Each way betting remains popular with many punters. People love the idea of having a bigger chance of a collect, even if it means just getting their money back.
But surveying many pro punters, few seem to engage in each way betting. Does it not fit with their value-focused approach? We asked a few of the Champion Bets analysts to get their views.
I don’t do each way betting. There’s just no value in it these days, it’s not like when you used to get a quarter of the win odds for the place. For example, you’d get $5 for the win and $2 for the place. Now that’s probably $1.70.
If I’m going to back one at big odds, I prefer to back another horse or two with saver bets, rather than bet each-way on the outside chance. The odds you get are more generous and offer value.
I’ve thought about it and looked into it but the prices just aren’t up to scratch. The market percentage in the place market just doesn’t allow you to make money. Most punters I know tend to take the approach I do these days – back multiple horses in a race, rather than backing your top pick each way.
I do it occasionally. If the horse is big odds and I am single figure odds, I will consider it. One thing I do think is worthwhile is having more on the place than on the win. It makes sense of course because the place is far more likely to happen than the win, given three chances vs one (in a field of 8 or more). I don’t mind the old “1 x 3” ratio on each way bets, if I do them.
Each way betting: Mark Rhoden, NSW Racing
I very rarely do each way betting. I’ll only think about it if I’ve got something that’s really big overs and so the place price is getting put to something like what I think the win price should be. It would have to be a really dramatic over, otherwise I just haven’t found a way to do it profitably.
Theoretically, if you’re looking to bet the place then you can probably bet those horses that map well with confidence, as they’re more likely to get every chance but don’t have to be the best horse in the race.
My general approach anyway is more geared toward finding the winner of a race, and I tend to play toward the top of the market. If you’ve got a decent win strike-rate at that end of the market, you win a lot more just betting straight-out.
The golden age of getting true each-way odds – quarter win odds for the place – are well and truly gone. If you could get $1.50 for the place about a $3 chance, and there might’ve only been three or four genuine chances in the race, then you could bet with great confidence. But that horse is probably $1.30 for the place now.
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