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WHAT IS AN EACH WAY BET IN HORSE RACING?
An each-way bet is two equal bets in one: a win bet on the horse to finish first, and a place bet on it to finish in a qualifying place. It costs double the unit stake. For example, a £5 each-way bet costs £10, with £5 on the win and £5 on the place.
This guide explains how each-way bets pay out, how place terms and the number of places work, and how to read the terms before you bet. The examples are simplified illustrations, not selections or promises of profit, and you must be 18 or over to bet.
How an each-way bet works
An each-way bet splits your money into two equal parts:
The win part pays at the full odds, but only if the horse wins.
The place part pays at a fraction of the odds (the place terms), if the horse finishes in one of the qualifying places. This includes a win, because a winner has also placed.
Because there are two bets, the total stake is double the unit stake. A £3 each-way bet costs £6.
The outcome depends on where the horse finishes:
Wins: both parts pay.
Places but does not win: only the place part pays. The win part loses.
Finishes outside the places: both parts lose.
Each-way betting is only offered on races with enough runners, and the terms are set per race. Always check them on the bet slip before you confirm.
Worked example: £5 each-way at 10/1
Take a horse at 10/1 with place terms of one-fifth the odds. A £5 each-way bet costs £10 in total.
Win part: £5 at 10/1 pays £50 profit if the horse wins.
Place part: one-fifth of 10/1 is 2/1, so £5 pays £10 profit if the horse places (including winning).
Result | Win part returned | Place part returned | Total returned | Profit or loss on £10 |
Horse wins | £55 | £15 | £70 | +£60 |
Places, does not win | £0 | £15 | £15 | +£5 |
Unplaced | £0 | £0 | £0 | -£10 |
Returns include your stakes. In this example, the £15 place return covers the full £10 cost, so a placed horse still makes a small profit. That is not always the case: at shorter odds, the place part pays less. At 5/1 with one-fifth terms, the place part pays evens (1/1), so a horse that only places returns exactly your £10 outlay, and below 5/1 it returns less than you staked.
These figures are simplified and do not include every bookmaker condition.
Each-way place terms and number of places
Two things set the place part: the place fraction (such as one-quarter or one-fifth of the odds) and the number of places that count. Both depend on the race type and the number of runners, and bookmakers can differ.
As a rough guide, these are commonly offered in UK racing:
Race type and field size | Typical places paid | Typical place fraction |
Fewer than 5 runners | No each-way betting | Not applicable |
5 to 7 runners | 2 | 1/4 of the odds |
8 or more runners (non-handicap) | 3 | 1/5 of the odds |
Handicaps with 12 to 15 runners | 3 | 1/4 of the odds |
Handicaps with 16 or more runners | 4 | 1/4 of the odds |
These are a guide, not rules. Some bookmakers advertise extra places or different fractions on selected races, and those offers come with their own conditions. If a horse is withdrawn, the number of runners can change, which may change the terms. Always read the terms shown on your bet slip, and check the bookmaker's rules on non-runners and dead heats.
Common each-way betting mistakes
Forgetting the stake doubles. A £5 each-way bet costs £10, not £5.
Assuming a place always makes a profit. At shorter prices, a horse that only places can return less than your total stake.
Not reading the place terms. Fractions and number of places vary by race and operator, including advertised extra places.
Ignoring non-runners. A withdrawal can change the field size and, with it, the terms. Check how your bookmaker treats this.
Treating extra-place offers as free value. They can change the price or come with conditions. Read them before you bet.
Chasing losses. Never raise your stakes to win money back, and never bet money you need for essentials.
Frequently asked questions
What is an each-way bet in horse racing?
An each-way bet is two equal bets in one: a win bet on the horse to finish first and a place bet on it to finish in a qualifying place. It costs double the unit stake.
How does an each-way bet work?
The win part pays at the full odds if the horse wins. The place part pays at a fraction of the odds if the horse finishes in the places, which includes winning.
How much does a £5 each-way bet cost?
£10 in total: £5 on the win part and £5 on the place part.
What are each-way place terms?
The place fraction (for example one-fifth) and the number of places paid. At 10/1 with one-fifth terms, the place part pays at 2/1.
Does a horse have to win for an each-way bet to pay?
No. If the horse places but does not win, the place part pays and the win part loses.
Can I lose money on an each-way bet even if my horse places?
Yes. At shorter odds, the place part can return less than your total stake, so a placed horse can still leave you down.
Do each-way terms change?
Yes. Terms vary by race, field size and bookmaker, and extra-place offers can apply. Check the bet slip each time.
Do each-way bets guarantee a return?
No. Racing outcomes are uncertain, and no tip, guide or model can guarantee a winner or a place.
Final thoughts
An each-way bet is a win bet and a place bet in one, so check three things before you bet: the total stake, the place fraction and the number of places. Remember that the terms can change from race to race.
For free racing tips, previews and educational features, visit Racing Daily or read about the team. For official racing rules, see the British Horseracing Authority. Only bet if you are 18 or over, set affordable limits and never chase losses. Support is available at GambleAware.
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