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Among the various forms of betting, ‘each-way’ betting has gained popularity for its relatively lower risk and wider spread of possible winning outcomes. This article delves into each-way betting in races with 7 runners and sheds light on the intriguing term ‘each-way thief.’
Understanding Each-Way Betting
Each-way betting is essentially two separate bets: one for the selection to win, and one for the selection to place. The term ‘place’ refers to the selection finishing within a specified number of positions, often the top 2, 3, or 4, depending on the total number of runners and the bookmaker’s rules.
In a 7-runner race, bookmakers typically pay out on the first two places for each-way bets. This means that if your chosen horse either wins the race or finishes second, your bet wins. It’s important to note that each part of the bet requires an equal stake. So, a £10 each-way bet would cost £20 in total: £10 for the ‘win’ part of the bet and £10 for the ‘place’ part of the bet.
Each-Way Betting Strategy in 7-Runner Races
In a race with seven runners, each-way betting can prove to be an effective strategy due to the proportion of runners that will ‘place’ compared to the total number of runners. If bookmakers are paying out on the first two places, roughly 28.57% of the field will fall into the ‘place’ category. This can increase the chance of a return on your bet, especially if you’re betting on a horse with longer odds.
Attempting to predict the future by picking winners & losers may be commendable but the only way to make a profit in the long term is by identifying value in the betting odds, this is how bookmakers make it pay and so can bettors. Without access to reliable inside information, this can be tricky but it can still be done and Finding an Edge contains logical procedures to help readers swing the odds in their favour.
The ‘Each-Way Thief’
The term ‘each-way thief’ refers to a type of bettor who takes advantage of each-way betting opportunities, particularly in races with a smaller number of runners like seven. These punters are always on the lookout for races where the odds offered by the bookmakers exceed the ‘true odds’ of the horse placing.
Consider the scenario where each horse in a 7-runner race has an equal chance of finishing in the top 2. Here, each horse has a 28.57% chance (2 out of 7) of landing in one of the places. The ‘true odds’ in this case would be 1 / 0.2857 = 3.5. Therefore, if the bookmaker offers odds higher than this (expressed as “5/2” or better in fractional odds), the each-way thief spots an opportunity to make a profitable bet in the long run.
It’s important to remember that the assumption that every horse has an equal chance of winning is rarely, if ever, accurate. Real-world factors such as the horse’s form, jockey’s skill, and track conditions significantly affect each runner’s chances. However, the ‘each-way thief’ often capitalizes on the bookmakers’ tendency to overlook these variables, especially in smaller races.
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Each-way betting, particularly in 7-runner races, offers an interesting dynamic to the wagering landscape of horse racing. The term ‘each-way thief’ illustrates the opportunistic and strategic nature of bettors who exploit these unique betting conditions. However, it’s essential to remember that, like any betting strategy, each-way betting involves risks. As always, betting should be carried out responsibly, with a solid understanding of the odds and potential outcomes.