An each-way bet is two equal-stake bets in one: one on the selection to win and one on it to be placed. A £5 each-way bet is therefore two separate stakes of £5, so it costs £10 in total.
How the win part and the place part settle
If the selection wins, the each-way bet wins on both parts: the win part pays at the full odds and the place part pays at a fraction of them. If the selection is only placed, the win part loses and the place part pays out on its own odds, which are a fraction of the original win odds. If it finishes outside the places, both parts lose.
The place part is a form of cover rather than a bonus. It can prevent a total loss when a horse runs well without winning, but it pays much less than the win part, because the win and place parts of an each-way bet are settled separately.
Standard UK place terms by field size
The place fraction and the number of paid places depend on how many runners take part and on whether the race is a handicap. The standard UK horse racing terms are:
- 2 to 4 runners: win only, with no each-way betting
- 5 to 7 runners: 1/4 of the odds for the first 2 places
- 8 or more runners: 1/5 of the odds for the first 3 places
- Handicaps with 12 to 15 runners: 1/4 of the odds for the first 3 places
- Handicaps with 16 or more runners: 1/4 of the odds for the first 4 places
Some bookmakers offer extra places on big races. This is an operator promotion rather than the standard rule, so the terms shown for the specific race are the ones that apply. Because place terms depend on field size and race type, the same each-way stake can settle very differently in two different races.
Worked example: 10/1 with 1/5 place terms
Take a £5 each-way bet on a horse priced at 10/1 in a race paying 1/5 of the odds for a place. The total stake is £10, and the place part is settled at 2/1, a fifth of 10/1.
- The horse finishes second: the £5 win part is lost, and the £5 place part at 2/1 returns £15, made up of £10 profit and the £5 stake. That is £15 back from £10 staked.
- The horse wins: the £5 win part at 10/1 returns £55 and the place part returns £15, so the bet returns £70 in total.
- The horse finishes outside the places: both parts lose and the full £10 is gone.
The punter must judge whether the place odds justify the chance of the selection making it into the money. At short prices, the place part pays so little that a placed finish can return less than the combined stake of both parts.
Gambling is for adults 18 and over and always costs money; UK players can set deposit limits, use GAMSTOP or call the National Gambling Helpline on 0808 8020 133.
