I have just been looking at the odds for the Champions League and I see 150/1 available for Milan.

I figure they could scrape through on experience, overturning a 0-1 from the home leg against Atletico Madrid and then get a favourable draw avoiding Bayern, Real Madrid, Barcelona until the final.

An each way bet of £1 is a £2 stake and a guaranteed win if they make the final.

If they won it would be £150 + the £1 for the first part and (half odds) of £75 + £1 for the second part. Return on the £2 would be £227.

If they lost the final, you just get the £76 for the second part.

I have confirmed this on the website (Skybet).

Now, they also do a "reach the final" bet and it's 40/1.
But reaching the final produces the same "win" result as an each way (first or second place) bet.

Stick the same £2 on reaching the final and you get back £82. Whether they win or lose.

But put £2 on as £1 each way and if they reach the final you get either £76 (if they lose) or £227 (if they win).

Why on earth would anyone take the reach the final bet over the each way?

No sure. Two guesses:

It could simply be to provide less competitive odds to less experienced punters.

There could be some consideration of disqualification or cancellation of the final match. Certainly an actual win/loss is a more specific event than qualifying to play in the final.

I wondered about that.

But inexperienced punters are perhaps more likely to "have a play" on the site and see the results of bets as I did.

The "reach the final" bet was on the same page as the each way option and I thought "eh? It's the same thing."

I think they refund bets if a match doesn't go ahead by a specified date, but I guess they wouldn't need to refund a reach the final bet.

It's very unlikely the game wouldn't be rearranged - perhaps they should have included a third option for abandonment or postponement - freak storm or something.

No it's not. As you say, it's unlikely that Milan would reach the final unless they avoid Bayern, Barca and Real until then. So your $2 bet on that is a bet on their luck in the draw and gets you $82.

The two way bet on Milan's luck in the draw only gets you $76 because the bookmaker has to insure against the off-chance that whichever of BB or R get that far, have an unlikely off day or that Milan have bribed the ref.

If they don't get to the final both bets lose.

If they do get there, both bets win but one gets more than the other.

Other than the size of the winnings that makes it effectively the same doesn't it?

If you had £2 to spare which bet would you make?

In this instance, the one that nets $82. But I never bet (or buy lotto tickets) so the point is moot.