When it comes to betting on horse races, there are several options open to the punter. One of the most common is the Each-Way bet, thanks to the fact that it allows them to literally hedge their bets. If the horses wins they will be paid out well for that, whereas if it doesn’t but it still finishes within the places that the bookmakers have said that they’ll pay out on then the bettor will at least see some return, however at a fraction of the winning odds (usually 1/5 or 1/4).
A less popular but still common bet is to just bet on a horse to place, which is a single bet on the horse to finish in a set number of places, including first place. This is unlike an each-way bet that requires two bets, packaging a win bet and a place bet together.
Of course, sometimes races work out in such a way that there are more places being paid out on than there are horses that make it the end of the race, for whatever reason.
When this happens, it is up to the specific bookmaker how it is that they will respond. Each bookie will have their own terms and conditions that you sign up to when you open an account and place a bet, though the majority of people never bother to read the small print.
In some cases, a bookmaker may simply decide to void the bet entirely, whilst on other occasions they will instead choose to adjust the number of places that they’re paying out on. Which of the options your chosen bookie will opt for will almost certainly be explained in their T&Cs.
What is certain is you will not be paid out if your horse doesn’t cross the line as it hasn’t finished the race. If only 2 horses finish in a race with 3 places and your horse was the last to fall, pull up, unseat the rider, etc., then it won’t be classed as finishing third.
When EW Bets Don’t Work Out As Planned
When betting Each-Way on a horse race, the bet is essentially divided into two parts: the Win part of the wager and the Place part. The fact that it is two bets in essence is why the Each-Way bet costs twice as much as a straight Win bet.
In Each-Way bets, the Win part of the bet is placed on the horse to finish first, whilst the Place part is placed on the horse to finish within a specified number of places. These can range from two places to as many as eight places, depending on the terms of the race. As a rule of thumb, the bigger the race the more places bookies will payout on.
If fewer horses complete the race than the number of places specified for the Each-Way or Place bet, the rules vary depending on the specific terms and conditions set by the bookmaker that you’ve placed your wager with. In some cases, the bookie may declare the bet void, which will result in your stake for both the win and place parts of the bet being returned to the bettor. Imagine, for example, that a bookmaker has said that they’ll pay out on five places for the Cheltenham Gold Cup, but only four horses make it to the end of the race. In such an instance, a bookie may just void all bets.
However, the much more likely scenario is that your bookmaker will have rules in place to determine the outcome of Each-Way and Place bets when there are fewer finishers than places. Arguably the most common approach is to pay out on the Place part of the bet if at least one horse finishes the race. In this scenario, the Win part of the bet would be lost, but the Place part would still stand. The payout for the Place part of the bet would be determined by the bookmaker’s Place terms, which may include factors such as the odds of the horse and the original number of places offered.
Regarding the specific situation where there are fewer finishers than places and no horse manages to complete the race, it would be best to consult the terms and conditions provided by the bookmaker. In such cases, bookmakers may have specific rules or procedures in place to handle such situations, which could include determining the outcome based on the last horse to pull up, selecting a different method to decide the Place part of the bet, or voiding the bet altogether. To ensure clarity and avoid any confusion, it is always advisable to carefully read the terms and conditions.
How Bookies Treat Such Events
Bookmakers typically have specific rules in place regarding what happens to every type of bet you can place, including Each-Way and Place bets when there are fewer finishers than the specified number of places they’ll pay out on. These rules can vary between bookies, so it is essential to refer to their terms and conditions in order to get a clear sense of what is likely to happen.
If there are non-runners, for example, bookmakers may apply a Rule 4 Deduction. Rule 4 is a mechanism used to adjust the odds and payouts when there are non-runners in a race. The deduction is calculated based on the odds of the withdrawn horse at the time of withdrawal.
In some cases, if there are insufficient finishers to fill all the specified places, bookmakers may just reduce the number of places that they will pay out on. For example, if a race offers four places for Each-Way bets, but only three horses complete the race, the bookmaker may choose to pay out on three places instead of four and just ignore the fact that not enough horses finishes to fill the spaces offered. This is the most common occurrence, given that bookies are often reluctant to give people money back if they can help it.
In rare circumstances, when there are significantly fewer finishers than the specified places, bookmakers may declare the race void. This is rare before of the aforementioned fact that bookies hate having to give money back to bettors if there is any way for them to avoid doing so. The specific rules and outcomes will differ between bookmakers and may also depend on the particular race and its governing body. With that in mind, it is always advisable to review the terms and conditions provided by the bookmaker before placing Each-Way bets so you know what you’re agreeing to.
Examples Of Fewer Horses Finishing Than Places Offered
There have been a few instances where races have had fewer finishers than the number of places specified for Each-Way bets. In the Grand National steeplechase held in 2001, for example, only four horses out of the forty that started managed to complete the race. The race had Each-Way betting with six places with many bookmakers. In this case, the bookies decided to pay out on the first four places despite the lack of horses finishing the race. This meant that those who had placed Each-Way bets on the four horses that managed to finish still received payouts for the Place part of their bets as well as the Win part if they’d selected the winner.
In the Welsh National race of 2015, meanwhile, the weather conditions were extremely challenging, which resulted in only three horses completing the race out of the original field of eighteen. The Each-Way betting terms specified four places. In this situation, a lot of the bookmakers declared the race void, and all bets, including Each-Way bets, were refunded to the bettors. Only Win singles were paid out on, or that leg of accumulator wagers that had more bets included that had either already been decided or else where decided at a later date.
These examples highlight the varying approaches taken by bookmakers in such situations. It is important to note that the specific rules and outcomes may differ depending on the bookmaker, the race and the terms and conditions associated with Each-Way betting. Therefore, it is always recommended to refer to the rules provided by the bookie that you’re placing your bet with for each particular event in order to understand how they handle cases where fewer horses finish than the specified number of places. As with so much around betting and racing, there is no hard and fast rule on the issue.