We’ve always offered our Exchange customers the opportunity to bet on horseracing Win and Place markets. What we haven’t previously offered is the ability to place Each-Way bets in the traditional manner, where a single bet comprises a win bet and a place bet at a fixed fraction of the win price. That’s now changing, and from this week we’ll be offering increasing numbers of Exchange Each-Way markets
What is an Exchange Each-Way market? It’s a market where the bet has both win and place portions, but only a single (win) price is quoted and the place portion is paid at a fixed fraction of the win bet. For instance, if the market’s terms are “1/5th odds, 3 places” then a £10 Each-Way bet at odds 11.0 (10-1 in fractional) risks £20 and comprises both a £10 win bet at 10-1 and a £10 place bet at 3.0 (2-1). What effect do non-runners have on my bets? Each-way markets will share reduction factors with the corresponding win market. For more information, see the “Betfair Non-Runner Rule” section of our Rules and Regulations (www.betfair.com/en/aboutUs/Rules.and.Reg...). For example, if a runner wa removed from the market above with a Reduction Factor of 50%, our £10 EW bet at 11.0 would become a £10 EW bet at 5.5 and the corresponding odds for the place portion would be 1.9
Like Exchange Place markets, the terms of the place portion of the bet do not change with reduced numbers of runners, so our bet will always (but see below) pay out the first 3 horses home as winners for the place portion. In the very rare occasions that so many horses are withdrawn that the number of runners is equal to or fewer than the number of places paid (eg in our market, if 3 or fewer horses were left in the market) then the place portion of the bet will be void and stakes returned at settlement.