First Four & Each-Way Betting Guide

01How each-way betting works

An each-way bet is two bets in one: half your stake on the win, half on the place. If your horse wins you collect both; if it runs second or third you collect the place portion. At odds of 4.00 or longer, place terms of a quarter or fifth of the odds usually mean an each-way bet outperforms a straight win bet if your horse places more often than the odds imply.

02When each-way is value

Each-way shines with horses in the 5.00–15.00 range whose form suggests they run a bold race without necessarily winning — the placegetter profile. Be careful at very short odds: below about 3.00, the place return is so thin that a win-only bet is usually the better play, and in small fields (5–6 runners) place terms may shrink to first two.

03Attacking the first four

The first four demands the first four home in order, and in Melbourne Cup-sized fields it can pay tens of thousands. The sensible structure is a standout first, bankers for the minors, and two or three live roughies for fourth. A 1 x 4 x 6 x 8 ticket is 192 combinations — take 25% flexi for a $48 outlay.

04Bankroll rules for big exotics

The first four is a lottery ticket with better odds than a lottery — so treat the stake accordingly. Most seasoned punters keep first four outlays to 1–2% of their bankroll per race, and save the big tickets for the days they've done the form properly, not every Saturday by default.

Frequently Asked Questions