The Each Way bet is the most popular type of wager on the Grand National, accounting for around 74% of all bets placed on the race. It’s not difficult to see why the bet is so popular, with such a large field of horses taking part the individual odds on any horse are high when compared to other races.
Eachway bets account for 74% of all wagers on the National.
In the Grand National the pre-race favourite is often priced up by the bookmakers at around 8/1, odds on outsiders with a strong chance of winning can range from 10/1 all way up to 66/1 and who can forget those fabulous 100/1 winners like Foinavon and Mon Mome. With generous odds like these the punters who risk a few quid on a small eachway bet can still win big – even if their horse doesn’t come first.
How It Works
The ‘Each Way’ bet is slightly more complicated than the win bet but still fairly easy to follow. When you back a horse eachway you’re betting it will finish in either 1st, 2nd, 3rd or 4th positions. (BETFAIR will payout on eachway bets to 5 places in the Grand National)
If you make a £10 Eachway bet the total cost will be £20, that’s because you’re actually making two bets with the bookmaker, one bet that the horse will finish 1st and another that it will place in either 2nd, 3rd or 4th position (and 5th with Betfair). Of course you can lower your stake to ‘£5 eachway’ and then the total cost of the bet will be reduced to just £10.
How To Make The BetOn-course: Placing an each way bet with a bookmaker at the racecourse is straight forward, walk up the bookies stand and just say: £10 eachway on (state the number of horse you want to back) please! The bookie will then expect you to hand over £20 and in return you’ll get a small ticket – don’t lose it, you need it to collect your winnings. Betting Shop: It’s slightly more complicated placing an eachway in a betting shop but nothing too taxing! You have a couple of options available to you. Firstly you can Play dumb, walk up to the counter and say: I have no idea how to fill-in a betting slip but I’d really like £10 eachway on (state the horses name) in the Grand National. They will normally take pity on you and fill in the necessary paperwork. If you’re really unlucky might come across a grumpy regional manager behind the betting counter, he’ll probably hand you the special Grand National betting coupon – this will require you doing complicated things like marking X in a box, even you can manage that!
Worst case scenario: you end up in the old school bookies with no ‘easy coupon’ and unhelpful staff – don’t fret, just fill in a betting slip like the one shown above, you can click the image to make it bigger. Obviously don’t write Red Rum on your slip, write the name of the horse your backing instead.Online: Doing it online is nearly always the quickest way to do things these days and betting eachway is no exception, log-in to your online bookmaker account (click here if you don’t have one) and find the Grand National odds, the link will be labeled horseracing, future racing or something cryptic like Grand National. Click on the horse you want to back and after the virtual betting slip opens you tick the little box which says E/W, enter your stake and confirm the bet.
How You Win
Lets say you’ve had a £10 eachway (£20 total cost) at odds of 10/1 and your horse romps home in first place – how much do you win? Well, you’ve got £10 @ 10/1 = £100, PLUS you also get 1/4 the quoted odds on the place part of the bet, which is £10 @ 2.5/1 = £25 giving you a total of £125 and don’t forget you also get your original £20 stake returned too.
Should your horse finish in either 2nd, 3rd or 4th position, known as a ‘place’ you will win £25 plus the £10 ‘place’ part of your original £20 stake will be returned. You might be wondering why you only get £25 back in winnings if the odds are 10/1 and your bet was £10, shouldn’t that be £100! Well no, the bookmakers only pay out a 1/4 of the quoted odds on horses that finish 2nd, 3rd or 4th and because your horse didn’t finish 1st you will lose the win portion of the original stake.