An Each Way Double consists of picking two selections in two different races, and backing them Each Way in what amounts to two separate Double bets
- a Win Double and
- a Place Double
The cost of this bet is exactly the same as doing an Each Way bet on a Single selection. The difference being that any winnings from the first selection are carried forward to the second selection.
There used to be a caveat with the Bookmakers that there had to be at least ten minutes between each race (it has been so long since I have been in a Bookmakers that I don’t know if this still applies).
One of the reasons I like the Each Way Double is that it is one of those bets were the Bookmakers do not provide a pre-printed betting slip for it. In most Bookmakers you will find pre-printed betting slips for most accumulator type bets, you know, Lucky 15, Patent, Heinz 57, etc, those types of bets. The Bookmakers love you to place these bets because the more selections you pick, the less chance you have of winning. On top of that the overround (the Bookmakers cut) is compounded the more selections you pick. It is a Double whammy for the Bookmakers.
I tend to use this bet where I find a low priced favourite and the second favourite is 3 or more points higher. I believe then that you are getting value on the placed portion of the bet. This theory only really applies to bets made at the Bookmakers as they give you a fixed percentage of the winning odds, should a selection be placed. This is usually 20% or one fifth of the win odds. It can be as high as 25% depending on the type of race and the number of runners. Whereas on Betfair we have two separate markets, one for the Win and another for the Place. On Betfair the odds for the Place are not a fixed percentage of the Win odds so sometimes you can see the Place odds as low as 15% of the Win odds or as high as 30% or more.
What I really look for is that if both horses do get placed, then the Placed part of the Double would at least pay for your entire bet.
For example, in a £10 Each Way Double, if the odds for both horses to be placed were 1.50, then you would get back £15 (£5 winnings plus your stake) for the first selection and then this would be put on to the second select at 1.50 and return you £22.50 (£15 @ 1.50 = £7.50 plus your stake back). In this case if both horses were placed then you would get back £22.50 but the bet cost you £20 giving you a tiny profit of £2.50.
It is important to note that if you pick two horses of about 4/1 or more then if both are placed you will usually get your money back and be quids in if they both win.
One thing to remember with the Bookmakers though is the number of places in a race. If there are 8 runners there will be 3 places, however, should a horse be a non-runner then the Bookmakers will reduce the number of places to 2. This is pretty awful when the selection that you backed Each Way manages to get third. This rule does not apply to the Betfair Place market. Here the number of places remains constant but you will find the odds reducing as horses become non-runners. Still I would rather have a horsed placed third and my bet successful at shorter odds than a losing bet. Yet another reason to use Betfair over traditional Bookmakers.
If you do manage to get two horses which win at 4/1 or more, then you have at least a 24/1 winner and if they don’t both win but do get placed then you should get your stake money back.
As you can see it’s no wonder that the Bookmakers run scared of an Each Way Double.