An each-way bet is two bets in one: a win bet and a place bet on the same horse, for the same stake. A £5 each-way bet therefore costs £10. If the horse wins, both parts pay. If it finishes placed but not first, only the place part pays, at a fraction of the win odds.
Standard place terms
How many places are paid, and at what fraction of the odds, depends on the number of runners and the type of race. The standard terms in Britain and Ireland are:
| Runners | Race type | Places paid | Fraction of the odds |
|---|---|---|---|
| 2 to 4 | Any | Win only | No each-way betting |
| 5 to 7 | Any | 2 | 1/4 |
| 8 or more | Non-handicap | 3 | 1/5 |
| 8 to 11 | Handicap | 3 | 1/5 |
| 12 to 15 | Handicap | 3 | 1/4 |
| 16 or more | Handicap | 4 | 1/4 |
Bookmakers often pay extra places on big races as a promotion, so the terms on the day can be better than these.
Worked examples
£5 each way at 10/1, three places at 1/5 odds
Total stake: £10.
- The horse wins: the win part returns £55 (£50 profit plus the £5 stake). The place part is settled at 2/1 (a fifth of 10/1) and returns £15. Total return £70.
- The horse finishes second or third: the win part loses. The place part returns £15, a £5 profit on your £10 outlay.
- The horse finishes fourth or worse: both parts lose.
£5 each way at 4/1, three places at 1/5 odds
If the horse is placed, the place part pays at 4/5 and returns £9. That is less than your £10 total stake, so at short prices a placed finish still loses money.
When each-way betting makes sense
- Bigger prices, usually 8/1 or more, where a place alone returns a profit.
- Races with favourable terms, such as 8 runners paying three places, or a handicap of exactly 16 paying four.
- Extra-place promotions on big handicaps such as the Grand National.
Watch for late non-runners. If the field drops below a threshold, the place terms change, for example from three places to two when an 8-runner race loses a horse.
FAQs
How does an each-way bet work?
An each-way bet is a win bet and a place bet of equal stakes on the same selection, so £5 each way costs £10. If the horse wins, both bets pay out. If it only finishes in the places, the place bet pays at a fraction of the win odds, usually a quarter or a fifth.
How many places are paid in an 8-runner race?
Under standard terms, a race with 8 or more runners pays three places at one fifth of the odds, unless it is a handicap with 12 or more runners, which pays better. If a runner is withdrawn and the field drops to 7, the terms fall to two places at a quarter of the odds.
Is each-way betting worth it?
It can be at bigger prices, where the place part alone returns a profit, and in races where the terms are generous for the field size. On short-priced horses the place part often returns less than the total stake, so a straight win bet is usually better.