What is an each-way bet?
An each-way bet is the most popular way to back a horse in a competitive race. It is really two separate bets of equal stake:
- The win part, pays out if your horse wins.
- The place part, pays out if your horse finishes in one of the places (for example, first, second or third).
Because it is two bets, an each-way bet costs double your unit stake. A "£5 each-way" bet is a £10 outlay: £5 on the win, £5 on the place.
How place terms work
The place part is not paid at the full odds. Instead the bookmaker pays a fraction of the win odds, most often 1/5 or 1/4, and the number of places paid depends on the size and type of the race. As a rough guide:
| Race | Places typically paid |
|---|---|
| 5-7 runners | 2 places |
| 8+ runners (most races) | 3 places |
| 16+ runner handicaps | 4 places |
Big-field handicaps like the Grand National often attract enhanced place terms, and these vary between bookmakers, always check before betting.
A worked example
You place £10 each-way on a horse at 10/1 in a race paying 3 places at 1/5 odds.
- If it wins: the win part returns £10 at 10/1 (£110 including stake). The place part pays at 1/5 of 10/1, i.e. 2/1, returning £30. Total: £140.
- If it places (2nd or 3rd): the win part loses. The place part still returns £30. Total: £30 from a £20 outlay.
- If it finishes out of the places: both parts lose.
When each-way betting makes sense
Each-way betting comes into its own in competitive, big-field races where picking the exact winner is hard but your horse has a solid chance of running into a place, exactly the kind of race OverTheLast's hubs cover. In a short-priced, small-field race the place return can be tiny, so it is less useful there.
Always gamble responsibly. 18+. BeGambleAware.org.