One great betting strategy that I use is to give myself coverage when making an Each Way Bet. This is a really simply strategy to employ and what sport does each way betting lend itself best to? Horse racing of course (though this strategy can be used in any sport). Firstly, understand what the real basis of an each way bet is. It is one bet to place and one to win, so two bets combined into one, and generally you only use it if you think you horse will do OK. When you think that it has a decent outside shot at winning, but isn't the favourite.
With this Each way system, you can increase your profit if your selection wins, as well as taking insurance on your stake if your horse only places. The first step is to work out the profit that you would get if your horse just places. This is where it all begins. So if you have backed at 10/1 shot at £10, then a place market paying out at 1/4 odds will give you profit of £15. This is the figure with which you need to work.
So, you then take that potential £15 profit from a place finish and make an outright winner stake on the same
horse. So you are laying out more in stake, but you have given yourself insurance. This is what I do, broken down.
£10 each way on Horse A at 10/1 = £20 stake
This bet returns £100 profit for a win
This bet returns £15 profit for a place
So place a further £15 stake (the value of a place payout) on Horse A winning outright at 10/1 = £15 stake This bet returns £150 profit for a win
So, what are the outcomes with this doubling up method?
Win. If the horse wins, then great, you get back £250 profit from a £35 stake (over the two bets). Place. If the horse places, which is what you expected by taking an each way option, then you win £15 from the Each Way bet. but as you spent £15 on the outright market, you haven't lost anything by risking the second bet.
Worse case scenario though, is that the horse fails to place, which means you have lost two stakes. But that is the risk worth weighing up. Because, if you pick out a horse and you earmark it for at least a place finish, then you should be confident of creating yourself a free bet with this horse racing betting strategy.