What is an each way bet? horse racing examples and how it works
Contents:
- A simple explanation of each way betting
- How this type of bet works in practice
- The win part of the bet
- The place part of the bet
- Why the total stake is doubled
- What does win and each way mean?
- Choosing win only vs each way
- When each way offers more protection
- Each way betting in horse racing
- How place terms work in racing
- Common place fractions
- Horse racing example with place payouts
- Each way bet example with realistic numbers
- Example: $10 each way at 8/1 odds
- Where else can you use this betting format?
- Each way vs win bet
- How bookmakers calculate place returns
- When each way bets make sense
- Strategy tips for smarter each way betting
- Frequently Asked Questions
- What is an each way bet?
- What are the terms of an each way bet?
- Can you win both parts of an each way bet?
- My horse places but does not win, what happens to my each way bet?
- Are each way bets good for beginners?
Each way bets are a popular form of wagering within horse racing and are widely used in the UK and Ireland. The two components of an each way bet are often looked upon by new sports bettors as being confusing. However in reality both are simple to comprehend and in fact can form part of a safer wagering strategy.
Each way bets are a popular form of wager in horse racing and indeed across all sports. There are many different types of bets in the world of sports and many rules and guidelines that bookmakers adhere to. With an each way bet, you get more value from your bet than you would from a normal single bet. This article explains how each way betting works and also outlines the basic rules of each way bets, followed by some examples of each way bets to aid your understanding of the topic. We will also discuss the various rules that bookmakers go by in relation to the industry and the place fractions that are typically used in each way bets. Finally, we look at some real examples of each way bets in action and discuss how to use each way bets to get the most value from your wagers.
A simple explanation of each way betting
An each way bet is 2 individual bets, one for your horse to win the race and the other for your horse to place in the race. Your selection must finish within a certain number of places from 1st to return a profit. Because you are effectively buying 2 individual bets in 1 automated package, the total stake of the 2 individual bets is split 50/50. So whatever unit stake you place on the each way bet, this will be doubled and used as the stake for the win portion and the place portion of the bet.
When placing an each way bet, the bet is actually 2 separate bets in one. This means the stake is split 50/50 to pay for both the win bet and the place bet. This means that if you placed a £5 each way stake, the 2 individual bets would be for £2.50 each. If your horse wins the race you would receive a return on both of the individual bets. If your horse finishes in the places, you would only receive a return on the place bet. However, you would at least receive a return and be in profit after deducting your initial lost win stake.
How this type of bet works in practice
There is a complex subject but, when split down into 2 basic elements, is in fact a really simple concept to grasp. There are in fact 2 separate wagers placed in unison: one a win wager, the other a place wager. These are both placed on the same selection, thereby effectively buying two separate bets within one, individually priced and individually struck, wager.
The win part of the bet
The win part of an each way bet is the same as placing a single win only bet on a horse for a certain amount of stake. If the selected horse wins the race then the entire win portion of the each way bet will be paid out at the full listed odds for that selected horse plus your full stake will be returned to you.
The place part of the bet
Place Part of the Bet: the fraction of the full odds for the win including the finish position of the winner. For example, for a normal 3 place each way offer the place odds will be 1/3 of the full odds for the win. For example, a horse with full odds of 20/1 would have place odds of 6/1 for a 2nd place finish and 2/1 for a 3rd place finish.
Why the total stake is doubled
A very common misconception with each way betting is the amount that you pay as a stake. When placing a bet as an each way bet, you are in effect placing 2 separate bets (a win and a place) of equal value. This means that whatever stake amount you choose for each way bet will be doubled. For example, a $10 each way bet for a horse to win and place will be a $10 bet to win and a $10 bet to place, with the total stake becoming $20.
What does win and each way mean?
On a race card or at an online bookmaker’s web site, you will see a heading such as ‘Win and Each Way’ which is a simple heading to indicate that you can place a bet on a horse to win or place.
Choosing win only vs each way
There are also some really important things to remember about each way betting. The more you pay for a bet the more it will return on near misses. For example, a win only bet will return nothing for a near miss. An each way bet will return at least the place half of the stake for a near miss. This is why each way betting is so effective for backing bigger priced runners (outsiders) of races.
When each way offers more protection
Even when betting on longshots it is always better to have an each way bet rather than a win only bet. This is because the place part of an each way bet will give you a greater return on near-misses than the lose of your stake in a win only bet. For example: a $10 bet on a 20/1 longshot to win would lose the $10 stake for positions below 1st place. However a $5 each way bet on the same longshot to place would return a net profit for a 3rd place finish (for example) because the place part of an each way bet only costs half as much to place as a win only bet.
See also: What is a trixie bet? understanding this popular combination bet
Each way betting in horse racing
Each way betting is a term normally used in Horse Racing however the terms of an each way bet can vary. The terms of an each way bet in Horse Racing are set down by the industry and the terms will apply to each individual Race. In some cases the terms of an each way bet will even be based on the number of runners that are entered for the Race.
How place terms work in racing
The terms for a bet placed can be split into two variables, to determine the returns for a particular bet. The number of places paid and the fraction of the win odds paid out on the place portion of the bet. Handicaps with 16+ runners are typically 4 place bets, Non-handicaps with 8-15 runners are 3 place bets, races with 5-7 runners are 2 place bets and in races with 4 or less runners only a win bet is accepted.
Common place fractions
For place terms, 1/4 odds, 1/5 odds or a combination of both are offered by bookmakers for each way bets. Typical terms for handicap races with 16+ runners are 4 places offered at 1/4 odds, while for non-handicap races with 8+ to 15 runners, 3 places are offered at 1/5 odds. Smaller fields of 5 to 7 runners are 2 places, 1/4 odds, while 4 or fewer runners are strictly win-only for horse racing bets. Always make sure to check the place terms and conditions of each bookmaker before placing an each way bet.
Horse racing example with place payouts
Recalling the example given in the section previously covered where we had backed a horse for $2 at odds of 12/1 and the place terms for the race were 1/4 for 1st, 2nd and 3rd, for the win portion of the each way we would calculate the return as per a straight win wager. The return for the place portion of the each way is calculated by dividing the odds of the selection by the place fraction and multiplying by the stake for the place portion of the wager. Thus, in this case, the return for the place portion of the wager would be 3/1 (12 divided by 4). Therefore, for each dollar bet on the runner A to place, the place portion of the each way will return $3.
Each way bet example with realistic numbers
Mastering the Each Way bet including the fractional arithmetic involved in a realistic example of a Horse Race covering the three possible outcomes.
Example: $10 each way at 8/1 odds
For this example, we will use a $10 each way bet placed on a horse at odds of 8/1. The place terms for this race are 1/5 of the listed odds on the first 3 to finish. There are 3 places paid. Therefore, the total stake for this bet is $20. The $20 is made up of a $10 win bet and a $10 place bet.
Outcome 1: The horse wins.
- Win return: $80 profit + $10 return on win bet = $90.
- Place return: $10 x 8/5 = $16 profit + $10 return on place bet = $26.
- The 8/1 return for the win portion of the bet, less the $10 win stake, will give a return of $80 profit plus the $10 win stake, giving a total return of $90.
- The 8/1 return for the place portion of the bet, divided by the 5 places that are paid, less the $10 place stake, equals $26.
- Total return: $10 (stake) + $80 (return) = $90.
Outcome 2: The horse finishes 2nd or 3rd.
- Win return: $0 (lose bet).
- Place return: $10 x 8/5 = $16. Remember the place stake was $10 so you add $10 to the return to get the total for the place portion of the bet: $26.
- Net profit: $26 return – $20 stake = $6.
Outcome 3: The horse finishes 4th or worse.
- Both bets will lose and you will receive your $20 back in full.
Where else can you use this betting format?
Even outside of the horse racing culture, this format of betting is very often used in large fields of competitors such as in golf tournaments where players can be backed to win the tournament outright or to finish in the top 5, 8 or even 10 places for example. Greyhound racing also uses this type of format. In addition to horse racing, outright futures such as backing a team to win a major football tournament, a single driver to win a season of a particular motorsport or a tennis player to win an individual championship for example are also often quoted in this format with the place terms varying greatly from one sport to another.
Each way vs win bet
When to use Each Way Bets and Win Bets to give your betting a boost by making informed decisions and see how much you can win!
| Feature | Each Way Bet | Win Only Bet |
| Total Cost / Stake | Double the unit stake (e.g. $10 unit = $20 total stake) | Single unit stake (e.g. $10 unit = $10 total stake) |
| Winning Outcomes | 1st + other specified place(s) | 1st only |
| Variance / Risk | Lower variance; partial returns soften losing streaks | High variance; all-or-nothing outcome |
| Best Used For | Large fields, outsiders, and generous place terms | Short-priced favorites and very small fields |
| Maximum Profit | Higher overall return on a win due to the added place payout | Maximum profit is strictly tied to the single win odds |
How bookmakers calculate place returns
Each bookmaker will have an algorithm to determine the returns for each way bets. This is typically the fractional odds for winning multiplied by the fraction of the places that the selection has finished in. This result is then multiplied by the stake for places, and the result added to the stake for places to give the total return for places.
When each way bets make sense
The higher value of each way betting lies in long shot bets (10/1+). This is because their higher place returns more than make up for the doubled bet. So for example a double unit bet of 20 dollars at 10/1 on a large field handicap with high place terms (5 places or more) can result in large returns.
Strategy tips for smarter each way betting
To get the best from Each Way bets there are a few simple rules to follow. Firstly ensure that you are betting Each Way on long shot (10/1 +) as the Place Part of the bet will more than likely return enough to cover the staked amount for the Win part of the bet. Next make sure you shop around for best Place Terms, as an example if Bookmaker A is paying out 1/4 on a race and Bookmaker B is paying out 1/5 then it would be wise to place your Each Way Bets with Bookmaker A. Finally you must stick to your bankroll management and remember that the liability for an Each Way Bet is always Double the Unit Stake for that selection.
Frequently Asked Questions
What is an each way bet?
An each way bet is two separate bets on the same selection for the same event. The first part of the bet is for the customer’s selection to WIN the event and the second part of the bet is for the customer’s selection to PLACE (i.e. finish in the pre-determined number of positions).
What are the terms of an each way bet?
Yes, you pay double for an each way bet. In the example above, a $10 each way bet will cost you $20.
Can you win both parts of an each way bet?
Yes. If your selection wins the event, both the win and place part of the wager will be paid.
My horse places but does not win, what happens to my each way bet?
If your horse doesn’t win but does finish in a place to pay out on an each way bet then the winning portion of the bet will lose. The place portion of the bet will have won and you will receive a payout on the selection’s original place terms.
Are each way bets good for beginners?
Each way wagers are of great value to the new bettor. They have a greater margin for error. In most cases, an each way wagers will bring greater returns than a straight win wager. The greatest asset for the new bettor in their betting arsenal would be the each way wager. But, as with all things in life, bankroll management is the key to making the most of these wagers. If one does not understand the doubled total of an each way wager, they can quickly find themselves out of pocket.
See also: What do plus and minus mean in betting? Understanding odds and payouts
By Focus Gaming News Editorial Team
