Each-way betting is the most popular wagering format in golf, and for good reason: a 156-player field means that a skilled analytical assessment of the field can identify strong candidates who are unlikely to win but very likely to finish in the top 8. Each-way betting lets you get paid for that insight even when the player doesn’t reach the trophy.
The mechanics of each-way
An each-way bet is two bets of equal size placed simultaneously:
- Win part: your selection must win the tournament outright to collect. Pay-out = stake × win odds.
- Place part: your selection must finish within the stated number of places (e.g., top 5). Pay-out = stake × (win odds × each-way fraction).
So a £10 each-way bet costs £20 in total (£10 win + £10 place). If your player finishes 3rd in a 5-place, 1/4 odds market at original win odds of 20/1, the win part loses (£10 gone) but the place part pays £10 × (20 × 1/4) = £10 × 5 = £50 return on the £10 place stake. Net profit: £50 − £20 total stake = £30.
Place fractions: 1/4 vs 1/5
The fraction determines how much of the win odds is paid for the place. A 1/4 fraction is more generous than 1/5: at win odds of 20/1, a 1/4 each-way place pays 5/1 while a 1/5 pays 4/1. The difference matters particularly on mid-range selections in the 12/1–50/1 range, where the place portion represents a meaningful return on investment.
Sky Bet typically offers 1/5 odds across major championships as standard but extends to 5 places. Coral typically offers 1/4 odds, 5 places at The Open and Masters. Betfair’s exchange terms vary by market liquidity rather than fixed fractions.
Place counts by tournament
The number of paid places increases for larger, more prestigious events. As a general guide across UKGC-licensed operators (verify current terms before wagering):
- DP World Tour regular events: 4 places, 1/4 odds
- DP World Tour Rolex Series events: 5 places, 1/4 odds
- PGA Tour regular events: 5 places, 1/4 odds
- WGC events and Player Championship: 5 places, 1/4 odds
- Four majors (standard): 5 places, 1/4 odds
- The Open Championship (Super EW promotion): up to 8 places, 1/4 odds (time-limited, check current promotion)
Dead heat settlements
When multiple players tie for the same finishing position that falls within the each-way places, a dead heat rule applies. Suppose 3 players tie for 5th position and you are backing one of them in a 5-place market: the bookmaker divides your place stake by 3 (the number of players sharing the position) and calculates the place pay-out on that reduced stake. The win portion of the each-way bet (if it applied) is settled in full.
All-in and without-Rule-4 markets
Standard outright and each-way golf markets are settled after accounting for Rule 4 deductions when a player withdraws. “All-in” or “without Rule 4” markets are immune to withdrawal deductions: if a player pulls out after you’ve placed, your bet stands and is settled on the remaining field with no adjustment. These markets are offered by most UKGC-licensed operators for major championships and are priced accordingly.
Finding value in each-way markets
The most productive each-way opportunities in golf tend to involve players priced between 20/1 and 80/1 who have a track record of consistent top-10 finishes at the specific course type being played. A links specialist at The Open, a consistent performer at Augusta’s premium-ball-striking layout, or a player entering form at a DP World Tour run of events on parkland courses — these offer the combination of accessible place odds and a realistic chance of finishing inside the paid positions.
Comparing each-way terms across multiple operators before placing is worth doing systematically: a single place added to the coverage, or a switch from 1/5 to 1/4 fraction, can make the difference between a profitable and an unprofitable each-way staking plan over a full season.
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