EW Betting Full Guide

Each Way horse race betting is by far the best way you can make a ridiculous amount of money from matched betting, it also takes the least amount of time. So if you’re the type of person that thinks normal matched betting is too time-consuming due to all of the laying and Excel tracking, or if you only have a small amount of time during the day on your mobile phone, EW betting is for you. From only committing to an hour or so each day, you can be looking at profits in the thousands of pounds per month, and remember that this is all still tax-free!

With Cheltenham festival just around the corner, there’s no better time to start EW betting. It’s the most profitable time of the year for matched bettors where most (myself included) will expect to be pulling in thousands of tax free pounds during this period. Don’t miss out!

Head over to the Full Matched Betting Guide if you’d like to read all of the matched betting guides (including this one) in a single post.

Introduction to Variance Betting

Variance betting is a little different to “traditional” matched betting. What we’ve covered so far in this guide is laying each bet in order to “lock-in” a guaranteed profit. For these types of bets you only need enough money to cover your exchange liability, with variance betting this isn’t the case.

Let me explain.

A good way of illustrating variance betting is using slot games. All gambling sites have to publish the exact figure that each slot pays out, this figure is called the RTP (Return To Player). One slot machines RTP may be 95%, that means that for every £100 it takes, it must pay out £95. That extra £5 (5%) goes to the house, that’s what they call the house edge. Have you ever heard the phrase “The house always wins”? That’s because of this tiny 5%. That’s how gambling companies make their money, everything has a house edge like this. The only time that they don’t have a house edge is when a matched bettor is playing (which is why they try and ban us!)

Matched bettors only gamble when the odds are in their favour. For example, if the gambling site offers a bonus, such as, wager £10 to get £10 for free. That 95% RTP is no longer accurate. Instead, you’ll be looking at a more favorable return of around 110% resulting in a positive EV (Expected Value) for you and not the house.

The only problem with these games is that it’s not guaranteed that you’ll earn £10 (110% of your wager) playing on the 95% RTP slot. This is because slot machines pay out on different degrees of variance. For example, you may lose £50 and then win £60. Or you may win £60 straight away. This problem is exactly the same for the house when the odds are in their favour, but they know that eventually the house always wins (if they have their edge)…So you need to keep on playing.

To combat this problem when variance betting I recommend to only “risk” 1% of your variance betting total bank (the amount of money you’ve put aside for it). So to take this gambling site up on their £10 for £10 offer you’d need a “bank” of £2000. This way you will always be able to “play out the variance” and you’ll always end up in profit. Remember the house (or in this case you) always wins, eventually, as long as the odds are in your favour.

Each Way Horse Race Betting Explained

EW Betting is kind of like playing a positive RTP slot machine. On some of the biggest races the bookie actually loses money every time on the EW market and they even know this. They lose money because the odds calculated for each horse is based only off the win potential, not the place market (whether they come 1st, 2nd or 3rd) and with Each Way betting, you’re betting on the win and the place.

To demonstrate the positive expected value, take a look at the screenshots below.

If we look at all of the odds for this race and calculate the total probability, we can figure out how much the bookie is going to make on each race.

All of the odds are listed in the first column and the second column is the corresponding implied probability.

Adding up the total implied probability results in the total of 111.25%. This means that for this particular race, Bet365 is going to make a profit of 11.25% of whatever is staked (e.g. £11.25 if £100 is staked).

However, this is for the win only market, what we now need to figure out is the implied probability of the place market. To calculate this we must take the win odds, minus 1, divide by the EW payout (in this case 1/4), then add 1.

(Odds – 1) / (EW Payout) + 1

Using this formula we come to the total implied probability of 262.99% for the place market.

Because the bookie is paying out for 3 places the percentage that they need to break even is 300% and as we can see in the figures, they’ve not hit this. They’re actually losing 37.01% of everything that is staked in the place market. That’s £37.01 for each £100 staked!

This is where the value is for EW betting and how matched bettors can make a guaranteed profit! The bookies can’t help but lose money as they need to offer the same diminished odds for the win market as they do for the place market (otherwise it wouldn’t be an each way bet). Most other countries don’t actually offer EW betting anymore because of this very reason and it’s surely going to eventually be removed from the UK as well, so make the most of it whilst you still can!


There is also another method that you can use in order to reap an even greater reward, they call this “EW Sniping.”

Bookies are neferiously slow when it comes to updating their odds, the exchange however, is extremely fast. This is because their are thousands of people manipulating the odds by setting their own lay prices on each horse every few minutes. The bookies (who set their odds themselves) would never be able to keep up.

This means that if a person is quick enough, when a horse’s odds drop from 50/1 (£500 for a £10 win bet) to 4 /1 (£40 for a £10 win bet) on the exchange, they’d be able to quickly go to a bookie and place a bet on that same horse for 50/1 (before the bookie updates it).

This provides tremendous value, I once had an EW bet win on a horse which paid out £812 for a £10 EW bet. The odds for this horse when it left its post was only 7/1…I should have only got around £80. I bagged an additional £737 from using this sniping method.

This is where OddsMonkey again comes to our rescue. EW Sniping would have been extremely hard to do before OddsMonkey came along. You’d need advanced (and expensive) analysing tools for each bookie and the exchanges, you’d then have to manually monitor each race. OddsMonkey has built a tool exactly for our purpose. They can track all of the bookies and exchanges and let you know of any positive EV (Expected Value) horses that you can bet on, they call this the Eachway matcher.

EW Betting Step by Step Walk Through

So now you’ve got the background of EW betting and why it is profitable, let’s walk you through how you can actually do it. For this demonstration, I’ll be using the Eachway matcher on OddsMonkey (I don’t recommend doing this without it).

The first thing you’ll need to think about is your total “bank” size. This will be the amount that you can confidently set aside for EW betting. It will also directly dictate how much you will earn as the greater your bank, the greater your stake size.

Once you know your initial bank size, you can use this figure to calculate your stake size. Your each way stake should be no more than 1% of your total bank. So, for a £500 bank, your total stake size should be £5 (£2.50 each way). For a £2000 bank, £20 (£10 each way). This 1% figure should be recalculated each week or month (depending on how much you’re betting).

Now that you’ve got your money ready, we need to go and set up the Eachway matcher filters on OddsMonkey. This is the tool that will find the horses for you to bet on so it’s important that we set up the filters correctly.

Head over to the OddsMonkey website and click on the Eachway matcher via Tools -> Matchers -> Eachway matcher.

Then click on the Filter option and set these exact options:

Sports: Horse Racing

Markets: Horse Racing – Winner

Bookmakers: (Whoever you’re currently betting with, see Which bookies to use section)

Exchanges: Smarkets, Betfair

Each Way Rating: 100 to 200

Normal Arb Rating: 80 to 200

SNR Rating: 0 to 200

Back Odds: 6 to 200

You’ll also have to go to the Oddsmatcher (Tools -> Oddsmatcher), click on the ‘Commission’ button and change Smarkets and Betfair commission to 0%.

Doing this means that you don’t have to worry about the different exchange commission amounts when looking at horse ratings in the Eachway matcher and it will save you a lot of time when deciding on if you should bet on a horse (when you’re trying to be quick!)

Awesome. Now you’re ready to start making some Each Way money! Click on the arrow next to the refresh button and set the matcher to auto refresh every 1 minute. Eventually you’ll get some horses come up, like this:

When one pops up, you’ll go to the Bookmaker and place your EW bet (however much your bank can support) on the corresponding horse. Make sure you check the ‘E/W’ box!

Be careful and make sure that the odds are the same on the bookie and the matcher, sometimes the odds can fluctuate a lot when a race is nearly starting, so you have to be quick (that’s why it’s called sniping!)

When you place a bet on a horse, note down the time and horse name somewhere (I use Notepad when I’m betting on my PC and Google Keep when I’m on my mobile phone).

4.45 Uno Valoroso

The reason that you write this down is because you don’t want to be betting on the same horse twice and you don’t want to bet on the same race more than 3 times.

At the end of the day (or early in the morning), go to each of the bookies that you placed bets on and update your matched betting spreadsheet with your new total balance. You can then note down your total profit in the ‘Profit Snapshot’ section and find out how much you lost/won on that particular day.

Remember that you can also lose money each day, just make sure that you trust the expected value and keep on going (and never risk more than 1% of your total bank), it’s very rare that you’ll end the month with a loss.

Tips and Tricks

  • A lot of good snipes show up at around 11am, you can make a decent monthly profit just keeping an eye on the matcher for 15-30 minutes at 11am each day.
  • There are more horses available towards the end of the week.
  • Make sure that you EW bet with your browser in Incognito Mode. This makes it harder for the bookies to catch you and keeps your bookie tab separated if betting on your mobile phone.
  • Bet365 and Ladbrokes are extremely generous bookies, utilize these first when big events are on (like Cheltenham).

Advanced Each Way Betting

After you’ve got the hang of each way betting, there are some more advanced methods that can bag you even more profit. These are methods such as betting on doubles, triples or even 4 fold horses on different races.

Doing this means that your bet count can increase into the hundreds per day but it will also increase your variance (and your profits) drastically. Accumulative bets can net you insane amounts of profit like it did for TheFIREStarter when he made over £11000 (tax-free) in a single day.

But, I recommend only moving onto these methods when your bank has grown and when you’ve got the basics nailed down. Because of this, I’ll be writing the advanced each way betting section at a later date.

If you are yet to try out matched betting, sign up via my affiliate link here, or go to the Full Guide to find out how to get started.

Cheltenham is only a couple of weeks away, this event alone could net you thousands of pounds (tax-free) so don’t delay any longer, try it today!


26 thoughts on “EW Betting Full Guide

  1. Great info, thanks for sharing your knowledge, i match bet already and have a bank of £2k i could set aside for EWS do you recommend going £20 EW from the start? Have you ever had a losing month and what was your worst losing run before EV came back?

    1. The list of profit snapshots in the post is real, it can be quite up and down! The most I’ve ever lost in one day was £1.1k but that was with a looot of multiples. I don’t think I’ve ever had a month where I’ve been in negative profit, I’ve normally broken even on bad ones!

      £20 EW equates to £40 full bet, so I’d half that with a bank of 2k. I’d also half it again whilst you get used to it for a week or so. This way you can make sure you’re doing it correctly and you’re confident with the variance. Cheltenham week starts on the 12th of March, you’ll want to be doing full bets then, use the week leading up to it as practice at £5 EW 🙂

  2. Hi,

    Great post as always.

    Few questions if you will:

    So when going through the EW matcher we are basically ignoring the exchange lays and just placing and EW on the horse – are they just there to show to value? Or do they serve a greater purpose?

    Do you suggest backing everything above the 100% value or skimming the top few?

    Are there bookies you favor and do you stick to a few as I can see having money in loads of accounts – or do you just take the best % regardless of bookie?

    Thanks for you time. I’m already up £250 since reading your £30 in 10 minutes post so thanks!

    1. Hey Steve,

      That’s right, the exchanges are useless to this method of EW betting. There are other ways where you can ‘lock-in’ profit by laying like you normally would, but this generates far less profit and is much more time consuming (so I’d avoid it).

      I’d take up all the horses you can find that are over 100%, as long as you stick to the rule of no more than 3 horses on a single race (you could go up to 4 or 5 if you get a really high percentage one pop up, but try to avoid this).

      Also, it’s paramount that you limit the bookies that are shown, otherwise you’ll just get a list full of the same horse and you won’t be able to quickly see the different ones. Limit yourself to 2 or 3 bookies at the start and increase when necessary (or as your experience increases). Or, if you’re using a bookie like B365, they’re good enough on their own.

      B365 are the very best and you’ll make the most profit from them. If you just want to get to grips with EW betting, I’d just stick with them and use a low stake to start off with (maybe £1.50 each way and a £300 ‘bank’). After you’re confident with the variance and method, increase as you see fit, try not to sporadically increase/decrease though, if you do this you may end up increasing only when you win and decreasing only when you lose and your profit will stay the same (it’s like trying to time the market!) Instead choose a percentage and stick with it, re-calculating each week or two.

      £250 up is awesome! This will be a nice little starting bank for EW betting and the Cheltenham festival (most profitable time of the year)

      1. Fantastic response.

        Thank you so much.

        I would not even be trying this if it were not for your guides! Working through the Bet365 sign up offer and then onto the EW stuff come monday!

  3. Great Post and has inspired me to give this a go again. I stopped last time because I was gubbed v quickly by 3 bookies.

    This is an important point to consider when EW sniping. The higher your stake and the more you win, the more likely you will be gubbed. There are other gubbing triggers like withdrawing any big winnings straight away.

    There are some v profitable bookies (Bet365, WHill, Coral, Lads etc) who you therefore may not want to risk this strategy on. Particularly Bet365 with the 2up offer!

    1. Hey Matt,

      That’s a good point you’ve made, they do tend to gub after you’ve had a big win. I wouldn’t not bet with B365 for this though as they’re the very best EW betting bookie. I made over £4000 with them before I got gubbed. It’s also very easy to open a new account with B365 under the name of a relative or partner, so you’ve always got that option!

      With all other matched betting techniques, it would take a much longer time to generate £4000 in profit, so my tactic is to just go in hard and go out with a bang. Although I would recommend doing EW betting only once you’ve done all of the new account offers, particularly for this reason.

    1. Thanks Dan! I know, I almost regretted saying that I’d get it out before Cheltenham. Got there in the end though 🙂

  4. Hi Savings Ninja,

    Thanks for the guide.

    Would it not be ok to bet on 4 horses in a race if there were 4 places offered?



    1. Hey Calum,

      Yeah, it would be OK to do 4 in this case. I prefer setting a single rule though and trying to stick to it, avoids me having to look at the place offerings whilst at work when I’m already trying to be sneaky 😉 Most of the time I end up sticking 4 or 5 in a race anyways due to FOMO (Fear of Missing Out!) I know some EW bettors that don’t stick by this rule at all.

  5. Hi. So I followed this guide. Very interesting.

    As you explained in the guide, I went to the oddsmonkey website to use the Eachway Matcher.

    However this is not part of the free trial, so you have to pay for the premium product, £17.99 per month.

    Am I correct, or have I made a mistake??

  6. Hi, very interesting guide thank you saving ninja! When do you plan to write the advanced each way betting guide? Cant wait for that!

    1. Thanks for reminding me Nick! I’m experimenting with the post-gubbing EW betting now, multi-accounting and trying to maximise profits from ‘shit bookies’. I’ll probably be ready to write it after The Wedding 😉 How is your profit looking? Stake size, etc?

  7. Hi Saving Ninja! Thanks for the reply. I just started, did only 400 bets (£10 EW) but made only £600. Not the return I was hoping for as I think you can make around 20%. Im not doing multiples though.

  8. hi SN,
    Love your blog!
    i have been MB for around a year now. I have read this post afew times but there is afew thing i am not clear on and would love it if you could help.
    1) so you are not laying the bet? you just put an EW bet on and hope it wins or ends in a place?
    2) how do you do this “when you do to the toilet” as dont you need to find matched on odds monkey? do you have OM on your phone? does it work quick enough to then out on the bets?
    I still havent got my head round how people match bet on their phone in general TBH. I place best on my phone but only when i have OM loaded on my desk top.

    Thanks for your insight

    1. Hey Jojo,

      Thanks for stopping by!

      1) Yes, it’s a no-lay method, these return greater profits, but you need to be able to withstand the down-swings, so that’s why I recommend not risking more than 1% of your bank per bet (or less if you can) as you will have days where you will lose money, and you don’t want to lose all of your bank on a downswing!

      2) Oddsmonkey works really well on your phone, especially the each-way matcher. As you’re not laying or really needing to track anything, there’s very little effort to be done on your side 🙂

  9. Hey man,
    Thanks so much for writing this guide – super useful, and i follow your posts as and when they come out – great job!
    I’m currently underway with this strategy – and wondered; do you pick based on odds (i.e. higher odds for greater return if they come off), max profit (i.e. where the odds are most misaligned) or a blend of both (or something else)?
    Really interesting to see how profitable it is for you – and looking forward to seeing how i go.

  10. Hi there,

    Thanks for the article – very useful! I’ve been doing MB for over a year now and it has become a great extra source of income. Just been getting into EW matched betting as most of my accounts have been gubbed. There are still quite a few that I can use though. My question is: for the no lay EW betting to be lucrative, one needs to place hundreds of bets over many months – obviously can’t really think of profit before this system is evaluated over time (minimum a year I would have thought). But it seems bookies are very keen to stake restrict my already gubbed accounts after just a few weeks of doing EW betting with them… (even with having been very careful not to withdraw money from them…), so at the moment I’m a bit hesitant to “waste” precious EW matched betting time with them (with a guaranteed profit) and start a long series of low stake no lay EW betting. The way it’s looking is that I would have a only few weeks with each of the bookies and they would eventually run out before I can see any real profits from no lay EW. (Have to admit, though, that placing EW bets with lays has been quite stressful, with odds fluctuating a lot and prices not being matched right away, so I can see the value in no lay being no hassle.). What do you think? Thanks, Mark

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