## Each-Way in Outright Markets
Most bookmakers offer each-way betting on outright markets, particularly in horse racing, golf, tennis, and football tournament markets. The each-way place terms (1/4 or 1/5 odds for top-N placements) create a distinct probability calculation.
## The Each-Way Value Test for Football Outrights
A 20-team league with top-four each-way terms at 1/4 odds.
Team X is available at 12.00 to win the league, 1/4 odds for top four.
Each-way price components:
- Win: 12.00
- Place: 1 + (12−1)/4 = 1 + 2.75 = 3.75
Your model estimates:
- P(win league): 10%
- P(top four finish): 35%
Each-way EV (per £1 each-way = £2 total stake):
EV_win = 0.10 × 11 − 0.90 = 1.10 − 0.90 = +£0.20
EV_place = 0.35 × 2.75 − 0.65 = 0.9625 − 0.65 = +£0.3125
Total EV = +£0.5125 on £2 = +25.6% EV
## The Place Part as Independent Value
Even when the win part has marginal EV, the place part can be strongly positive — or vice versa. Evaluate each part independently.
If the win part is negative EV but the place part is strongly positive: consider a place-only bet if available (some bookmakers offer place markets separately).
## Golf and Individual Sport Each-Way
Golf majors and tournaments with 72+ players offer each-way at 1/4 odds for top 5 or top 8. With large fields, the place market can be significantly mispriced relative to the win market — creating independent value on the place component alone.
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