With the illustrious Grand National just days away, punters will be doing their research and studying horses ahead of selecting their runner in the famous steeplechase. The most popular way to back a horse in the Grand National is the Each Way bet. It’s easy to understand why most people prefer this type of bet on the National, as it covers a horse finishing in any of the first five places.
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How Does Each Way Betting Work?
Obviously when you place a bet on the horse racing, you want it to win. However, with each-way betting, that isn’t necessarily the case. Each-way betting gives you the chance to win money, even if your horse doesn’t finish first. It depends on the bookmakers you’re placing your bets with and the size of the field, with each-way betting sometimes including seven places.
For the Grand National, most bookmakers will offer you five places. What that means is that if you back a horse and it finishes in fifth place, and you backed it each-way, you will still win some money. Obviously, you won’t win as much as you would have done if your horse had have won, but you would still be profiting.
Each-way means you are betting on two things. The first is that the horse will win. The second is that it will finish inside the top five places.
Each-way bets are made up of two parts: the ‘Win’ and the ‘Place’. Each part of the bet must be an equal stake, e.g. a £10 each way bet will have £10 on the ‘Win’ and £10 on the ‘Place’ making a total of £20.
The ‘Win’ part of your bet is on your horse to finish first, and the ‘Place’ part is on your horse to finish either first or in one of the places.
How Do I Win My Each Way Bet?
There are specific rules that bookmakers must follow for each-way bets in horse racing, including on the Grand National. They are based on the number of horses running in a race.
1–4 runners – No Places – Win markets only
5–7 runners – 1/4 Odds – 1st & 2nd place only
8+ runners – 1/5 odds – 1st, 2nd and 3rd place
12–15 runners (handicapped races only) – 1/4 odds – 1st, 2nd and 3rd place
16+ runners (handicapped races only) – 1/4 odds – 1st, 2nd, 3rd and 4th place (sometimes 5th)
If your horse comes home in first place, both the ‘Win’ and ‘Place’ parts of your bet will pay out. But if your horse only places, you will lose the ‘Win’ part of your bet.
You will still collect winnings on the ‘Place’ part of your bet if your horse finishes 2nd, 3rd, 4th or 5th, depending on the amount of runners in the race and the odds the bookmakers are offering.
How Much Will My Each Way Bet Return?
The amount won depends on a number of different factors. Most importantly, did your horse win the race, or was he just placed?
Let’s assume your horse wins (1st) at 50/1 and you’ve backed him for £5 each way, which is £10 in total.
The £5 ‘win‘ portion of your bet pays out £250 (£5 x 50/1) plus the original £5 ‘win’ stake is returned, giving you £255.
The £5 ‘place‘ portion of your bet pays out £50 (1/5 of original odds). This is how you work it out; a fifth of 50/1 is 10/1, £[email protected]/1 = £50, and your original £5 stake is returned, giving you £55.
Add that to the £255 ‘win’ portion and you’ve got £310 in winnings.
Now let’s assume your horse came fourth, bear in mind that it doesn’t make any difference to the pay-out if your horse finishes anywhere in the places with some bookmakers.
In short, it doesn’t matter whether your horse finishes second, half a length behind the winner, or if your horse finishes fifth, 30 lengths behind the winner. If you have backed it each-way and the bookmakers are paying out on five places, you will still win the ‘place’ part of your bet.
As your horse didn’t win, you lose the ‘win’ portion of the bet and £5. But you collect £50 on the ‘place’ portion of the wager plus the £5 place part of your original bet – as explained above.
Each Way Betting Markets
Each way bets are exceptionally popular with horse racing punters, and this is certainly the case with the Grand National. But how many places are some of the biggest sites paying? Take a look below to find out.
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Best Bookmakers For Grand National Betting
You can place an each-way bet at any high street bookmakers or online. However, you should be aware that not all bookmakers pay out to five or six places on the Grand National.
Some bookies will only pay on the first four horses past the post and some bookies will only offer 1/5 the quoted odds if they extend the number of places.
Below is a list of the best sites for Grand National each-way bets
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Interested in the Grand National? Follow our guides:
- Best Grand National betting sites
- Grand National betting offers
- How To Watch The 2022 Grand National
- 2022 Grand National Runners and Riders
- Best 2022 Grand National Offers
- How To Bet On The 2022 Grand National
- What Time Is The 2022 Grand National
- 2022 Grand National Trends and Stats
- Grand National – Each-way betting explained
- Grand National – Extra Place Best bookies
- Best 2022 Grand National Offers for Existing Customers
- Grand National Results (Past and Present)
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