Each-way betting explained

An each-way bet is really two separate bets combined into one stake: half your money backs the selection to win, and the other half backs it to be placed (finish within a set number of top positions, at a fraction of the win odds). Staking "£10 each way" means £20 leaves your account — £10 on the win part, £10 on the place part — not £10 total.

Key facts

• If your selection wins, both parts pay out: the win part at full odds, the place part at the reduced each-way fraction.
• If your selection is placed but doesn't win, only the place part pays out, at the reduced fraction — the win part loses.
• If your selection finishes outside the paid places, the whole each-way bet loses.
• Each-way betting is primarily associated with horse racing, though some bookmakers offer it on other multi-runner events (golf tournaments, for example).

How many places are paid, and at what fraction?

UK horse racing each-way terms depend on the race type and number of runners, and are set by the racecourse/bookmaker rules for that race — not by the bettor:

• Fewer than 5 runners: no each-way betting is normally offered — win bets only.
• 5–7 runners (non-handicap): 2 places paid, typically at 1/4 odds.
• 8+ runners (non-handicap): 3 places paid, typically at 1/5 odds.
• Handicaps with 12–15 runners: 3 places paid, typically at 1/4 odds.
• Handicaps with 16+ runners: 4 places paid, typically at 1/4 odds.

Many bookmakers run extra-places promotions on certain races (paying an additional place, or a better fraction, than the standard terms above) — these are promotional and vary by bookmaker and by race, so always check the specific terms shown before you bet, not just these general defaults.

Worked example

A £10 each-way bet (£20 total stake) on a horse at 10/1 in an 8-runner race with standard 1/5-odds, 3-place terms:

• If it wins: win part pays 10/1 on £10 = £100 profit + £10 stake back. Place part pays 1/5 of 10/1 (= 2/1) on £10 = £20 profit + £10 stake back. Total returned: £140.
• If it finishes 2nd or 3rd (placed, not won): only the place part pays — £20 profit + £10 stake back = £30 returned. The £10 win stake is lost.
• If it finishes 4th or lower: both parts lose — £0 returned.

Related bet types

Forecast and tricast bets (predicting the first two or first three finishers in exact order) are separate, more precise bet types than each-way betting, with correspondingly longer odds and lower hit rates — worth knowing exist, but not covered in depth here.

See also our guide to ante-post betting for how each-way terms interact with bets placed well before a race, and betting odds explained for how the underlying odds format works.