Each-way value betting
Each-way terms pay the place part at a fixed fraction of the win odds. When that fraction pays more than the horse's chance of placing, the bet is value.
What is an each-way bet?
An each-way bet is two bets in one: a win part and a place part, each for the same stake. The place part pays if the horse finishes in the places, at a fraction of the win odds, usually a quarter or a fifth.
How many places pay, and at what fraction, are the bookmaker's each-way terms. They depend on the size of the field and whether the race is a handicap.
Why the value exists
Most of a bookmaker's racing turnover is win-only bets, so bookmakers compete on win prices.
The place part is not priced separately. The each-way terms set it at a fixed fraction of the win odds.
That fraction does not reflect how often a horse places. A horse that is unlikely to win but likely to place can be paid more for the place than its chance warrants.
A 16-runner handicap pays four places at 1/4 the odds. A horse at 12.00 has a place price of 3.75. If its chance of finishing in the first four is one in three, the fair place price is 3.00, so the place part is value.
Backing the bet without laying it off is called each-way no lay (EWNL).
A loophole the bookies can't close
Each-way terms are standard across the industry. Pricing the place part horse by horse would mean replacing each-way betting.
A bookmaker can cut the win price, which costs win-only business, or try to restrict value bettors. We created Shrewd mode so your bets draw less attention.
How we find it
We use two methods for finding value and you can choose which to display on the board.
EWEdge uses our AI model to price every runner's chance of placing without using the exchange place market. This allows it to find value which other tools don't.
Arb looks at the place price on the betting exchange and flags picks where the bookie's price is higher.
Further reading
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