Bollocks. Each way betting on horses is for mug punters only.
If you are confident a horse is going to win, you should back it to win. If you are not confident it is going to win, you shouldn't back it at all. Prices are irrelevant.
Thank you. £40 at 3/1. Only bet of the week so far, and a nice change of fortune after a pretty poor Glorious Goodwood.
You should seriously rethink your each way strategy, GG. There are plenty of sporting examples where each way betting is useful (football pre-season bets for instance), but each way betting on horseracing is a waste of time.
These days there are so many betting opportunities every day that each way betting is totally unnecessary. You'd be better off waiting to back horses you really fancy to win rather than wasting your money on horses you think might win but might also only be placed.
Example: You are going to back three horses tonight. They are all priced at 5/1, so you have £10 e/w on each at 1/5 the odds a place. Total stake £60.
The first horse loses, the second is placed, the third wins.
Your total return is £100.
However, if you had put £20 to win on the same three horses, instead of £10 e/w, your return would have been £120.
The high street bookies love each way punters, because they almost always earn less from their selections than punters who back horses to win only.