AI Bet types · Updated 21 Aug 2026
Each way betting explained, with the maths worked through
An each way bet is two bets in one: a win bet and a place bet on the same selection. Once you see how the place part is priced, the returns are simple to work out.
An each-way bet is two separate bets of the same size on one selection. The first part is a win bet, which pays if your selection wins. The second part is a place bet, which pays if your selection finishes in one of the paid places, and it is settled at a fraction of the win odds. The name comes from that: you are backing the selection each way, to win and to place.
The point of each way betting is cover. A horse at 12/1 might run well and finish third without winning. With a win single you lose the lot. With an each-way bet the place part still pays, and at bigger prices it can return more than your total stake. That is why each way is most popular in big-field horse races, golf tournaments and other outright markets with a long list of runners.
How the stake works
The first thing that catches people out is the cost. A “£5 each way” bet is not a £5 bet. It is £5 on the win plus £5 on the place, so £10 leaves your balance. Most bet slips have a tick box marked “E/W” and show the doubled total stake once you tick it.
Place terms: the fraction and the places
Every each-way bet has two numbers attached to the place part: how many places are paid, and what fraction of the win odds the place part pays at. A typical display reads “1/5 odds, 3 places”. That means the place part pays if the selection finishes first, second or third, at one fifth of the win odds.
In UK horse racing, most bookmakers use the same standard terms, based on the number of runners and the type of race. Individual bookmakers can improve them with extra places, so treat the table below as the usual starting point rather than a rule every site follows.
| Race type and runners | Places paid | Place fraction |
|---|---|---|
| 2 to 4 runners | Win only, no each way | - |
| 5 to 7 runners | 2 | 1/4 |
| 8 or more runners (not a handicap) | 3 | 1/5 |
| Handicap, 12 to 15 runners | 3 | 1/4 |
| Handicap, 16 or more runners | 4 | 1/4 |
Terms are fixed when you place the bet. If runners are withdrawn and the field drops from eight to seven, the number of places is normally reduced to match the final field, which is one reason to check the bet slip shortly before the off.
Worked example: a £5 each-way bet at 10/1
Say you back a horse at 10/1 for £5 each way in a 10-runner race that is not a handicap. The terms are 1/5 odds for 3 places. Total stake: £10.
The place odds are one fifth of 10/1, which is 10/5, or 2/1.
If the horse wins, both parts pay.
- Win part: £5 x 10 = £50 profit, plus the £5 stake back = £55.
- Place part: £5 x 2 = £10 profit, plus the £5 stake back = £15.
- Total return: £70 from a £10 stake, a profit of £60.
If the horse finishes second or third, only the place part pays.
- Win part: loses, £0.
- Place part: £15 returned.
- Total return: £15 from a £10 stake, a profit of £5.
If the horse finishes fourth or worse, both parts lose and the £10 is gone.
The same bet in decimal odds
10/1 in decimal odds is 11.0, since decimal odds include the stake. To find the decimal place odds, take the profit part of the decimal price (11.0 minus 1 = 10), apply the fraction (10 / 5 = 2), and add the stake back (2 + 1 = 3.0).
- Win part: £5 x 11.0 = £55.
- Place part: £5 x 3.0 = £15.
The answers match the fractional working, as they should. If you prefer to skip the arithmetic, our bet calculator handles each-way returns for singles and multiples.
Worked example: when the place part does not cover the stake
Each way looks less attractive at short prices. Take a horse at 3/1, £5 each way, again at 1/5 odds for 3 places. The place odds are 3/5.
- If it places but does not win: £5 x 3/5 = £3 profit, plus £5 stake = £8 returned from a £10 stake. You lose £2 even though your horse placed.
- If it wins: £5 x 3 = £15 + £5 = £20 from the win part, plus £8 from the place part = £28 in total.
In decimal: 3/1 is 4.0, the place odds are 1 + (3 / 5) = 1.6, so the place part returns £5 x 1.6 = £8.
The rule of thumb that follows: with 1/5 place terms, the place part only covers the whole stake when the win odds are 5/1 or longer. At 5/1 the place odds are 1/1, and £5 at evens returns £10, exactly your outlay. With 1/4 terms the break-even point is 4/1.
Doubles and accumulators with a place part
Each way multiples are less intuitive. An each-way double is two bets: a win double and a place double. The place double only pays if both selections place, and it is settled at the place odds of each.
Example: £5 each-way double, total stake £10. Selection A at 6/1 (1/5 terms, place odds 6/5, decimal 2.2). Selection B at 4/1 (1/4 terms, place odds 1/1, decimal 2.0).
- Both win: win double £5 x 7.0 x 5.0 = £175; place double £5 x 2.2 x 2.0 = £22. Total £197.
- Both place, neither wins: place double £22, win double loses. Total £22 from £10.
- One wins, the other is unplaced: both parts lose, because each double needs both legs.
Things to check before you place the bet
Place terms on the bet slip. Look at the fraction and the number of places for that race, not the race you bet on last week.
Extra places. On big handicaps some bookmakers pay an extra place or two. That changes the maths in your favour, but it is set race by race and sometimes comes with a stake limit.
Non-runners. If your selection is withdrawn, both parts of the each-way bet are normally void and the stake returned. If other horses are withdrawn, a Rule 4 deduction can reduce your winnings, and the number of places can fall with the field.
Offer terms. If you plan to use an each-way bet to claim a welcome offer, read the qualifying conditions. Tote’s offer, for example, needs at least £5 on the win and £5 on the place at 1/1 or longer. Our page on new horse racing betting sites shows which offers accept a racing bet in the first place.
When each way makes sense
Each way works best when you think a longer-priced selection has a real chance of running into the places, in a field big enough for the place terms to be generous. It works poorly on short-priced favourites, where the place part may not cover the stake, and in small fields where only two places are paid.
It is also worth remembering that each-way doubles your outlay for the same selection. If you usually bet £10 to win, a £10 each-way bet is a £20 bet. Keep that in mind when you set a deposit limit.
For the other bet types we cover, such as trebles and handicaps, see our full list of betting guides. If you are choosing where to place the bet, our current shortlist of newcomers compares licence, offer terms and stated payout windows side by side.
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How much does a £5 each way bet cost?
£10. Each way means two equal bets, one to win and one to place, so a £5 each way bet is £5 on the win and £5 on the place. The bet slip usually shows the total stake once you tick the each way box.
What happens if my each way horse finishes second?
The win part loses and the place part pays at the place fraction of the odds. At 10/1 with 1/5 odds for the place, a £5 each way bet returns £15 from the place part, so you get £15 back from a £10 outlay.
Can an each way bet lose money even if the horse places?
Yes. At short prices the place part can return less than the total stake. At 3/1 with 1/5 place terms, the place part pays at 3/5, so a £5 each way bet returns £8 from the place part against a £10 stake.
Do each way bets work on football?
Some bookmakers offer each way on outright markets such as top goalscorer or league winner, with their own place terms. They are not available on single match results. Check the terms shown on the market before you place one.
What are extra places?
Extra places are a promotion where a bookmaker pays the place part of each way bets on more finishing positions than the standard terms, for example five places instead of four in a big handicap. The offer is set race by race and can come with a lower place fraction or a stake limit.
Does an each way bet count for a welcome offer?
It depends on the terms. Tote's offer accepts an each way qualifying bet, but both parts must meet the minimum: £5 on the win and £5 on the place, at odds of 1/1 or longer. Many other offers say nothing about each way bets, so read the full terms.
What is the difference between each way and place only?
A place only bet is just the place part, with no win bet attached. Some bookmakers price place markets separately, and those prices can be better or worse than the each way fraction. Each way is the more common option on UK bet slips.
