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Each way value betting guide

This guide will detail the each way (EW) value betting strategy.

This can be a profitable technique. However, we are not talking risk-free here. You will need a mindset to accept variance and losing runs. Good bankroll management and discipline are key.

What is an EW bet?

An EW bet is where your stake splits in to two equal parts:

  1. Horse to win the race, and
  2. 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.

Each way betting on Betfair Sportsbook

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.

Each way betting slip at Betfair Sportsbook

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: 2.00 + 1 = 3.00
  • For a £10 EW 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 placing an EW bet at a bookmaker, then laying off on the exchange.

Each way value betting takes this to the next level. We accept a small level of risk in not hedging our selection. The risk is carefully considered, as we are looking to bet when the odds represent good value.

EW value betting in practice

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.

Selecting horses

when it comes to choosing the correct selection, you can use a tool at one of the matched betting companies to find EW bets.

An Odds matching tool will typically show:

  • Date, time and location of race
  • The horse’s name
  • The specific bookmaker where you need to place your bet
  • Odds (minimum odds 7.00), as 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 odds for an each way bet against the win and place odds at the exchange.


This strategy is essentially betting with a small edge. Therefore, you need to have a specific bankroll. You should 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 EW. Good bankroll management is vital to manage the risk.

Say your total bankroll is £500, use £2.50 to £5 stakes for each bet. In practice this £1.25 to £2.50 Each-way.

Key points

Bear in mind some essential points when attempting this technique.


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.

Betting on value each way horse is likely to increase your chances of a gubbing. Therefore, its best to use your gubbed betting accounts. Or even consider betting in shops.


Many each way value bettors will report a healthy profit over time. However, there will be periods of variance along the way. Look at your overall figures over at least 1,000 bets.

This can be a useful value betting strategy. However, due to the small mathematical edge you’ll need a strong mindset to ride out any downswings.

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