Each Way Bet with Dead Heat Bet Calculator
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What is an Each Way Bet with Dead Heat Bet?
An Each Way bet consists of two separate wagers: a ‘win’ bet and a ‘place’ bet. The ‘win’ bet is a wager on the selection to win the race, while the ‘place’ bet is a wager on the selection to finish within a specified number of positions, as determined by the bookmaker. When a dead heat occurs, two or more competitors finish the race in an exact tie, and the returns for the ‘place’ portion of the Each Way bet need to be adjusted accordingly.
How Each Way Bet with Dead Heat Bets Work
To understand how an Each Way bet with dead heat works, let’s consider the following example:
- A bettor places a $10 Each Way bet ($20 in total) on a horse at odds of 5.0 to win and odds of 1/4 for the place. The bookmaker offers 3 places for the race.
- The horse finishes in a dead heat tie for 2nd place, along with two other horses.
To calculate the returns for the Each Way bet with dead heat, follow these steps:
- Calculate the Place Odds: Apply the place odds (1/4 in this example) to the win odds. In this case, 5.0 (win odds) * 1/4 (place odds) = 1.25.
- Calculate the Dead Heat Reduction: Divide the original place bet stake by the total number of horses in the dead heat. In this example, the place bet stake is $10, and there are 3 horses in the dead heat. Therefore, the reduced stake is $10 / 3 = $3.33 (rounded to the nearest cent).
- Calculate the Place Bet Winnings: Multiply the reduced stake by the place odds (1.25). In this case, $3.33 (reduced stake) * 1.25 (place odds) = $4.16.
- Add the Original Reduced Stake: Since the place bet is successful, the reduced stake should be added to the winnings. In this case, $4.16 (winnings) + $3.33 (reduced stake) = $7.49.
In this scenario, the win portion of the Each Way bet is lost, as the horse did not win the race. However, the bettor still receives $7.49 in returns from the place portion of the bet, after accounting for the dead heat reduction.
An Each Way bet with Dead Heat presents a unique and complex betting scenario that requires bettors to understand the intricacies of calculating returns. By familiarizing themselves with the concept of dead heat and the steps to calculate the adjusted returns, bettors can navigate this unique betting situation with confidence and ease. Though the potential returns may be reduced due to dead heat, an Each Way bet with dead heat still offers bettors an opportunity to profit from their selection’s strong performance.