What is an Each Way Bet?
An each way bet consists of two bets of equal stakes with one being on the win and the other on the place.
Each way bets can be used on many sports but for matched betting, you will mainly use it for horse racing.
How do you profit from Each Way Matched Betting?
Each Way Matched Betting involves taking advantage of the fact that bookmakers place odds are based on the win odds of the horse rather than the probability of that horse being placed.
Matched bettors can profit from this as the odds at the betting exchanges will be based on the probabilities.
Bookmaker odds for the place will always be either 1/4 or 1/5 of the win odds so this can create opportunities for matched bettors when the place odds offered by the bookmaker is higher than the place odds at the betting exchange.
By placing a each way bet at the bookmaker, then laying the win and the place at the exchange, you can lock in a profit on the horse.
Each Way Arb Example
Below is an example of an each way arb that I found using the Each Way Catcher on Profit Accumulator.
As you can see if I was to place a £12.50 each way bet with Bet365, then lay the win at Betfair and lay the place at Matchbook for the amounts suggested by the Each Way Catcher then I would be able to lock in a profit of approximately £0.38.
|Horse doesn’t place||-25.00||+11.37||+14.00||+0.37|
How to work out the place odds at the bookmaker?
In the above example, the amount you needed to lay on the place was calculated for you in the Each Way Catcher Software but you can use the below formula to work out the place odds at the bookmaker yourself.
Please see below for a worked example of how to calculate the place odds of a horse that is 10/1 to win at a bookie who has place terms of 1/5.
Bookmaker Each Way Place Odds Chart
|Decimal Odds||1/4 Place Terms||1/5 Place Terms|
How to find Each Way Arbs
The easiest way to find Each Way Arbs is to use a matched betting software like Profit Accumulator’s Each Way Catcher as this consistently scans all the major bookmakers to find each way arbs and close matches on horse races.
The Each Way Catcher has lots of great features including being able to filter the results by bookmaker/exchange and being able to set a minimum rating .i.e 100 so that only each way arbs show up in the results.
You can also manually find each way arb opportunities by making a shortlist of races where each way arbs are more likely to happen, then looking at the odds at the bookmaker and exchanges to see if you can identify any potential arbs.
Each Way Betting Tips
- Don’t do each way arbing on a healthy betting account.
If you have not been gubbed by a particular bookie and you are still receiving their free bets and other promotions then I would not recommend that you do each way arbing on that account.
- Keep stakes small when you first start each way betting as it is not as simple as other matched betting methods and odds can quickly change at both the bookmaker and the exchanges.
Once you get more comfortable you can up your stakes.
- Only place each way bets on races being held on the same day you are placing your bet.
- If an arb looks too good to be true then it is best avoided as it is most likely a mistake by the bookmaker so they will be less likely to pay out at these odds.
- You may be tempted to try No Lay Each Way Betting, but please realise that this is gambling and profits from this are not guaranteed.