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This is a guide to each way value betting.

Each way value bets can be profitable. But, this is not risk free matched betting. You’ll need to accept variance and losing runs. Good bankroll management and discipline are key.

Let’s get started.

What is an each way bet?

An each way bet splits your stake into two equal parts:

  1. Horse to win the race, and
  2. Horse to finishes in the top few runners (typically the top 2 to 4 places)

Here’s an example of each way betting. In this 8-runner race, ‘Compadre’ is available at odds of 11.0.

Each way betting on Betfair Sportsbook

A £10 each way bet on Compadre is £20 total stake.

The win part of the bet is £10, while the £10 place part is on Compadre to finish in the top 3.

Each way betting slip at Betfair Sportsbook

To calculate the potential payout.

  • Subtract 1 from the win odds: 11.0 – 1 = 10.0.
  • Multiply this number by the place fraction: 10 * 1/5 = 2.0.
  • Finally, add one: 2.0 + 1 = 3.0.
  • For a £10 each way bet, if the horse finishes in a place, the payout is £10 * 2.0 = £20.

What is each way value betting?

You may be familiar with the risk free matched betting technique of each way arbing. This involves each way betting at a bookmaker, then laying off on a betting exchange.

Each way value betting takes this to the next level. You accept a small level of risk in not hedging your selection. You’re looking to bet when the odds represent good value.

How to do each way value betting

The key is to find good value odds.

Typically, the place odds will be favourable. You don’t need to win every single bet using this strategy. Rather, you want to win enough bets over the long term to show a profit.

Selecting horses

Use a matched betting tool to choose a good each way selection.

An Odds matching tool will show:

  • Date, time and location of the race.
  • The horse’s name.
  • The specific bookmaker where you need to place your bet.
  • Odds (minimum odds 7.0) because the value is in the place part of the bet.
  • The number of runners in the race.
  • A percentage rating. This shows the expected value. 95%+ is a good benchmark.

The tool compares bookmaker each way odds against the exchange win and place odds.


This strategy is betting with a small edge. So, you need a specific bankroll. Stake a maximum of 1% of your total bankroll on each bet. For a £1000 bankroll, this would be £5 total stake or £2.50 each way. Good bankroll management is vital to manage your risk.

Say your total bankroll is £500, use £2.50 (£1.25 ew) to £5 (£2.50 ew) stakes for each bet.

Key points

What are the essential points when each way value betting?


You’re betting with a small edge over the ‘true’ odds, so losing runs will happen. Accept the inevitable down and up periods.

Look at your results over at least 1,000 different bets.

Betting account management

Use gubbed accounts. You’re taking value from the bookmaker. So, it makes sense not to use ‘not gubbed’ matched betting accounts.

Each way value betting on horses is likely to increase your chances of a gubbing. So, it’s best to use your gubbed betting accounts. Or consider betting in shops.


Each way value betting is all about a healthy profit over time. But, there will be periods of variance along the way. Look at your figures over at least 1,000 bets.

This can be a useful value betting strategy. But, due to the small mathematical edge, you need a strong mindset to ride out any downswings.