Each way means two bets of the same stake: one on your pick to win and one on it to place, which in horse racing means finishing in the first two, three or four. A £5 each way bet costs £10. If it wins, both bets pay. If it only places, the place bet pays a fraction of the odds, usually 1/4 or 1/5.
How the two parts work
Say you back a horse at 8/1 for £5 each way. The terms are 1/5 odds for the first 3 places. Your total stake is £10.
| Result | Win part | Place part | Total return | Profit |
|---|---|---|---|---|
| Wins | £45 | £13 | £58 | £48 |
| Places 2nd or 3rd | £0 | £13 | £13 | £3 |
| Unplaced | £0 | £0 | £0 | -£10 |
The place part is paid at 1/5 of 8/1, which is 8/5. So £5 returns £13.
Standard place terms in UK horse racing
| Race | Runners | Places paid | Fraction of odds |
|---|---|---|---|
| Any race | 2 to 4 | Win only | No each way |
| Any race | 5 to 7 | 2 | 1/4 |
| Not a handicap | 8 or more | 3 | 1/5 |
| Handicap | 8 to 11 | 3 | 1/5 |
| Handicap | 12 to 15 | 3 | 1/4 |
| Handicap | 16 or more | 4 | 1/4 |
Bookmakers often pay extra places on big races. Always check the terms on your bet slip before you place it. Those are the terms that count.
When placing still loses money
At short odds the place part can pay back less than your whole stake. Back a 2/1 shot £5 each way at 1/5 odds. If it places, the place part returns £7 against a £10 stake. You're £3 down even though your horse ran well.
Each way tends to make more sense on bigger prices, where the place part alone can cover both stakes.
Try your own numbers in the each way calculator.Each way calculator →Also useful for racing:Rule 4 calculatorForecast and tricast calculator
What does "win and each way" mean?
On a betting slip, "win" is a single bet on your pick to win. "Each way" adds the place bet. If you tick each way, your stake doubles, because you're placing both bets. A "place only" bet is just the place part on its own, which some bookmakers and exchanges also offer.
Each way on other sports
Golf, darts and outright football markets like the Golden Boot often have each way terms too. The number of places and the fraction vary a lot, so read them every time.
Questions people ask
What does each way mean in horse racing?
A bet on a horse to win and, with the same stake, to finish in the places. The number of places paid depends on the size of the field and the type of race, usually two to four.
Why does a £5 each way bet cost £10?
Because it's two £5 bets: one to win and one to place.
What happens to an each way bet if the horse wins?
Both parts pay. You get the win part at full odds and the place part at the place fraction.
Is each way the same as a place bet?
No. A place bet is only the place part. Each way is a win bet and a place bet together, so it costs twice the stake.
What if the number of runners drops after I bet?
The place terms can change. If a race drops to 7 runners, it usually pays 2 places at 1/4 instead of 3 at 1/5. Bookmakers settle on the number of runners that start the race.