Tom Pennington/Getty Images. Pictured: Collin Morikawa
When you bet a golfer (and even some other sports) at a number of United States sportsbooks, you may see a little box next to his or her name.
“Each Way” or “E/W”, followed by a fraction and some numbers.
This is a popular betting concept in Europe, but hasn’t quite become mainstream in the U.S. yet. It’s used most often in golf, but it also applies to other sports with big fields, like motor sports or horse racing.
Here’s how it looks at Bet365, one of the only United States books to offer each-way betting. Bet Rivers also offers them, but calls it a “Win/Place” bet.
Each Way Definition
An each-way bet splits your bet into a “win” bet and a “place” bet. It’s actually not all that different from making one bet on a player to win, and another bet on he or she to finish top 5, though this is more seamless. The place payouts can also vary based on a number of factors, including field size.
Let’s use Max Homa’s win at the Fortinet Championship as an example.
If you bet $20 on Homa each-way, you’d really be betting $10 on him at 60-1, and $10 on him to finish inside the top 5 at a quarter of those odds — so the second portion of the bet becomes 15-1 instead of 60-1. And he just needs to finish top 5 to cash it.
- Homa pre-tournament odds: 60-1
- Each-way payout: 15-1 (1/4 of pre-tournament odds)
- Places paid out: 1st, 2nd, 3rd, 4th or 5th
Homa won the tournament, so he cashed both bets — an each-way bettor would have won $600 on the win portion, plus $150 on the place portion.
| Bet | Odds | Payout |
|---|---|---|
| $10 Win | 60-1 | $600 |
| $10 Place | 15-1 | $150 |
Mito Pereira finished third, so betting $20 on him each-way resulted in a loss of $10 because he didn’t win, but a gain of $100 because he finished top 5.
- Mito Pereira pre-tournament odds: 40-1
- Each-way payout: 10-1 (1/4 of pre-tournament odds)
- Places paid out: 1st, 2nd, 3rd, 4th or 5th
| Bet | Odds | Payout |
|---|---|---|
| $10 Win | 40-1 | -$10 |
| $10 Place | 10-1 | $100 |
Do Each-Way Bets Always Pay Out the Same?
Each-way bets are adjusted algorithmically based on a number of factors, primarily field size and probability to win.
And for golf majors, some books will pay 1/5th the odds for spots 1-8 (so a top 8 finish).
Before most golf tournaments, you’ll get 1/4 of the odds for finishing in spots 2-5 on the place bet. But if you’re betting a 20-man Formula 1 race, the book will only pay out spots 1-2 at one third of the odds.
The same idea applies to a golf tournament that’s already underway. If Jon Rahm has a three-shot lead over second place and a seven-shot lead over sixth place entering Sunday, he’s a near-lock to finish top 5, so the book isn’t going to let you bet him to place 1-5 at a quarter of the odds.
What About Ties?
Dead-heat rules do apply to each-way bets. And you can’t bet golf without knowing about said rules. At most sportsbooks, your bet will be split if a player ties for the final spot on a finishing position bet.
If you bet Dylan Frittelli top 5 at the 2021 Masters at 40-1, your bet would have only paid out 20-1 since he tied for fifth with Rory McIlroy. (Unless you bet it at BetMGM, which pays out all ties in full). If you bet Corey Conners top 10 at 9-1, you only would have been paid out at 3-1 since he tied with two others.
The same rules apply for each-way betting. If a golfer ties for the final spot in the number of places the sportsbook offers, you’ll get paid out partially depending on how many players tied for that spot.
Let’s say you bet $20 on Guido Migliozzi each-way at 200-1 at the 2021 U.S. Open, and your book was paying out spots 1-5 for the place bet. Half your bet ($10) would be on him to win at 200-1, with the other $10 to finish top 5 at 50-1.
Migliozzi tied with Collin Morikawa and Brooks Koepka for fifth, so that 50-1 payout would get chopped three ways to a little less than 17-1.
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Where Can I Bet Each-Ways in the United States?
There are several sportsbooks that offer each-way betting in the U.S. FOX Bet generally has good prices on golf outrights, as well.
| Book | States |
|---|---|
| Unibet | AZ,, IN, NJ, PA, VA |
| SugarHouse | NJ |
| BetRivers | CO, IN, IL, IA, MI, PA, VA, WV |
| FOX Bet | CO, MI, NJ, PA |
| Bet365 | NJ |
Should I Bet Each-Way?
It depends on the event, your risk tolerance, and more. In large-field events with as much randomness as golf, where it’s tough to price everyone accurately, it can be a good and fun betting option.
Elite players tend to win big golf tournaments, but all four majors this year had at least one player who entered at 150-1 or longer finish top 5. This allows you to bet longshots who realistically can’t win, but could contend if things break right.
If your book doesn’t offer each-way, you can bet half your stake on the golfer winning and half on a top 5 to mimic an each-way.
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