Betting Guide

Each-Way Betting Explained

Each-way betting is one of the most popular ways to back a horse, especially in big, competitive races where picking the outright winner is tough. An each-way bet gives you two ways to get a return, which is why it appeals to anyone who wants a little insurance behind their selection.

How an each-way bet works

An each-way bet is actually two separate bets: one for your horse to win, and one for it to place. Your total stake is doubled as a result. If you ask for £5 each-way, you are staking £10 in total – £5 on the win and £5 on the place.

  • If your horse wins, both parts pay out: the win bet at full odds, and the place bet at the reduced place terms.
  • If your horse only places, the win part loses but the place part pays out.
  • If it does neither, you lose the whole stake.

Place terms and fractions

The place part is paid at a fraction of the win odds, most commonly 1/4 or 1/5. The number of places paid depends on the size of the field:

  • 2–4 runners: usually win only (no place market).
  • 5–7 runners: 1/4 the odds, first 2 places.
  • 8+ runners: 1/5 the odds, first 3 places.
  • Handicaps with 16+ runners: typically 1/4 the odds, first 4 places.

At major meetings such as the Grand National and the festivals, many bookmakers offer extended place terms – paying 5, 6 or even more places. These offers can add real value in huge fields. If you want the detail on big-field markets, see our guide to place betting.

A worked example

Say you back a horse at 10/1 with a £5 each-way bet (£10 total) in an 8-runner race paying 1/5 the odds, 3 places.

  • If it wins: the win part returns £50 profit plus your £5 stake. The place part pays at 2/1 (1/5 of 10/1), returning £10 profit plus the £5 stake. Total returned: £70.
  • If it finishes 2nd or 3rd: the win part loses (−£5), the place part returns £10 profit plus £5 stake. Total returned: £15, for £5 profit overall.

Each-way tends to offer the best value at bigger prices in large fields. At very short odds the place return is often too small to be worthwhile, so it usually suits mid-to-long-priced runners.

Back to the full Horse Racing Betting Guide.

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