Each way arbing is a great way of topping up your matched betting profits.

It can be incredibly lucrative and is perfect for squeezing extra profit out of any gubbed accounts you may have.

This is very much an advanced strategy, so I would only recommend you get involved if you’re an experienced matched bettor who is comfortable placing lay bets on horse racing.

## Each way betting explained

For those of you who are unfamiliar with each way betting, allow me to explain…

An each way bet has two parts. Half of your total stake is placed on the horse to win and the other half is placed on the same horse to finish in the top few places. The win part of an each way bet is paid out at the normal odds. The place part of an each way bet is paid out at a fraction of the normal odds.

Let’s take a look at the following example…

These each way terms mean that if our horse finishes 1st, 2nd or 3rd, the place part of our each way bet will have won and we will be paid out at a fifth of the normal odds.

Say, for example, we bet £10.00 each way on a horse at odds of 10/1. That means we are betting a total of £20.00. We are betting £10.00 on the horse to win at odds of 10/1 and £10.00 on the horse to place in the top 3 at odds of 2/1.

To work out the place odds, we just divide the fractional win odds of 10/1 by 5, which gives us 2/1. Calculating the place odds from a decimal is almost the same, we just need to subtract 1.00 at the start (to account for the stake) and then add it back on at the end…

10.00 / 5 = 2.00…

2.00 + 1.00 = 3.00

Don’t worry though, the each way calculator does all of this for us!

So, based on the above example, we would make the following profit/loss for the three possible outcomes…

Outcome | Win returns | Place returns | Total stake | Profit/Loss |
---|---|---|---|---|

Horse wins | + £110.00 | + £30.00 | £20.00 | + £120.00 |

Horse places 2nd or 3rd | £0.00 | + £30.00 | £20.00 | + £10.00 |

Horse finishes outside top 3 | £0.00 | £0.00 | £20.00 | – £20.00 |

## Arbing explained

Arbitrage betting, or ‘arbing’ as it’s better known, is the process of placing a bet where the back odds are longer than the lay odds to the extent that it guarantees us a profit. When the back odds are higher than the lay odds, it’s called an arb.

There’s no doubt that arbing is profitable but it can also be detrimental to our accounts. Taking value consistently may arouse suspicion and can lead to restrictions.

I would therefore advise that we only do arbing on our gubbed accounts. It’s great for squeezing extra profit out of our gubbed accounts, but it’s not worth risking our profitable accounts for the sake of a few quid.

## Each way arbing explained

So, if you haven’t already guessed, each way arbing is the process of placing each way bets and then laying the ‘Win’ and ‘Place’ parts individually at the betting exchange.

The aim is to find selections where the ‘Place’ lay odds are much lower than the ‘Place’ back odds to the extent that it gives us an overall guaranteed profit.

Don’t worry if that doesn’t make sense yet, it’ll become clearer as we work through an example.

## Finding an each way arb

There are two options when looking for each way arbs.

The first option is to search for them manually. This involves scanning the markets and looking for odds that may represent a profitable opportunity.

We can enter the back and lay odds into the each way calculator to see if there is a profit to be had.

The second option is to use odds-finding software. My recommendation is the Eachway Matcher tool from Oddsmonkey…

The software scans all horse racing markets in an instant and highlights the selections that represent an each way arb.

All we need to do then is hit the ‘**Open Calculator**‘ button to get a breakdown of each bet we need to place…

In my opinion the Eachway Matcher tool alone is worth the £17.99 monthly subscription fee. OddsMonkey suggest that each way arbing can increase our monthly profits by £300.00+. Many OddsMonkey members have actually reported earning much more than that.

## A word of warning

You’ll notice in the above screenshot that there is a ‘Runners’ column which denotes the number of current runners in each race. If the number of runners is on the threshold of the each way terms, the box containing the number will be red.

Put simply, bookmakers offer standard each way terms based on the number of runners in a race as follows…

Race Type/Runners | Places | Odds |
---|---|---|

Handicaps of more than 15 runners | 4 | 1/4 |

Handicaps of 12-15 runners | 3 | 1/4 |

All other races of more than 7 runners | 3 | 1/5 |

All races of 5-7 runners | 2 | 1/4 |

All races of less than 5 runners | Win only | - |

So, for the two races listed in the Eachway Matcher above, provided 8 or more horses run, the each way terms will be 1/5 odds for the first 3 places. If non-runners are declared and the field is reduced to 7 runners, the each way terms will be 1/4 odds for the first 2 places.

This causes a problem because the exchange terms stay the same, meaning that if our selection were to finish in 3rd place, we would lose both of our ‘Place’ bets.

The closer to the race starting, the less chance there is of any further non-runners, however, don’t leave yourself so little time that you panic. If the each way terms do change, you can always back the same ‘Place’ market to effectively cancel out your ‘Place’ lay bet. You can then lay the correct ‘Place’ market at Betfair.

## Profiting from each way arbs

As mentioned above, if you’re using OddsMonkey’s Eachway Matcher tool, you can simply click ‘**Open Calculator**‘ to the right of each selection. This will open up a separate calculator section that tells you what your ‘Win’ and ‘Place’ lay stakes should be.

The suggested back stake is the maximum we can bet, with sufficient liquidity at the betting exchange to match our bets.

For those of you who are doing things manually, I’ll show you how to use my each way calculator in the following example. Even if you’re using the Eachway Matcher tool, you may still find it useful to enter the odds into my each way calculator, as I think it helps to see a breakdown of the potential profit figures.

So, we decide to place a £70.00 each way bet on De Name Escapes Me at odds of 7.00 (6/1). The each way terms are 1/5 odds, 3 places, which means our place back odds will be 2.20.

To work out our ‘Win’ and ‘Place’ lay stakes we just need to complete the fields on my each way calculator…

As you can see, the calculator tells us that we need to lay £85.22 on De Name Escapes Me ‘To Win’…

…and then lay £75.86 on De Name Escapes Me ‘To Place’…

You’ll find a detailed breakdown of our potential profit figures at the bottom of the each way calculator…

So, we’ll make a guaranteed profit of between £13.01 and £13.03, depending on where our selection finishes.

That’s pretty much all there is to it!

It’s worth noting that the above example was based on an each way stake of £70.00. If we increase our stake, we stand to make an even bigger profit, but it’s important that we stake an amount we are comfortable with.

Hopefully, you now feel confident enough to try your hand at each way arbing. As I have mentioned above though, it’s best that we stick to our gubbed accounts. If, however, you decide to try it on your profitable accounts, just be careful with your stake sizes.

Each way arbing is a must for experienced matched bettors as it can bring about a huge boost to our bottom line!

## Tomahawk

Guest userIs this safer than basic Arbing?

In doing Each Way Arbing will this get me gubbed? If so, are mug bets a good deternt!?

## Matt

304Arbing is always a little risky on your good accounts. If you’re careful though, you should be okay. You should try and stay consistent with your stakes and throw in the odd mug bet.

## Matt

304You’re welcome!

## Mike

Guest userIs it possible to only get an arb on the place, and not both win and place? In your example there is an arb on both ( win 15 lay 14 ).

## Matt

304Yes Mike, you’ll often find that you make a small loss on the ‘Win’ part and make your profit on the ‘Place’ part.

## Mike

Guest userThanks, makes more sense now!

## maxjak

0At the beginning of this article u state that it can be ‘very lucrative’, but later u state that ‘It’s not worth risking profitable accounts for the sake of few quid’ The advice is bit mixed? Also could u please explain Gubbed accounts?, I thought a Gubbed account was one u could no longer use…..but I’ve obviously got that wrong! Thanks it’s a great site.

## Matt

304If a bookmaker suspects that you are purely taking advantage of offers, they may restrict your account from participating in any further promotions. That means your account has been ‘gubbed’.

Each way arbing doesn’t involve any offers, so it’s something we can do to squeeze extra profit out of any gubbed accounts we have, without having the worry of restriction. It wouldn’t be worth risking your unrestricted profitable accounts as we can make a lot more from matched betting offers.

I hope that helps.

## mark s

Guest userHI

How come the lay odds are so low and the bookie odds so high?

## Matt

304Those odds were available at the time of writing the guide Mark. You won’t always find such a large gap between the ‘Win’ back and lay odds, it’s more about finding an arb on the ‘Place’ part of our bet.

## Rob

Guest userHi Matt, thanks for this very thorough explanation. I’m interested in your view that arbing may arouse suspicion with bookies. I would have thought that as far as they are concerned, you’re just placing a typical bet at the standard odds they are offering, so I don’t get where the suspicion arises? Or is it because the stakes required need to be high and therefore that’s where the extra scrutiny comes in?

Do you think this also applies to the likes of the ITV racing offers where getting the minimum differential between bet/lay is central to securing a profitable return?

Thanks for a really useful resource, I’m still learning the basics here but find your blog really helpful!

## Matt

304Hi Rob.

When you spot an arb, you are taking value from the bookmaker.

Punters who consistently take arbs have the potential to hurt the bookmaker’s bottom line. It’s therefore in their interests to highlight these customers and restrict them from doing any further damage, which they’re well within their rights to do.

Matched betting is all about minimising qualifying losses and maximising profits so I would say it applies to all offers and incentives.

Unfortunately, there’s no concrete formula for avoiding restrictions. We just need to mix things up as much as possible and keep the bookmakers guessing.

Placing the odd accumulator or having the odd spin in the casino or poker game probably helps, but like I say, there are no guarantees.

## Rob

Guest userThanks for explaining, makes sense!

## Mark G

Guest userHi Matt, I think that Rob may have been asking about how the bookie knows it’s an arb. It’s something that I’ve always wondered about, too. I have just seen today, on a BetStars promo that they mention getting arb alerts so maybe all bookies have something like that.

MarkG

## Matt

304They will have various ways of monitoring their prices Mark, particularly how close their back odds are to the lay odds at the exchanges.

## Ian L

Guest userThe example is an arb on the win 7/5.8 surely doing this will get you gubbed or restricted very quickly. What is the point in doing the each way part? A bit of extra profit before you lose the account?

## Matt

304Whenever we take an arb, we are taking value from the bookmaker. In doing so, there is always the risk of drawing attention to our account.

It’s therefore best not to place too many arbs on our unrestricted profitable accounts. Arbing is a nice way of squeezing extra profit out of any gubbed accounts we might have.

In the example above, the ‘Place’ back odds are 2.20 and the ‘Place’ lay odds are 2.08, so there’s a profit to made on the ‘Place’ part of the each way bet.

We won’t always find opportunities where the ‘Win’ odds are so far apart. It’s often the ‘Place’ part where we can make a profit.

## Ian L

Guest userI would never arb a healthy account but why bother with the complicated each way part when you have 7/5.8? I looked at the matcher all afternoon and the few horses I found that weren’t obvious arbs on the win had moved in price before the lays could be done seems like a big waste of time.

## Matt

304If you would prefer to just back and lay the horse to win in that instance, that’s absolutely fine Ian.

There’s still value in the ‘Place’ odds though and some might argue that placing an each way bet at the bookmaker appears less ‘muggy’.

You won’t always find suitable selections but it can be worth the wait when a profitable opportunity comes along.

Saturday’s mornings are worth a look if you wanted to have another crack at it.

## tomrrowe

1Hi Matt,

It would be great if you could expand on the part where you explain how to cancel out/reduce losses when a non runner is declared and the each way pay out places are adjusted on the back bet.

It happened to me recently, I was left scrambling after a non runner was placed 45 mins before race off in an 8 horse race, making it a 7 and reducing the places paid out to 2. I read on another blog that in this case you just have to pray that your selection doesn’t come 3rd? (which is what I did and the horse did finish 3rd -_-) Whereas you say :

‘If the each way terms do change, you can always back the same ‘Place’ market to effectively cancel out your ‘Place’ lay bet. You can then lay the correct ‘Place’ market at Betfair.’

I’m not entirely sure what you mean by this so would be great if you could break it down with an example! Is there a way to still guarantee profit?

Thanks,

Tom

## Matt

304Hi Tom,

In your example, you would have placed a lay bet on your horse to place in the top 3. In that same market, you could place a back bet to effectively cash out your ‘place’ lay bet. It’s likely that the back odds would have dropped though, so you’d probably be incurring a loss.

You can then lay your horse to place in the top 2 as those are now the terms of your back bet with the bookie.

It’s not an ideal situation, but it’s better than leaving yourself exposed to that 3rd place finish.

Hope that helps.

## Craig S

Guest userIs there an advantage on laying win + place as opposed to just using the EW market on Betfair?

## Matt

304Yes you should use the separate ‘Win’ and ‘Place’ markets Craig as the lay odds are generally shorter than the each way market.

You can’t differ your lay stakes on the each way market either, which isn’t ideal.