Each Way + Win + Place




I would expect that most of us have placed bets and lays in more than one market when trading a football match.
Horse racing also has several markets to choose from, but my guess is that most Betfair traders won’t have combined more than one horse racing market in the same trade.
The Excel spreadsheets described below show how horses can be traded across 2 or possibly more markets.
Note that, these trades always carry risk.
Just as all football trades across more than one market just within Betfair carry risk, when using these staking methods in horse races, there will always be one result that will show a loss.
If you have a selection process that will eliminate part of that problem, that may help towards making a profit.

These are the options when trading 2 horse racing markets in the same race :-.

  • Bet in both markets
  • Lay in both markets.
  • Bet in one market and lay in the other.
  • We can trade all three of those trading single runners, or several runners.
    There is nothing new about betting 2 markets, laying 2 markets, or betting in one market and laying another related market.
    As with football trading, all that we need is a strategy and a bit of imaginative staking.

Just about any 2 of these Betfair horse racing markets can be combined for a trade :-

  • Win market
  • Place markets
  • W/O (Without a nominated runner, usually the favourite)
  • FC & RFC forecasts
  • A – B (Horse A to beat Horse B or Horse B to beat Horse A)

We can expect that the the Each Way odds won’t exactly mirror the Win & Place odds all of the time, so providing that we can get matched at favourable odds by offering to bet or lay at better than the current odds, or anticipating an odds movement there is a chance that we could trade to profit if using this strategy.

If we trade a single runner, there are 3 possible outcomes for these trades :-
1. Hit the winner,
2. Don’t hit the winner, but our horse is placed,
3.. Finish Un-placed.

In my experience, if we try to balance our trade for an equal profit or loss across all 3 possible outcomes, any profit will be quite small in relation to our E/W stake.
If we can eliminate one of the possibilities, profits can be increased.
With a bit of imaginative staking, we can eliminate outcome 3 “Unplaced”, by reducing the P & L for that result to zero whatever the result.
We are then left with outcomes 1 & 2 with the possibility of bigger profit if we have a successful trade.

The spreadsheets described below offer several options using manual input spreadsheets, or spreadsheets that show the stakes required to eliminate one of the 3 possible outcomes.
Spreadsheets with manual inputs for all 3 markets allow the user to set all 3 stakes to any level and juggle those stakes until acceptable P & L is in the sheets.
The spreadsheet that automatically eliminates outcome No. 3 by setting the P or L to zero requires only an input for the Each Way stake, plus the 3 sets of odds..
Stakes for the Win & Place markets are then shown in the spreadsheet to eliminate the “Unplaced” result.

In theory, we can expect the odds in these 3 markets to keep in step with one another, just as football markets do.
With commission in 3 separate markets, to make a success of these trades we will probably need to bet high and lay low at odds better than the current odds on offer.
Unfortunately, there is no easy way to profit in any market or combination of markets if we trade just within Betfair or any other exchange.
Betting and laying to profit in Horse Racing markets is just as difficult as it is in markets for other sports.

Copyright notice. In the video below, Betfair content shown is for demonstration purposes only, and is presented with the kind permission of The Sporting Exchange Limited. © The Sporting Exchange Limited.

The Video below describes 2 spreadsheets that show the staking required to eliminate the Un-placed outcome, by reducing the P & L to zero whatever the result.
The only inputs required are the Fraction for the Each Way Place odds, an Each Way stake, and the 3 sets of odds for our runner in the 3 markets.