculate the place odds in decimals, take the decimals odds 101.00, subtract 1.00 (for your stake) and add 1.00 at the end.
- 101.00 minus 1.00 = 100.00
- 100.00 divided by 5 = 20.00
- 20.00 plus 1.00 = 21.00
Each way place terms
The number of places included in the place half of your bet depends on the number of horses in the race.
- 2-4 runners = 1 place (i.e. win only)
- 5-7 runners = 1-2 places
- 8-15 runners = 1-3 places
- 16+ runners = 1-4 places
Check with each bookmaker for the place terms of 1/4, 1/3 or 1/5 the odds, as this will vary between each bookie.
What is arbing?
Arbitrage betting, also known as arbing, is betting on back odds higher than the lay odds to guarantee a profit.
Arbing is profitable for matched bettors, but bookies do not like arbers!
Consistent arbing eats in to bookies profits. So, a bookmaker will gub an arber. Therefore, only arb on gubbed accounts. Don’t sacrifice your regular matched betting accounts for arbs.
What is each way arbing?
Each way arbing is placing an each way bet at a bookie, then laying two separate bets at the exchange – to win and to place.
An each way arb is where the place lay odds are lower than the place back odds, which enables you to lock in a profit.
Identifying an each way arb
The example shown above is a high odds each-way arb. You will also find lots of opportunities in races with a short priced favourite, this is known as a bad each way race.
The other horses in the race are usually priced more generously than normal due to the presence of a big favourite, which is great for us and bad for the bookies.
Use Oddschecker to identify a shortlist of potential each way arbs. Oddschecker allows you to compare the prices at all major bookies, including the differing place terms.
Check that the bookie and exchange terms are the same for your each way bets. For example, in a 17-runner race:
- a). You place your each-way bet at the bookmaker
- b). If there are two non-runners reducing the field to 15 runners
- c). The bookie will pay 3 places each way instead of 4
- d). But the exchange still pays 4 places
- e). This could expose you to a losing place bet at both bookie and exchange if your horse finishes in fourth place
The exchange combines liabilities for horses in the same race. This means you can lay more than one horse in the same race – and the exchange will reduce your overall liability.
Avoid arbing on valuable accounts. Do not place each way arbs with your main matched betting accounts.
Insead, use already gubbed accounts or try matched betting in shops for each way arbs.
In summary, each way arbing is an excellent matched betting technique. This strategy is useful for weekly horse racing offers and major horse racing festivals.
It may be worth starting each-way arbing with smaller stakes, then tackling for extra place offers as you progress.