What is an each-way bet?
An each-way bet is two equal bets on one selection, the first on it to win and the second on it to finish in the places, paid at a fraction of the win odds.
The first thing to know: each-way doubles your stake. “£10 each-way” costs £20, because it’s £10 on the win and £10 on the place.
The place part pays if your selection finishes in the top few positions. How many positions, and at what fraction of the odds, is set by the place terms printed next to the market, for example “1/5 odds, 3 places”. Terms change with the size of the field and the bookie, so check them every time.
Each-way is a British and Irish staple, used in horse racing, golf and outright markets. US racing has a cousin, the “across the board” bet, but it works on pool payouts, not fixed fractions.
Example
£10 each-way on a horse at 10.00 (9/1). Place terms: 1/5 odds, 3 places. Total stake £20.
The place odds are one-fifth of the 9/1 profit: 9 ÷ 5 = 1.8, so 2.80 in decimal.
| Finish | Win part | Place part | Total back | Profit |
|---|---|---|---|---|
| 1st | £100 | £28 | £128 | +£108 |
| 2nd or 3rd | £0 | £28 | £28 | +£8 |
| 4th or worse | £0 | £0 | £0 | −£20 |
Watch out
At short odds the place part can’t cover the lost win part. Take a horse at 3.00 (2/1) on the same terms: place odds are 1.40, so finishing second returns £14 from a £20 stake. You “placed” and still lost £6.
That’s why each-way suits bigger prices. A rough rule: if the place part alone doesn’t at least return your whole stake, think about a plain win bet.
Ties for the last place trigger dead heat rules, which is routine in golf.