Each Way Alternative?
To understand this article, it is important that you have a clear understanding of what an Each Way Bet is all about. If you're a little unsure, please see the article Each Way Betting Explained.
As you will now be aware, an Each-Way bet is actually TWO bets of the same amount on the WIN and the PLACE.
This alternative method actually involves the placement of THREE bets.
To keep it simple, let's assume that your horse is priced at 8/1 in a race which pays a quarter the odds for a place.
Presumably, you will have arrived at this selection because you feel that the horse has a very good chance of winning the race but you're not 100% confident hence the reason for backing it Each-Way.
What you do is place a standard Each-Way bet of (say) £10 Each-Way.
This bet will cost you £20.
If your horse wins, you will receive £80 winnings from the WIN part plus £20 from the PLACE part for a total of £100 winnings (plus, of course, your £20 stake is returned).
If your horse merely places then your winnings would be £20 (plus your £10 PLACE stake returned).
The profit in this instance is therefore just £10.
The Each Way Alternative Method involves you placing your Each-Way bet as normal but you will also place a further WIN bet on the horse of £10.
This, of course, now means that your exposure is £30 but if your horse wins the race, you will now receive £180 (plus your £30 stake back).
If your horse places, you will have your money back. No profit, but no loss either and this is what we are trying to achieve.
The PLACE part of the each-way bet is there solely to give you the chance of getting your stake back.
We all go through patches of "Seconditis" where everything we back just seems to get pipped and a string of losses such as this can affect you psychologically - it is obviously not good for the betting bank either.
However, this method of Each Way betting minimises losses (keeping mind, body, soul and betting bank intact) but, at the same time, maximises profit potential.
The figures used in this article are for illustration purposes only. Obviously, you would alter the stakes depending on the price of the horse and whether it is 1/5 or 1/4 odds. Remember: the idea is to recover ALL your stake (but make no profit) if your horse places but doesn't win.