How to work out your each-way returns


Working out your returns on an each-way bet can be difficult at the best of times, especially if mathematics wasn’t your favourite subject at school, but for each-way golf bets, where dead-heat rules frequently apply, it can be one big headache.

It’s never a nice feeling seeing less money than you expected in your betting account after winning an each-way golf bet, but rest assured, all pay-outs are correct and are worked out as follows:

1. Winner – no dead-heat

The easiest calculation to work out is the same one that applies to all each-way bets in any sport where you back the outright winner without any dead-heat rules applying.

Example:

Your £1 each-way bet costs £2. Your 50/1 selection wins the Open Championship.

You get £1 on a 50/1 winner which returns £51 (£1 x 50, plus your £1 stake) and you also get £1 on a 50/1 place at 1/5th the odds which returns £11 (£1 x 10, plus your £1 stake).

In total your return is £62.

2. Place – no dead-heat

Another easy each-way calculation can be made when your golfer doesn’t win but finishes in one of the pay-out places without any dead-heat rules applying. For the Open Championship the Betfair Sportsbook are paying out 10 place at 1/5th the odds.

When this happens you simply get paid out on the place part of your bet.

Example:

Your £2.50 each-way bet costs £5. Your 100/1 selection finishes solo seventh at the Open Championship.

You get £2.50 on a 100/1 place at 1/5th the odds which returns £52.50 (£2.50 x 20, plus your £2.50 stake).

In total your return is £52.50.

3. Place – dead heat rules apply

The most complicated each-way calculation, the one that gives many people a headache, is the one where a golfer finishes inside one of the pay-out places (inside the top 10 for the Open Championship) but he dead-heats with one or more golfers meaning that Betfair have to pay out on more than 10 players. This is when the dead-heat rules apply.

To explain how this works, a mythical leaderboard is shown below:

1. Spieth – 16/1
2. Rahm – 15/2
3. Hatton – 28/1
3. Reed – 33/1
3. Thomas – 18/1
6. McIlroy – 20/1
7. Woodland – 150/1
8. Koepka – 12/1
8. Hovland – 25/1
8. Poulter – 50/1
8. Kokrak – 100/1

The first thing to note is that there is a three-way tie for third place between three golfers. As all three players finished inside the top 10 then you will be paid out at the full place terms.

However, there is also a four-way tie for eighth place, meaning that because all four golfers finished inside the top 10 then Betfair have to pay out on all four of them, alas paying out on 11 golfers in total for a market that only offered 10 places.

In this instance dead-heat rules must apply, but they only apply to the four players that tied for eighth and it means that your return will be reduced as a result as Betfair only have to pay-out on three more places (place 8-10), not four.

When this happens the calculation is as follows:

Stake (£), divided by number of players finishing in a tie, multiply by number of remaining pay-out places, multiply by place terms.

PoulterCapOff1280.JPG

Example:

Your £5 each-way bet on Poulter at 50/1 costs £10. Poulter finishes in a tie for eighth with three other golfers (four in total), but Betfair only have to pay out on three more places. Dead-heat rules apply.

£5 divided by four (number of people in tie), multiply by three (number of pay-out places remaining), multiply by 10 (place terms at 1/5th of 50/1) is the calculation to be used.

Your return will be £41.25 (£5 / 4 = £1.25, x 3 = £3.75, x 10 = £37.50, + £3.75 stake = £41.25).

The below table shows potential returns when dead-heat rules are applied on four golfers finishing tied for three places.