Each-Way Edge is a promotion by Betfair to be used on their sportsbook rather than their exchange, i.e. their fixed-odds platform which is just like any other bookmaker. It is one of several initiatives launched by numerous bookmakers under the general title of ‘extra places’.
Extra places, as the title would suggest, allows you to take slightly reduced odds on an each-way bet in order to add a place to the betting terms.
In other words, should a race under normal betting rules feature three places for each-way purposes, Each-Way Edge and other such promotions allow you to add on a fourth place, meaning if you back a horse each-way and it finishes fourth, you can still be paid out.
General Each-way Terms
In order to get the best out of the Each-Way Edge promo, you’ll need to be aware of the standard each-way terms of horse racing.
An each-way bet is two wagers in one; a win bet and a place bet. If your horse wins, you collect on both bets, if it finishes in the places you collect on that side of the bet only, and if it is down the field you lose.
Place terms can differ according to the number of runners in the race, and the fractions on offer too. For the place part of your bet, you’ll be paid at either 1/4 or 1/5 of the displayed odds. So, if your horse is placed at 12/1 and you are receiving 1/4 odds, you will effectively be paid at 3/1 for that portion of the bet.
The places on offer depend on the number of runners, broken down like this:
- 1-4 runners: win only
- 5-7 runners: 2 places
- 8+ runners: 3 places
- 16+ runners (handicaps only): 4 places
Betfair’s Each-Way Edge
Extra place promotions can work differently depending on who you bet with, but one version of the feature we like is Betfair’s Each-Way Edge.
Each-Way Edge gives you the power to alter the place terms completely. So, not only can you add places and reduce your odds, but you can also take a place away and give yourself a bigger price.
Betfair members can do all of this from within their betslip. There is no special promotion to opt in to; simply follow these steps:
- Add a selection to your betslip as normal from any horse race
- If Edge is available, it will show at this point
- Click the EW box to make the selection an each-way bet
- Add or remove places, using Betfair’s + and – buttons
- Watch the odds change as places are altered
- Place the bet when you are happy with the new each-way terms
Each-Way Edge at Betfair applies only to their sportsbook, fixed odds prices and not on the exchange. Only selected races be may eligible, so keep an eye out on the Betfair Sportsbook website’s horse racing section for options.
Edge isn’t available on any multiple bets. So, you won’t be able to increase your odds or your places in an accumulator. Cash out is still available with an Edge bet, so should your selection be doing very well mid-race, you may be able to get out of the bet with some guaranteed profit.
When to Each-Way Edge
Understanding each-way terms and even Betfair’s Each-Way Edge is one thing, but when is it best to use it?
It won’t always be worth damaging your odds to get an extra place, likewise there is no point in grabbing bigger odds but giving yourself less chance of a pay-out without some knowledge. This is the best way to go about taking advantage of the Edge feature.
Extra Places
It’s best to go for extra places in bigger fields. When a race is more competitive on paper, naturally there are bigger prices across the board.
Even when this is the case, such as in the Grand National for example, there are horses at 25/1, 33/1 and even bigger who on form have a very solid chance. Reducing their odds slightly but giving yourself 5 or even 6 places then is a very smart bet when you have a strong view on one of them.
In small fields, horses tend to be bigger prices for a reason. They may well have no chance at all, and so giving yourself even smaller odds just to add a place may not come off at all if your horse is simply outclassed.
Fewer Places
Reducing your places can work very well in its own way. If you’re a competent form student, you may well take a fairly strong view on a horse against the race favourite. You cannot guarantee that your horse is better than the market leader, so a win bet is out of the equation, but you know your runner has a solid chance.
In this case, if you like for example an 8/1 shot and are fairly confident of a place finish at least, then reducing the places and perhaps getting a double-figure price for your horse is a fairly sound way to take advantage of the Edge system.