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Each-Way Betting Explained

An 'each-way' bet is made up of two components, a win bet and a place bet, which means that if your selection wins the race, you are paid out on both, though should your horse only finish in the places, you will still receive a return at the place terms.

Horse racing is the main sport that involves each-way betting, but it is also present in a number of other sports. As an each-way bet is actually made up of two individual bets, this is why your stake doubles when you select each-way in your betting app.

What happens on an each-way bet is half of your stake is placed on a win-only bet at the advised odds and the other half is placed on a 'to place' bet at either 1/4 or 1/5 of the odds depending on the number of places on offer.

This means that if your horse does not win the race, but finishes in the advertised places you would still get a return. Whether the return is more than your initial stake depends on the odds. For example, if a horse is 3/1 with each-way terms set at 1/5 for the first three finishers and finishes second, the return from the each-way bet would be £1.40 from a £1 stake, however the total bet cost £2 to place.

Each-way bets are therefore a good way to get your stake back and still make some profit even if your horse doesn’t win. You will often see this type of bet abbreviated to EW or E/W on your betting app.

Each-Way: How Does it Work?

An each-way bet essentially comprises two wagers, one on the win and one on a place. Half the stake is placed on the win and half the stake is wagered on a place finish. For the win bet to pay out the selection must finish first, whilst for the place bet to be successful the selection has to either win or cross the finish line in one of the advertised placed positions. 

If there are fewer than five horses in a race then bookmakers are unlikely to offer each-way odds. The number of places which count for an each-way place bet to pay out varies according to bookmaker, market, type of race and the number of runners. Each-way terms used to be standardised across horse racing, but now many bookmakers, like Sky Bet, will offer extra places every day on racing across the UK and Ireland.

Typically though the breakdown will look like this:

• Five to seven runners (non-handicap): 1/4 (one quarter) win odds on first and second places
• Eight or more runners (non-handicap): 1/5 (one fifth) win odds on first, second and third places
• Five to seven runners (handicap): 1/4 win odds on first and second places
• Eight to 11 runners (handicap): 1/5 win odds on first, second and third places
• 12 to 15 runners (handicap): 1/4 win odds on first, second and third places
• 16 or more runners (handicap): 1/4 win odds on first, second, third and fourth places

Similar place terms are usually applied to greyhound racing. You will note the reference to handicap and non-handicap races above. In handicap races horses are allotted specific weights to carry based on previous performances, with the best horses carrying heavier loads in order to encourage closer finishes. You can find out more about race types and the sport of horse racing in our Horse Racing Beginners Guide!

One of the most famous races in the world, the Grand National, is a great opportunity to capitalise on each-way value as there are often extra places on offer and the likelihood of big prices winning or placing due to the marathon nature of the race.

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Calculating Your Returns

When placing an each-way bet you are usually looking for a horse to place in the top two to four positions depending on the number of runners. When betting each-way, it is advisable to only back horses with odds of greater than 4/1 or 5/1 (depending on whether the place terms are 1/4 or 1/5 of the odds), as any shorter and your placed bet will return less than your total stake.

Remember, your stake is split 50/50 on a win bet and a place bet. Let’s say you back a horse at 10/1 each-way, putting down £4, of which £2 is bet on the horse to win and £2 of the stake is wagered on the horse to place first, second or third. There are 10 runners in the race and the each-way bet terms offer one fifth of the win odds for a place.

If your selection is victorious, the ‘win’ part of the wager pays out in the normal way, so £2 at 10/1 equals £20 profit – and the return of your £2 win bet stake brings the return up to £22.

Meanwhile, the place part of the bet gives you an additional £6 return. This is made up of the £2 stake coming back to you, plus your winnings from the place part (£2 x one fifth of 10/1 = £4). Overall, you win £28 – £24 profit plus your £4 stake back.

In the case that your horse fails to win but places second or third in the above each-way example, you lose the £2 staked on the win bet, but you’d still get the £6 back from the place bet part of your each-way wager. Again, this is the £2 stake returned, plus £4 winnings (£2 placed each-way at 10/1, divided by five). This means you’ve still made £2 profit on your total stake, even though your horse did not win.  

With odds under 4/1 or 5/1, each-way bets rarely make sense. In the example above: if the odds were just 2/1 instead of 10/1 and your horse came home in second place, you would get just £2.80 back from the £4 wagered. You reduced your losses but are still out of pocket. 

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Each-Way Bets in Football

Away from horse and greyhound racing each-way bets can also be placed on sports such as football, golf, tennis, cycling and Formula 1.

In football, there are only two participants in a game, so each-way bets are generally made on a league or tournament. An each-way bet might be on your chosen team to win the FIFA World Cup (win) or get to the final (place). Say you are willing to wager £5 each-way on Argentina to win the World Cup at 9-1 (£10 total stake), with 1/3 win odds to place first or second:

For the win bet part of the wager the potential returns are £50 = (£5 x 9) + returned stake

For the place bet part of the wager the potential returns are £20 = (£5 × one third of 9) + returned stake 

If Argentina win the World Cup, the profit would be £60 and the total returned is £70. If Argentina lose in the final you will still get a £20 return and therefore you’ve still made a profit of £10. If Argentina don’t make the final then the bet is lost, but there was hopefully still plenty of excitement along the way.

You can place similar bets every season on competitions like the UEFA Champions League and Europa League. If you're looking to back each-way outrights on football, check out our latest tips in the Football Tips Centre!