This is a guide to each way value betting.
Each way value bets can be profitable. But, this is not risk free matched betting. You’ll need a mindset to accept variance and losing runs. Good bankroll management and discipline are key.
Let’s get started.
What is an each way bet?
An each way bet splits your stake into two equal parts:
- Horse to win the race, and
- Horse to finishes in the top few runners (typically the top 2 to 4 places)
Here’s an example of each way betting. In this 8 runner race, a horse called ‘Compadre’ is available at odds of 11.0.
If we bet £10 each way on Compadre the total stake is £20.
The win part of the bet is £10, while the £10 place part is on Compadre to finish in the top 3.
To calculate the potential payout.
- Subtract 1 from the win odds: 11.0 – 1 = 10.0
- Multiply this number by the place fraction: 10 * 1/5 = 2.0
- Finally, add one: 2.0 + 1 = 3.0
- For a £10 each way bet, if the horse finishes in a place, the payout is £10 * 2.0 = £20
What is each-way value betting?
You may be familiar with the risk free matched betting technique of each way arbing. This involves each way betting at a bookmaker, then laying off on a betting exchange.
Each way value betting takes this to the next level. We accept a small level of risk in not hedging our selection. We are looking to bet when the odds represent good value.
How to do each way value betting
The key to this strategy is finding good value odds.
Typically, the place odds will be favourable. We do not need to win every single bet using this strategy. Rather, we want to win enough bets over the long term to show a profit.
Use a matched betting tool to choose a good each-way selection.
An Odds matching tool will show:
- Date, time and location of the race
- The horse’s name
- The specific bookmaker where you need to place your bet
- Odds (minimum odds 7.0) because the value is in the place part of the bet
- The number of runners in the race
- A percentage rating. This is the expected value. A good benchmark is 95%+.
The tool compares the bookmaker each-way odds against the win and place odds at the exchange.
This strategy is betting with a small edge. So, you need a specific bankroll. Stake a maximum of 1% of your total bankroll on each bet. For a £1000 bankroll, this would be £5 total stake or £2.50 each way. Good bankroll management is vital to manage your risk.
Say your total bankroll is £500, use £2.50 to £5 stakes for each bet. In practice, this is £1.25 to £2.50 each way.
What are the essential point when each way value betting?
The nature of thin margin value betting is losing runs will happen. You need a strong mindset to handle the inevitable down and up periods.
Look at your results over a large sample size of at least 1,000 bets.
Betting account management
Use gubbed accounts. You will be taking value from the bookmaker. So, it makes sense not to use ‘healthy’ matched betting accounts.
Each-way value betting on horses is likely to increase your chances of a gubbing. So, it’s best to use your gubbed betting accounts. Or even consider betting in shops.
Each way value betting is all about a healthy profit over time. But, there will be periods of variance along the way. Look at your figures over at least 1,000 bets.
This can be a useful value betting strategy. But, due to the small mathematical edge, you’ll need a strong mindset to ride out any downswings.