Each Way Matched Betting Explained: How It Works With Worked Examples
Each way matched betting is one of the most profitable intermediate strategies. Learn how each way bets work, how to extract value from them, and follow worked examples with real numbers.
Each way matched betting is one of the most valuable intermediate strategies you can learn. Once you've worked through the basic sign-up offers, each way betting opens up a much larger pool of profitable opportunities — including reload offers, enhanced odds, and extra place promotions.
This guide explains exactly how each way bets work, how to use them for matched betting, and walks through complete worked examples so you can follow along with real numbers.
What Is an Each Way Bet?
Understanding the two-part structure
An each way bet is actually two separate bets rolled into one. When you place a £10 each way bet, you're placing:
- £10 on the win — your selection must win the event
- £10 on the place — your selection must finish in one of the designated place positions (typically top 2, 3, 4, or 5 depending on the event)
This means a £10 each way bet costs £20 total (£10 win + £10 place). This catches many beginners out — always remember an each way bet doubles your stake.
How the Place Part Works
The place portion of your bet pays out at a fraction of the win odds. The fraction depends on the type of event:
| Event Type | Places Paid | Place Fraction |
|---|---|---|
| Horse racing (2-4 runners) | No EW available | — |
| Horse racing (5-7 runners) | 1st, 2nd | 1/4 odds |
| Horse racing (8-15 runners) | 1st, 2nd, 3rd | 1/5 odds |
| Horse racing (16+ runners / handicaps) | 1st, 2nd, 3rd, 4th | 1/4 odds |
| Golf (standard) | 1st–5th | 1/4 odds |
So if you back a horse at 10/1 each way in an 8-runner race, the place part pays at 10/1 ÷ 5 = 2/1 (or 3.0 in decimal odds).
How Each Way Matched Betting Works
Laying both parts separately on the exchange
In standard matched betting, you back at the bookmaker and lay on the exchange. Each way matched betting follows the same principle, but you need to lay two separate bets on the exchange — one for the win and one for the place.
Most betting exchanges (Smarkets, Betfair) let you lay in both the win market and the place market for horse racing events. The key is treating the each way bet as two independent matched bets.
The Process
- Find a suitable event — Horse racing works best because exchanges have active place markets
- Place an each way bet at the bookmaker at the best available odds
- Lay the win on the exchange in the standard win market
- Lay the place on the exchange in the place market
- Calculate your overall position — you want to know the maximum loss (qualifying loss) or guaranteed profit
The win lay works exactly like any normal matched bet. The place lay is where it gets interesting — you're laying at the place odds, which are much shorter than the win odds.
Worked Example 1: Each Way Qualifying Bet
Using a qualifying bet to unlock a free bet offer
Let's say a bookmaker offers "Bet £10 each way and get a £10 free bet". You need to place a £10 EW qualifying bet (costing £20 total) to unlock the free bet.
The selection:
- Horse: Running Example in the 3:15 at Cheltenham
- Bookmaker odds: 8/1 (9.0 decimal)
- Exchange win lay odds: 9.4
- Exchange place lay odds: 2.6
- Place terms: 1/5 odds, 3 places (8-runner race)
Your bookmaker place odds: 8/1 ÷ 5 = 8/5 (2.6 decimal)
Win Part (£10 stake)
| Outcome | Bookmaker Payout | Exchange Liability | Net |
|---|---|---|---|
| Horse wins | +£80 (£10 × 8/1) | -£84 (£10 × 8.4 liability) | -£4.00 |
| Horse loses | -£10 | +£10 (minus ~2% commission) | -£0.20 |
Win lay stake (using an odds matching calculator): approximately £9.57 at 9.4
Qualifying loss on win part: approximately £0.63
Place Part (£10 stake)
| Outcome | Bookmaker Payout | Exchange Liability | Net |
|---|---|---|---|
| Horse places | +£16 (£10 × 8/5) | -£16.22 | -£0.22 |
| Horse doesn't place | -£10 | +£10 (minus commission) | -£0.20 |
Place lay stake: approximately £9.80 at 2.6
Qualifying loss on place part: approximately £0.21
Total qualifying loss: approximately £0.84
You've unlocked a £10 free bet for a qualifying loss of roughly 84p. That's an excellent ratio — you'll typically extract £7-8 from a £10 free bet, giving a net profit of around £6-7 from this offer.
Worked Example 2: Each Way Free Bet
Extracting maximum value from an EW free bet
Now let's say you receive a "£20 each way free bet" (common with some bookmaker promotions). This is a £20 EW free bet, meaning £20 on the win and £20 on the place — £40 of free bets total.
With free bets, the stake is not returned if you win — you only receive the profit. This changes the calculation.
The selection:
- Horse: Free Runner in the 2:30 at Ascot
- Bookmaker win odds: 6/1 (7.0 decimal)
- Exchange win lay odds: 7.4
- Exchange place lay odds: 2.3
- Place terms: 1/5 odds, 3 places
Bookmaker place odds: 6/1 ÷ 5 = 6/5 (2.2 decimal)
Win Part (£20 free bet)
With a free bet, if the horse wins you get £120 profit (£20 × 6/1) but the £20 stake isn't returned.
Lay stake: approximately £16.22 at 7.4
| Outcome | Bookmaker Payout | Exchange | Net |
|---|---|---|---|
| Horse wins | +£120 | -£103.81 (liability) | +£16.19 |
| Horse loses | £0 | +£15.90 (lay minus commission) | +£15.90 |
Guaranteed profit on win part: approximately £15.90
Place Part (£20 free bet)
If the horse places, you get £24 profit (£20 × 6/5) but the £20 stake isn't returned.
Lay stake: approximately £13.04 at 2.3
| Outcome | Bookmaker Payout | Exchange | Net |
|---|---|---|---|
| Horse places | +£24 | -£16.95 (liability) | +£7.05 |
| Horse doesn't place | £0 | +£12.78 (lay minus commission) | +£12.78 |
Guaranteed profit on place part: approximately £7.05
Total profit from the £20 EW free bet: approximately £22.95
That's a 57% retention rate on the total free bet value (£40). Each way free bets typically have higher retention rates than standard free bets because you can extract value from both the win and place components.
When to Use Each Way Matched Betting
The best opportunities to look for
Each way matched betting isn't just for qualifying bets and free bets. Here are the most profitable situations:
1. Extra Place Promotions
This is where the real money is. Bookmakers regularly offer extra place promotions — for example, "We're paying 4 places instead of 3 on the 3:15 at Cheltenham". These create a situation where you can profit if the horse finishes in the extra place position.
Here's why: you lay 3 places on the exchange (because that's the standard market), but the bookmaker pays out on 4 places. If the horse finishes 4th, you collect from the bookmaker's place bet but your exchange place lay doesn't lose — because the exchange only pays 3 places.
Extra place offers can generate £5-30+ profit per race, depending on the odds and field size. During major racing festivals (Cheltenham, Royal Ascot, Grand National meeting), bookmakers run extra place offers on almost every race.
2. Each Way Sign-Up Offers
Some bookmakers specifically offer each way free bets as part of their sign-up package. These tend to be worth more than standard free bets because of the dual extraction.
3. Enhanced Each Way Terms
Occasionally bookmakers offer enhanced place terms — such as 1/4 odds instead of 1/5 on a race. This increases the value of the place portion and creates matched betting opportunities.
4. Each Way Reload Offers
Once you've exhausted sign-up offers, each way reloads become a core income stream. "Bet £10 each way on any race today, get a £5 free bet if your horse doesn't win" — these are bread-and-butter offers for experienced matched bettors.
Finding the Right Selections
What to look for when picking events
Not every each way betting opportunity is equal. Here's what to look for:
Close odds between bookmaker and exchange — The smaller the gap between back and lay odds, the lower your qualifying loss. Look for odds that are within 5-10% of each other.
Active place markets — Check that the exchange has enough liquidity in the place market before placing your bookmaker bet. Horse racing generally has the best place market liquidity, especially on UK and Irish races.
Reasonable field sizes — Races with 8-16 runners are the sweet spot. Too few runners and there's no each way betting. Too many runners and the odds are often very long, making the lay more expensive.
Odds in the 4/1 to 12/1 range — Very short odds (under 2/1) produce tiny place odds that aren't worth the effort. Very long odds (over 20/1) have large potential liabilities. The 4/1 to 12/1 range gives the best balance of place value and manageable liability.
Common Mistakes to Avoid
Pitfalls that catch even experienced matched bettors
1. Forgetting That EW Doubles Your Stake
This is the most common beginner mistake. A £10 each way bet costs £20. If a bookmaker requires a "minimum £10 each way bet", you need £20 in your account plus enough in your exchange to cover both lay bets. Always double-check your balance before placing.
2. Not Checking Place Terms Before Betting
Place terms vary between bookmakers and between events. Always verify:
- How many places the bookmaker is paying
- What fraction of the odds the place pays at
- Whether the exchange place market matches (standard place terms)
Getting this wrong means your calculations will be off, and you could lose money.
3. Ignoring Exchange Place Market Liquidity
The win market usually has plenty of liquidity, but the place market can be thin — especially on less popular races. If you place your bookmaker bet first and then find the exchange place market has no liquidity, you're stuck with an unmatched position.
Always check the exchange place market first. If there isn't enough liquidity to match your required lay stake, skip the race.
4. Mixing Up "Places" Between Bookmaker and Exchange
Bookmaker extra place offers (e.g., paying 4 places) create a mismatch with the exchange (which pays standard 3 places). This mismatch is how you profit — but you need to be very clear about which market you're laying in.
5. Not Accounting for Dead Heats
If two horses dead-heat for a place, your payout is typically halved. This slightly reduces your expected value. It's uncommon enough not to worry about, but be aware it can happen.
6. Triggering Bookmaker Restrictions
Each way betting — especially on horse racing — is considered more normal gambling behaviour than matched betting on football. However, consistently backing at high odds and never betting on short-priced favourites can still trigger account restrictions. Mix in some sensible-looking bets at shorter odds occasionally.
Each Way Arbs: When Both Sides Profit
Rare but lucrative opportunities
Occasionally, the odds alignment between a bookmaker and exchange creates a situation where you profit regardless of the outcome — an arb (arbitrage). Each way arbs happen when:
- The bookmaker's place odds are higher than the exchange place lay odds
- The bookmaker's win odds are close enough to the exchange win lay odds
This is most common during extra place promotions, where the bookmaker is effectively offering better place terms than the standard market.
Each way arbs are rare and disappear quickly, but they do appear regularly during major racing festivals. Dedicated tools and oddsmatcher software can scan for these automatically, which is one reason many matched bettors subscribe to services that include real-time odds comparison.
Getting Started With Each Way Matched Betting
Your action plan
Complete basic sign-up offers first
Make sure you've worked through the [best bookmaker sign-up offers](/blog/best-bookmaker-sign-up-offers) using standard matched betting. This builds your bankroll and gives you experience with back and lay betting.
Open exchange accounts
If you haven't already, open accounts with both Smarkets and Betfair. Having two exchanges gives you better odds and more liquidity, especially in place markets.
Start with a qualifying bet
Find a bookmaker offering an each way free bet promotion. Place a small qualifying bet (£5 or £10 each way) to unlock the free bet. Use a calculator for exact lay stakes.
Extract the free bet
Once you have the each way free bet, use the method from Worked Example 2 above. Lay both the win and place components on the exchange.
Move to extra place offers
Once comfortable with the mechanics, look for extra place promotions during horse racing meetings. These are the highest-value each way opportunities and run almost daily during the flat and jump seasons.
How Much Can You Earn?
Realistic expectations from each way strategies
Each way matched betting is one of the most consistent income sources for intermediate and advanced matched bettors. Realistic expectations:
- Each way sign-up offers: £5-15 profit per offer (one-time per bookmaker)
- Extra place promotions: £5-30+ per race, depending on odds and field size
- Each way reload offers: £3-10 per offer, available daily from multiple bookmakers
- Each way arbs: Variable, but £5-50+ when they appear
During major racing festivals, experienced matched bettors report earning £50-200+ per day from extra place offers alone. On quieter days, £10-30 from reloads and daily offers is a reasonable target.
The key is consistency. Each way offers appear every day — the bettors who earn the most are the ones who methodically work through them rather than waiting for big opportunities.
Summary
Each way matched betting extends the core matched betting principles to a two-part bet structure. By laying both the win and place components on a betting exchange, you can extract value from each way free bets, qualify for promotions with minimal losses, and profit from extra place offers.
The maths is slightly more involved than standard matched betting, but the principles are identical — and a good calculator handles the heavy lifting. If you've mastered the basics and want to grow your matched betting income, each way strategies are the natural next step.
For a deeper understanding of how betting exchanges work and why they're essential for matched betting, read our guide to understanding betting exchanges next.