Do I back for win, each way or both!
Well who hasn’t asked themselves this question over the journey! At iTipsports we believe there is not necessarily a conclusive, correct answer for this question except to say to deal with it in the way that best suits your investing betting style.
Some people like the perceived safety net of the each way bet and others prefer to back the winner for the full amount they intend to invest and to have no safety net at all. Some like to back place only and some even like to bet 1unit win and 2 units place!
it is all personal choice and it comes down to how you handle the ups and downs of the risk vs reward scenarios.
Whether to back for the win, each way or place is a real quandry and most casual punters finds themselves confused and uncertain and the following conversations can be heard in any pub on a Saturday.
– Win bet runs a place “why didn’t I back it each way”
– Each way bet wins “why didn’t I take it all for the win”
– Win bet wins “see boys that’s how you do it”
– Each way bet places “thank god I had it for the place”
We can tell you now as long as your investing, the conversations you will have with yourself around this topic will be never ending until you to decide to adopt a strategy whether it be on or the other or a bit of both with set parameters you put in place to clearly distinguish.
For example anything at 10-1 or under you will back for the win and anything over 10-1 you will back each way. It’s important to come to a conclusion on how you will invest in these basic elements of the betting world, the win, the each way or the place wager, to ensure you keep your sanity!!
Favourites are the best each way bet!
For those of you who are still yet to decide on what suits them best what we are about to share may fly straight in the face of any theories you have heard about investing each way. Wait for it, backing favourites is the best each way return!! In fact there is something to be said for backing favourites the place…who knew!!
To try and illustrate we have put together the following table. The example is a table that includes the horses name, the betting odds for the win, followed by the place odds which we have then multiplied by 3 (ie 3 places available, so the odds offered to fill one placing).
We have done this to attempt to normalise the win and the place odds to indicate whether betting each way is a viable proposition and more importantly how much does it cost us in value when we bet the place at a normalised odd.
We have then listed a +/- differential on the normalized odds and when if at all it ever it makes mathematical sense to bet each way.
The following is a race from a corporate bookie at jump time.
| Horse | Win price/% | Place price x3 | Differential +/- place | |
| Empire Liberty | $13 | $3.5 x 3 = $10.5 | – $2.50 | |
| Seule spirit | $21 | $5 x 3= $15 | – $6 | |
| Pierrocity | $5 | $1.85 = $5.50 | +0.50 | |
| Don’t plead guilty | $26 | $5.5 x 3 = $16.50 | – $9.50 | |
| Wild Sea | $10 | $2.9 x 3 = $8.70 | – $1.30 | |
| Aimerissa | $34 | $6 x 3 = $18 | – $16 | |
| Yulang Earth | $4.2 | $1.6 x 3= $4.80 | +$0.60 | |
| Chairmans Choice | $6.5 | $2.2 x 3 = $6.6 | +$0.10 | |
| Eugenes Forrest | $3.1 | $1.36 x 3 = $4.08 | +$0.98 | |
| Set With Jewels | $26 | $5.5 x 3 = $16.5 | – $9.5 | |
As you can see in the above example it only makes any sense to bet each way when your horse is $7 or under this is where you can maintain an even/positive expectation on the bet. In fact if we were to take it one step further there is strong argument to say that the place bet on the horses under 7-1 is the superior bet to take.
The other stunning revelation is how much it costs you to take horses above the $7. For example Aimerissa in the above example is a whopping $16 per dollar worse bet when taken at the place or in an each way scenario, no wonder the bookies let us on!
Most people do not understand that the bigger the odds of the horse the more your place bet betting percentage deteriorates, meaning that at a normalized level you are taking a very bad price.
Mathematics shows quite clearly that betting each way is a bad idea for anything over $7 however mathematics is one thing and human behaviour is quite another so despite what the maths says in relation to each way bets if is suits your style and you enjoy it then do it!
Trying to switch people from something that is not naturally within them can cause a whole lot of headaches so at iTipsports we hope you know how you like to invest, decide on your strategy and stick it through thick and thin.