What is ‘Bet Per Way’?
For the player to generate a return on the win aspect of the wager, their selection to win must come first. For them to win cash on their place bet, their selectee must either come first or place in another podium position, such as second or third.
‘Bet Per Way’ Explained
Offered by most UK-based bookmakers, the bet per way (or each-way bet) is a wager in which the player makes two separate bets. These will be one to win, and one to place (in sports such as horse racing and greyhound racing, for example).
The place section of the bet normally offers odds in fraction form, such as one fifth, one quarter, a third, or half. When it comes to settling up, returns are calculated by using decimal odds. Sometimes, fractional odds plus 1 are used. Furthermore, since this type of bet comprises two separate wagers, the player’s total bet will be twice the amount of the unit stake. This simply means that if the player places a £10 bet per way bet, it would cost them £20.
This is best explained by using an example, which follows below:
The bettor stakes a £50 bet per way wager on soccer team Liverpool to win the cup. The odds are 15/2 and one third for placing first or second. This costs the player £100.
This means that the win portion of the bet would pay out £425, having been calculated as (£50 x 7.5) plus the player’s stake. For the place portion of the same bet, it would be £175, worked out from (£50 x 2.5) plus the player’s initial stake.
So, if Liverpool did happen to win the cup, they would generate £600 in return (which is the sum of £425 and £175). If they placed in a semi-final but did not win, they would still get £175 (from the place part of the bet). If, however, they neither won nor reached a semi-final, the player would make nothing in returns.