Harnessing your Mind: The Psychological Perks of Each Way Betting in Horse Racing
Hi guys, as you probably know, I am an advocate of actively seeking out bookmaker offers paying extra places as I believe, with firms fighting each other hard for our custom in an ultra-competitive market, extra places on races is an edge (in a sport where very few still exist) just sitting there waiting to be taken full advantage of by us punters.
I am also interested in the psychological side of gambling and how educating ourselves on the subject can give us yet another edge. You may have already read this article I published last month on Cognitive Biases.
So, for the sake of our mental health, why should we all bet each way? Well, each way betting in horse racing is advantageous from a psychological perspective for several reasons, as it addresses common cognitive biases and emotional challenges that punters face when placing wagers on racehorses or other sporting events.
1. Reducing Loss Aversion: Loss aversion is a psychological bias where people feel the pain of losses more strongly than the pleasure of equivalent gains. Each way betting offers a safety net, reducing the fear of losing the entire stake. Bettors are more likely to feel less anxious about their bet, knowing they have a chance of getting something back even if the horse doesn’t win. The average odds of my own selections are approximately 14/1 with my win strike rate historically being around 12-14% or 1 in every 7-8 tips. However, if you backed them all each way to finish in the first 4 home, for example, the strike rate increases to as high as 40% or 2 winning bets in every 5 placed. This may sound low but at the odds advised a good long-term profit can and does be made.
2. Mitigating Regret: Regret is a common emotion felt after placing a losing bet, especially if the horse came close to winning. Each way betting provides a sense of reassurance, as bettors have a backup plan. The feeling of regret is minimised if the horse finishes in a place position, and the bettor receives a return. So, bet each way. You’ll be happier!
3. Enhancing Decision-Making: In traditional win-only betting, punters might be tempted to avoid backing horses at bigger odds because this is counter-intuitive, even though they have a realistic chance of finishing in the top positions. Each way betting encourages more rational decision-making, allowing bettors to consider horses with potentially attractive odds for the place part of the bet.
4. Reducing Over-confidence: Over-confidence bias leads people to overestimate their abilities and the likelihood of success. In horse racing, this might result in placing only win bets on horses perceived as sure winners. Each way betting promotes a more realistic outlook, recognising that even strong contenders can sometimes face tough competition, and the place bet acts as a safety net against potential surprises.
5. Encouraging Sensible Bankroll Management: Psychological research indicates that people tend to take more risks when they are winning and less when they are losing. Each way betting fosters a more disciplined approach to bankroll management, as punters are less likely to bet recklessly after a series of losses or chase losses aggressively after a win. If you are fairly new to betting horses I advise betting 1% or less of your bankroll per bet. So, if your bankroll is £1000, for example, you should bet no more than £5 each way per bet until you become more savvy and confident in your ability/selections.
Tip: If you want to quickly check what your return would be on a £5 each way bet at, say, 12/1 with 4 places on offer, the Oddschecker Bet Calculator is a great tool. It breaks down the win and place returns, lets you factor in Rule 4 deductions, and helps you visualise how your bankroll can stretch further with smart each way betting.
6. Increasing Long-Term Engagement: Sustaining interest and enjoyment in betting is vital for long-term engagement. Each way betting extends the excitement throughout the race, as the bettor remains invested in the outcome even after the race starts, hoping for at least a place finish.
7. Building Confidence: Positive experiences with each way betting, such as the regular returns from place bets, can boost a punter’s confidence in their decision-making abilities and lead to more informed betting choices in the future.
In conclusion, each way betting is advantageous from a psychological standpoint as it addresses various cognitive biases and emotional challenges that punters face. By providing a safety net, mitigating regret, encouraging rational decision-making, and promoting sensible bankroll management, each way betting contributes to a more enjoyable and sustainable betting experience. It allows bettors to focus on making informed choices based on realistic expectations, leading to greater satisfaction and confidence in their betting endeavours.
Hi, I’m 56 and have been tipping profitably year after year since 2012. I created this "ethical" website to help punters like you make a little extra on your bets. My approach focuses on finding and highlighting each-way value, then guiding you to the bookmakers offering the best prices or paying extra places on the race.
While the site has no affiliations with any bookmakers (and I don’t receive money from them), regularly taking advantage of their offers can seriously boost your profits over time.
What you’ll find here are well-researched tips, backed by solid reasoning and clear logic behind every selection. If you’d like to learn more about me, just click on the "About" section on the Home Page.
