Attached to this post is a PDF that shows all my single Horse racing bets from 1st January 2017 up to and including the 19th February 2017. There are 5 versions of the same record of 138 bets, each with subtle differences. One shows the results if all bets were backed win only, another shows the results if they were all backed each way, another shows the results when bets of 5/1 or bigger are done each way, another shows the results based on bets of 10/1 or bigger being done each away, lastly there is a table showing how I originally bet the 138 selections.
Betting £5.00 win under 5/1 and £2.50 each way at 5/1 or greater, there would be 25 winning bets, 13 of which would be win only and another 12 each way. There would be 12 each way bets that placed. P/L would show a loss of -£25.50 and the ROI would also be a negative -3.7%.
Betting £5.00 win under 10/1 and £2.50 each way at 10/1 or greater, there would be 25 winning bets, 24 of which would be win only and one each way. There would be 4 each way bets that placed. P/L would show a positive of £61.69 and the ROI would also be a nice 8.94%.
Betting £5.00 win only across all bets, there would be 25 winning bets. P/L would be £57.44 and ROI a solid 8.32%.
Betting £2.50 each way across all bets, there would be 25 winning bets and a further 25 each way bets that placed. P/L would be a lowly -£34.38 and the ROI would be -4.98%
Lastly is how I actually staked the bets myself, all bets of 9/1 or shorter were always win only, between 10/1 and 12/1 I fluctuated between backing the bets £5.00 win only or £2.50 each way, the handful of bets I did at 14/1 or bigger were all each way. Anyway this gave me 25 winning bets and one each way placed to show a P/L of £34.19 and an ROI 4.95%.
Basically what seems to be the case in these results is that backing each way at single figure odds doesn’t really pay. A lot of people are always looking at each way bets like “well I’ll do this 5/1 shot each way at a 5th of the odds for a place because I’ll get my stake back if it runs 2nd or 3rd”. The way I see it is you should be prepared to lose those stakes in the first instance, that’s where a betting bank comes in, you set yourself enough aside to bet “x” amount on “z” number of bets.
There should be room to take plenty of hits before you find a winner so there shouldn’t be a need for this “bet to get my stake back” mentality. I say choose a win bet over an each way more often, even if it means losing more often. But I’m not saying never do each ways, the results above suggest they are worth doing sometimes, particularly at bigger odds.
I guess it’s all down to the individual I suppose, but the sooner people start realising that in the long run, (while they may miss out on more place returns) they will get greater win returns when they bin off each way at lower odds and as evidenced above, probably a little more profit.