Horse racing betting is becoming more popular, and there are many types of bets available.
Each-way bets, common in horse racing, allows you to bet on the winner and at the same time bet on which horse will end in one of the first places.
To accurately guess which horse will win is no easy task. This is why this bet usually has a high payout. Now, what if away from betting on the winner, there's a possibility of choosing the place among the first and making some profit even if it was not the winner?
What is an Every-way bet?
An each-way bet allows the gambler to predict the winner and at the same time "cover" himself by betting his horse will end up in one of the first places (2nd, 3rd, or 4th in relation to the amount of horses in the race). Even though his choice is not the winner but it ends on one of the first places, the gambler will make some profit, obviously not as much as if his horse had ended on first place.
Therefore, the gambler makes a double investment: on the one hand, he bets a certain amount to the winner; and on the other hand, he bets the same amount that his choice will finish among the first. If his choice finishes first, the gambler will take the wins of both bets, and if he's not the winner but finishes among the first places, he takes the wins of the bet by place.
Obviously, the worse that could happen is that the chosen horse does not finish among the first, but taking into account that the horse has good odds of winning the race, we have a good chance that he will at least finish in one of the first places.
Although it's true that betting by place has always been very common in horse racing, the gambling houses have been using them more and more each day on other disciplines like soccer or Formula 1.
For example, on soccer, the gambler can bet, before the season begins, that his favorite team will end amongst the first on the regular competition, which makes for an interesting ingredient added to winning bets.
The each-way bet is a nice lure for the sports betting gambler, once he understands how it works and the way to calculate this benefit, he will be able to increase it long-term.