It is important you read the underlaying guide before reading this guide.
Each way arbing is a betting technique where we place each way bets on horses, golf and other each way markets to extract the profit on the place part of the bet. These types of bets are known as value bets and bookmakers hate them. The complexity of each way arbing is for more advanced users who have experience with matched betting and horse racing, however once you have watched and learned it becomes a piece of cake.
Here is an example of an each way arb and the potential outcomes. For this strategy we will aim to take a very low qualifying loss on the win part of the bet. We can then cover this loss with the place part due to the place part of the bet being an arb.
Selection: 24/04/2019, Epsom Downs, Medalla De Oro, 15.20, 4 places, 1/5, £50 each way
We laid the win for a small qualifying loss of -£2.78 at 26/27. The place odds for this selection are 6, while our combined lay odds were 4.57.
Using the underlay function on the Matched Betting Calculator we could adjust the slider for the place lay, ensuring we secured our original qualifying loss of -£2.78 with a shot at £57.68 (minus £2.78 qualifying loss).
Unfortunately Medalla De Oro got pipped for 5th in the final furlong so we did not make any money from this selection, however we did not lose a penny either.
Another possible outcome, using the exact same figures stated above could have made us a guaranteed £11.85 profit, however we decided to underlay and go for the bigger profits.
There are 3 main types of races that can successfully be exploited with this betting technique. They are known as: Bad each way, 16 runner Handicap and Extra Place races.
Bad each way: A classic bad each way race comprises of a very short favourite usually well under evens, a couple of horses hovering between 5 and 10 and the rest of field above 51. 8-10 runners are preferable but value can still be present with around 13 runners. In addition to this a 5 runner race with the right odds could also be considered bad each way.
16 Runner Handicaps: 16 runner Handicaps generally comprise of 16-20 horses. You may think how can a race with 16 or more runners be considered value? This is due to bookmakers paying 1/4 odds with 4 places.
Extra Places: A lot of bookmakers offer extra place races daily with the majority of them offering some form of each way value. We can successfully exploit these daily offers by either going for a free (or very cheap) shot at hitting the extra place or laying the place on the extra place markets available on Betfair Exchange.
This betting technique is also very handy to use on each way golf markets, however can tie up a lot of liability due to high odds and large place markets. On high profile tournaments such as The Masters its not uncommon for bookmakers to go 6 places 1/4 odds or 10 places 1/5 odds. It is not hard to pick up some nice place arbs, especially when certain bookmakers compete with each other by offering top price guaranteed on select Golfers.
Each way arbing opens up a whole new level of profits in comparison to exploiting free bet offers from bookmakers but also runs risks. Restrictions can be quick with some bookmakers applying these restrictions within the space of a few bets, while others are much more lax. Drifting horses can also cost you a pretty penny, along with low odds dead heats in both horse racing and golf.
Bookmakers will also pay extra places on gubbed accounts, giving you a new lease of life and profit to be made.
*Please note BoyleSports is one bookmaker that will not payout on extra place races if your account is gubbed.