Each-way betting explained

An each-way bet is two bets of equal stake: one on your selection to win, one on it to be placed. A £5 each-way bet costs £10.

How the place part pays

The place part pays at a fraction of the win odds, called the place terms: usually 1/4 or 1/5 for horse racing, depending on the number of runners and race type, and 1/4 or 1/5 for the first five to eight in golf. A 10/1 each-way at 1/5 odds pays the place part at 2/1.

What “placed” means

For racing it depends on runners: 2nd in a race of 5 to 7 runners, 2nd or 3rd with 8 or more, 2nd to 4th in handicaps of 16 or more. Bookmakers regularly offer extra places on big races and golf tournaments, which is the most valuable racing promotion there is.

When each-way makes sense

Each-way suits outsiders at 8/1 and above in big fields, and golf, where the field is large and the place part at 1/5 odds on a 40/1 shot still pays 8/1. It suits short prices badly: at 2/1 the place part pays 2/5, which rarely covers the second stake.

Worked example

£10 each-way at 12/1, 1/4 odds, 3 places. Cost £20. Wins: win part returns £130, place part returns £40, total £170. Placed only: £40 back, loss of £20 less £40, so a £20 profit. Unplaced: £20 lost. The each-way calculator runs any combination.