If you’re a sports betting fan, you will have come across the phenomenon of each way betting. It is a phrase that you hear often, associated with a variety of different sports.
Many sports punters incorporate each way betting in their strategy and sportsbooks will always include an each betting option in their online betting slips.
So what, exactly is golf each way betting?
What is each way betting?
An each way bet is effectively two bets bundled together. An each way bet is made up of:
- A bet on your selection to win
- A bet on your selection to place
Since an each way bet involves two bets, it makes sense that it would have a doubled stake compared to a single bet. For example, a $10 each way bet on a golfer involves a stake of $20: one $10 for the win and another £10 for the place element.
There is one more thing to know about the each way bet. The win part of the bet is paid out at the price that the sportsbook quotes for that selection. The place part of the bet is typically quoted at a fifth of those odds.
So if you bet on a golfer at £10/1 each way, you will effectively be making these two bets:
- A £10 bet at 10/1 on your selection winning the tournament
- A £10 bet at 2/1 on your selection finishing in the places
Advantages of each way betting on golf
The main advantage is that even if your selection doesn’t win the tournament, you may still make a profit through the place part of the bet. And, if your selection is victorious, you win two bets!
Golf odds are typically high compared to other sports because there are so many competitors taking part in each event. Imagine 180 horses lining up at the start of a race!
This means that the place part of the bet will usually still pay out a good return and enable you to claim a significant profit even if your selection doesn’t win. This is one way that some sports punters use to reduce their risk and gain a little insurance with their golf bets.
Another reason for the popularity of each way golf betting is that many sportsbooks are prepared to take a loss on each way bets, particularly during major tournaments, in order to attract more customers, which means you will sometimes see each way bets paid out down to sixth place.
Disadvantages of each way betting
The disadvantage of the each way bet on a golf tournament is that if you find the winner, you are going to win less than with a simple win single.
For example, in the case above, if you had $20 to stake on one selection, you could opt instead to have $20 on that selection. In the example above, if your selection won, you would pocket:
- £200 for a £20 win single at 10/1
- £120 for a £10 each way bet at the same price
Some golf punters are also reluctant to bet each way as they can’t be sure that the each way side of the bet would represent value. For instance, some players might ease off on the final day if it was clear they weren’t going to win the tournament.
It is tricky enough to work out the potential value in the winners market, but trying to price up the place market on a golf tournament accurately is near impossible, which deters some golf punters.
How do I work out my winnings on an each way bet?
Working out the winnings on an each way golf bet is relatively straightforward. Your starting point is to remember that an each way bet is actually two bets with two separate stakes and two sets of odds.
Using the above example of a $10 each way golf bet at 10/1, if your selection was a winner, you would calculate your winnings like this:
- £10 win bet at 10/1 = £100 profit
- £10 place bet at 2/1 = £20 profit
- Total profit = £120
Alternatively, if the sportsbook was paying out each way down to fifth place, you would work out your total profit like this:
- £10 win bet at 10/1 = £10 loss
- £10 place bet at 2/1 = £20 profit
- Total profit = £10
How many places are paid on an each way bet?
The usual rule for most golf tournaments is that sportsbooks will pay out down to fifth place, which includes situations when your golfer finishes joint fifth.
As mentioned above, however, on some major tournaments such as the Masters and the British Open, sportsbooks may offer place odds down to sixth, which can often prove tempting for golf punters and which is likely to be in the punters’ favour.