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Author: Chris
Latest update:March 16, 2024

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Each way arbing is an advanced matched betting strategy. A technique to use once you are familiar with backing and laying on horse races.

What is each way betting?

An each way bet consists of two parts.

  1. Half of your stake is on the horse to win.
  2. The other half of your stake is on the horse to finish in the top few places.

⇒ The win part of your each way bet gets paid out at the odds taken.

⇒ The place part of your each way bet gets paid out at a fraction of the win odds.

The screenshot below shows an each way arb in a 12-runner race. OddsMonkey Each Way Matcher is useful for finding such opportunities.

Each way arb Paddy Power

Example: Bet £9.50 each way at odds of 100/1 (101.0). The place terms are 1/5 the odds to place 1-2-3.

The bet is £19 in total:

  • £9.50 to win at 100/1 (101.0), and
  • £9.50 to place in the top 3 at 20/1 (21.0).

The possible outcomes are:

  • Escalade wins: you win the £959.50 win (+£950 including £9.50 stake) and place parts (+£199.50 including £9.50 stake) of your each way bet.
  • If Escalade finishes 2nd to 4th: you lose the win part (-£9.50) and win the place part (+199.50 including stake).
  • Escalade finishes 5th or lower: you lose the win (-£9.50) and place (-£9.50) parts.

Calculating place odds

To calculate the place odds in fractional odds, divide the 100/1 win odds by 5, which equals 20/1.

To calculate the place odds in decimals, take the decimals odds 101.0, subtract 1.0 (for your stake) and add 1.0 at the end.

  • 101.00 minus 1.00 = 100.0
  • 100.00 divided by 5 = 20.0
  • 20.00 plus 1.00 = 21.0

Each-way place terms

The number of places included in the place half of your bet depends on the number of horses in the race.

  • 2 to 4 runners = 1 place (i.e. win only)
  • 5 to 7 runners = 1-2 places
  • 8 to 15 runners = 1-3 places
  • 16 or more runners = 1-4 places

Check with each bookmaker for the place terms of 1/4, 1/3 or 1/5 the odds, as this will vary between each bookie.

What is arbing?

Arbitrage betting, or arbing, is betting on back odds higher than the lay odds to guarantee a profit.

Arbing is profitable for matched bettors, but bookies do not like arbers!

Consistent arbing will dent the bookies profits. So, a bookmaker will gub an arber. So, only arb on gubbed accounts. Don’t sacrifice your regular matched betting accounts for arbs.

What is each way arbing?

Place an each way bet at a bookie, then lay two separate bets at the exchange: to win and to place. 

An each way arb is where the place lay odds are lower than the place back odds, which enables you to lock in a profit.

How to find each way arbs

Most each way arbs are at high odds. You may also find arbs in races with a short-priced favourite. This is a bad each way race. Non-favourite horses are available at good prices. The place part of the eachway bet is higher than it should be due to the presence of a big favourite.

Use Oddschecker to identify a shortlist of potential each way arbs. Compare prices for major bookies, including the differing place terms.

Check that the bookie and exchange terms are the same for your each way bets. For example, in a 17-runner race:

  • a). You place your each way bet at the bookmaker
  • b). If two non runners reduce the field to 15 runners
  • c). The bookie will pay 3 places each way instead of 4
  • d). But the exchange still pays 4 places
  • e). This could expose you to a losing place bet at both bookie and exchange if your horse finishes in fourth place

Important points

The exchange combines liabilities for horses in the same race.  This means you can lay more than one horse in the same race – and the exchange will reduce your overall liability.

Avoid arbing on valuable accounts. Do not place each way arbs with your main matched betting accounts.

Instead, use already gubbed accounts or try matched betting in shops for each way arbs.


Each way arbing is an excellent matched betting technique. A useful strategy for weekly horse racing offers and major festivals.

It may be worth starting each way arbing with smaller stakes. Then, tackle horse extra places as you progress.