Each-way is the bet that confuses more newcomers than any other, and it’s the one you’ll hear shouted loudest in the betting ring. Here’s what you’re actually doing when you back something each-way.
What an each-way bet is
You’re placing two bets, not one. Half your money goes on the horse winning. The other half goes on it finishing in the places.
So a £5 each-way bet costs you £10. That catches a lot of people out at the counter.
If your selection wins, both halves pay out. If it finishes placed but doesn’t win, the win half loses and the place half pays. If it finishes out of the places, you lose the lot.
What the place part pays
The place part is settled at a fraction of the win odds, usually a fifth or a quarter. That fraction is set by the race, and it’s printed on the racecard.
Say you back a 10/1 shot each-way for £5, at a fifth the odds, 3 places.
- It wins: the win half returns £55, the place half is settled at 2/1 and returns £15. Total £70 from a £10 outlay.
- It finishes third: the win half loses. The place half returns £15. You’re £5 up.
- It finishes fifth: you lose £10.
How many places you get
This is the bit worth checking every single time, because it changes the value of your ticket more than the odds do.
| Runners | Typical place terms |
|---|---|
| 2 to 4 | Win only, no each-way |
| 5 to 7 | 2 places at 1/4 the odds |
| 8 or more | 3 places at 1/5 the odds |
| 12 to 15, handicap | 3 places at 1/4 the odds |
| 16 or more, handicap | 4 places at 1/4 the odds |
Those are the standard terms you’ll see most days. Bookmakers frequently pay extra places on the bigger handicaps, and on the big festival days you’ll see 5, 6 or 7 places offered. That’s where each-way punters make their money, so it pays to look.
When each-way is worth it
Broadly, each-way earns its keep on bigger-priced runners in bigger fields. At short prices the place return can be so small it barely covers the extra stake, which is why you’ll rarely see anyone back a 2/1 favourite each-way in an eight-runner race.
The sweet spot most punters look for is a well-fancied outsider in a race paying an extra place. And non-runners matter too: if a race drops below the runner count, the place terms shrink with it.
More on how betting works
Read our guide to multiple bets like the Lucky 15, or the full run-through of bet types. Racing prices are on our horse racing odds page.
18+. Please gamble responsibly. For guidance and support visit GambleAware.
