We had some good comments on yesterdays article which have promoted me to write a bit more about each way betting.

The first comment that was interesting came from somebody who has just started working in a bookies.

Dan says that each morning he gets a list of each way races on which they have to restrict bets to just £10 each way.

This tells us two things. One is that there obviously value in these races if the bookmakers are telling their shops to restrict bets on these races.

And two that this is the kind of bet that gets your accounts restricted. That's not to say that you shouldnt make these bets, just that you should think about spreading them around a few different accounts.

The second comment that was of interest related to the Betfair place only markets.

The thing is that the Betfair place only market is a free market, so the prices will reflect the true chance of a horse placing. So there is no value.

The bookmakers price is determined by a set of rules that relate the price to the win price, that's why sometimes there is locked in value.

Yesterday's selection was 1.31 in the Betfair place market. We were getting 2.6 (8/1 divided by 5) so even if we discarded the win part of the bet we were still left with 1.6 which was a value bet.

All of this reminded me of another strategy that you could use and that is to lay off the bet.

Let's say on yesterday's selection you bet £10 each way at the bookies at the early odds of 8/1.

so what you have is a bet of £10 to win at 9.0 and a bet to place of £10 at 2.6.

You could then lay off both bets at Betfair.

The Betfair SP was 11.0 for the win and 1.31 for the place.

Backing at 9.0 and laying at 11.0 would have given a guaranteed loss of £1.80

But backing at 2.6 and laying at 1.31 gives a guaranteed profit of £10.

So you place a £10 eachway bet and then with a few minutes work you guaranteed that you will get back £8.20 more than you staked, minus a little bit of commission if the horse doesnt win.

That might not sound like much on it's own, but for the £20 staked it is a 41% return on the investment.

The bottom line is that when you find these situations there is locked in value, when you have value you have options to make money.

**Today's Selection**

Huntingdon 2.20 Asaid – each way bet – 5/1 Paddy Power

i fully agree bookmakers dred nothing more than a e/w double. these bets are a punters dream today my e/w double. 1.00 ling charming 5/1 2.00 ling precision five 7/2 both with VC as long as punters have 8 runners or more its a no brainer to back e/w doubles. mug bets yankees and lucky 15 which many people like to place.

Instead of the dred of taking your bet steve once again the bookie is rubbing his hands together.

Can you explain the maths a bit more. Presumably all bets (bookies and Betfair) need to be placed at the same time – otherwise the price may drift against you. How do you calculate the stakes?

Hi Ian

I usually let the bets run knowing I’ll profit in the long run, but next week I’ll post up the calculations for those that like the guaranteed profit.

Dave

This method is the one used, very successfully, by Paul Beaumont of Beaumont Bets. If you are serious about making money and are prepared to put in the time, you will make money. I personally don’t do it, but only because I have my own methods of betting. Paul is very welcoming to those of an open mind. He does not suffer fools gladly, but if you are sincere, there’s no one better. Good posting here.

Am I missing something here? You have £10 ew @ 8/1. You then lay £10 @10/1 the win and £10 @ 1.31 the place. Surely if the horse wins you lose £7.10 (£103.10 – £96.00). If the horse is placed you would win £12.90 (£16.00 – £3.10) but if the horse loses you also lose (the Betfair commission). Can’t see how you represent this as a guaranteed profit as, at the time of placing the bet, all three eventualities can still happen – even “knocking” each way bets can still have an off day.

I almost followed that: can you explain in a “paint-by-numbers” fashion how the £8.20 profit is arrived at?

My scribblings made it a 20p loss if the horse places.

Hi Sean

The bets at Betfair lay £8.18 at 11.0 in the win market and lay £20 at 1.31 in the place market.

So we have bets of…

£80/£10

£81.80/£8.18

and

£16/10

£6.20/20

If the horse wins we win £80 + £16 and lose £81.80 and £6.20 = + £8

If the horse places we win £8.18 + £16 – £10 – £6.20 = + £7.98

If the horse loses we win £8.18 – £10 -£10 + £20 = £8.18

Dave

I don’t understand how the 2.6 odds arise for the ‘place’ part of the bet in this example. When I went to school 9.0 / 5 = 1.8 (not 2.6). What have I missed?

Hi Steve

The bet is each way at 8/1 which is decimal 9.0 to work out the place part it is 8/5 which is 1.6/1 which is decimal 2.6

Dave