Each-Way Betting Explained: Place Terms and Worked Examples
An each-way bet gives you two ways to get a return: if your selection wins, or if it finishes in the places. Here is how the two halves of the bet are paid.
An each-way bet is two bets
An each-way bet is two bets of the same size placed together: one on your selection to win, and one on it to place. That's why a "£5 each-way" bet costs £10.
- If your selection wins, both bets pay: the win part at the full odds and the place part at a fraction of the odds.
- If it places without winning, only the place part pays.
- If it finishes outside the places, both parts lose.
Each-way betting is most common in horse racing, but you'll also find it on golf, outright football markets and other events with big fields.
Standard place terms in UK horse racing
How many places are paid, and at what fraction of the odds, depends on the type of race and the number of runners. Standard UK terms are:
| Race type | Runners | Places paid | Fraction of the odds |
|---|---|---|---|
| Any | 2 to 4 | Win only | – |
| Any | 5 to 7 | 1st and 2nd | 1/4 |
| Non-handicap | 8 or more | 1st, 2nd and 3rd | 1/5 |
| Handicap | 8 to 11 | 1st, 2nd and 3rd | 1/5 |
| Handicap | 12 to 15 | 1st, 2nd and 3rd | 1/4 |
| Handicap | 16 or more | 1st to 4th | 1/4 |
Bookmakers can offer better terms than these on individual races, so always check the terms shown on your bet slip before you confirm the bet.
Worked examples
Say you back a horse at 10/1 with £5 each-way (£10 in total), in a race paying three places at 1/5 odds. The place part is settled at one fifth of 10/1, which is 2/1.
| Result | Win part (£5 at 10/1) | Place part (£5 at 2/1) | Total return | Profit or loss |
|---|---|---|---|---|
| Wins | £55 | £15 | £70 | +£60 |
| Finishes 2nd or 3rd | £0 | £15 | £15 | +£5 |
| Unplaced | £0 | £0 | £0 | –£10 |
At shorter prices the maths changes. A £5 each-way bet at 3/1 with 1/5 terms pays the place part at 3/5, so a placed finish returns £8 (your £5 place stake plus £3). You'd still be £2 down on the £10 you staked.
That's the trade-off with each-way betting: it softens the blow of a near miss, but on short-priced selections the place part may not cover your full stake.
Try your own numbers in the each-way calculator:
Each-way calculator
- Total stake
- –
- Place odds
- –
- Win part returns
- –
- Place part returns
- –
- Total return
- –
- Profit
- –
For illustration only. Returns depend on the operator's settlement rules, so always check your bet slip and the offer terms.
Extra places promotions
Some bookmakers pay an extra place on selected races, for example four places instead of three. The win part is unchanged, but the place part gets one more finishing position that pays out. Among our featured brands, BetBlink runs extra place promotions on selected horse races. Extra places usually apply only to the races named in the promotion, so read the terms for each one.
Rule 4 and each-way bets
If a horse is withdrawn after the betting market has formed, bookmakers apply a Rule 4 deduction to winning bets on the remaining runners, because the race has become easier to win. The deduction comes off the winnings, in pence in the pound, and its size depends on the withdrawn horse's price: the shorter its odds, the bigger the deduction. On each-way bets the deduction applies to both the win and place parts.
Our each-way calculator has a Rule 4 box, so you can see how a deduction changes your return.
When each-way betting makes sense
- In big fields, where a place is realistic but a win is a long shot.
- At bigger prices, where the place part alone can return more than your whole stake.
- Less so at short odds, where a placed finish may still leave you out of pocket.
For more on racing markets, see our horse racing betting guide. If you're new to prices, start with how betting odds work.
Keep it fun
Set a budget before you play, never chase losses and take regular breaks. Gambling should never be a way to make money. Free, confidential help is available from GamCare or the National Gambling Helpline on 0808 8020 133.
