- Each way means two bets in one
- How place terms are worked out
- Typical place terms in UK horse racing
- A worked each-way example
- Why the place part can return less than you expect
- Each way beyond the racecourse
- Questions to ask before placing an each-way bet
- Age limits and signs that betting is becoming a problem
- Writing about betting terms
- Frequently asked questions
An each way bet is two bets on the same selection with equal stakes: a win bet and a place bet. The win part returns only if it wins. The place part returns if it finishes in one of the set places, settled at a fraction of the odds, usually 1/4 or 1/5 in UK horse racing.
Each way is one of the oldest phrases in British betting, and one of the most misunderstood. Many people think it means a bet on a horse to come second or third. It doesn't, and the difference matters when the bet is settled.
This guide uses Wikipedia's article on each-way betting and a Sporting Life explainer on horse racing terms. It's a neutral explainer for adults, not a recommendation to bet, and every number is an illustration. Support for anyone worried about gambling is listed at the end.
Each way means two bets in one
An each-way bet is made of two separate bets on the same selection: a win bet and a place bet, each with the same stake. Wikipedia explains that the win part returns only if the selection wins, while the place part returns if it finishes in one of the places set for that event.
That means the total stake is twice the unit stake. Ten units each way is 20 units in all, split into 10 on the win and 10 on the place.
How place terms are worked out
The place part isn't settled at the full odds. It's settled at a fraction of them. Wikipedia says that's usually 1/4 or 1/5 in UK horse racing, though other fractions such as 1/2 or 1/3 turn up elsewhere. The number of places and the fraction together are called the place terms.
Sporting Life explains that the place odds come directly from the win odds. Take a horse at 10/1 with place terms of 1/5. Divide 10 by 5 and the place odds are 2/1.
Typical place terms in UK horse racing
Wikipedia and Sporting Life give very similar tables for British racing, depending on the number of runners:
| Type of race | Place fraction | Places |
|---|---|---|
| Handicaps with more than 15 runners | 1/4 | First four |
| Handicaps with 12 to 15 runners | 1/4 | First three |
| Other races with 8 or more runners | 1/5 | First three |
| Races with 5 to 7 runners | 1/4 | First two |
| Races with fewer than 5 runners | No place part | Win only |
Bookmakers sometimes offer enhanced terms for big races or promotions, such as an extra place or 1/4 instead of 1/5. Sporting Life warns that it's worth checking whether the win odds have been shortened by more than the place terms gain. The bookmaker's own terms decide how each bet is settled.
A worked each-way example
Illustrative numbers from Wikipedia's example: 10 units each way on a selection at 10/1, with place terms of 1/4 for the first three places. The total stake is 20 units.
| If the selection... | Win part | Place part | Total returned |
|---|---|---|---|
| Wins | 110 units | 35 units | 145 units |
| Finishes second or third | Not returned | 35 units | 35 units |
| Finishes outside the places | Not returned | Not returned | Nothing |
Notice that a placed selection returns 35 units from a 20 unit stake, so even a successful place can leave you with less than a winning bet would. It's the reason people sometimes find each-way bets confusing when the result comes in.
Why the place part can return less than you expect
Because the place part uses only a fraction of the win odds, its return is much smaller than the win part. In the 10/1 example above, the win part returns 110 units but the place part returns 35. That's the trade-off built into the bet: you get more ways to be settled in your favour, and each of them returns less.
Sporting Life's enhanced-terms example shows the same effect. Moving from 1/5 to 1/4 for the first three places lifts the place odds on a 10/1 selection from 2/1 to 5/2. The guide's warning still applies, which is to check what happened to the win odds at the same time.
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Each way beyond the racecourse
Each-way betting isn't just for horses. Wikipedia gives examples from golf and domestic football cup competitions. In its golf example, 5 units each way on a 10/1 golfer, with place terms of 1/5 and four places, returns 70 units if the golfer wins and 15 units if the golfer finishes second, third or fourth.
If you're more used to the American style of betting, my guide to what a moneyline bet is shows how a straight win-only bet is read, which is the opposite of splitting a stake into two parts.
Questions to ask before placing an each-way bet
- How many places does this race or event pay on?
- What fraction of the win odds is the place part settled at?
- Are the terms standard or enhanced, and have the win odds changed?
- Do I understand that the total stake is twice the unit stake?
Age limits and signs that betting is becoming a problem
In most cases the minimum legal age for gambling in Great Britain is 18, including betting shops and online. Because an each-way bet doubles the stake, it's easy to spend more than intended without noticing. My guide to the signs of problem gambling covers what to look out for.
The NHS lists the National Gambling Helpline on 0808 8020 133, free and open 24 hours a day.
Writing about betting terms
Clear explainers of terms like each way and place terms help readers understand what they're agreeing to.
Writers who explain betting terms can check sports betting blogs that welcome contributors.
Frequently asked questions
What does each way mean in betting?
It means two bets on the same selection with equal stakes: a win bet and a place bet. The place part returns if the selection finishes in one of the places set for the event.
How much does an each-way bet stake in total?
The total stake is twice the unit stake, according to Wikipedia. Ten units each way is 20 units in total.
What are place terms?
They're the number of places and the fraction of the win odds used to settle the place part, for example 1/5 odds for the first three places.
What happens if my selection wins an each-way bet?
Both parts return. The win part is settled at the full odds and the place part at the reduced fraction.
Do all races have an each-way option?
No. Sporting Life says races with fewer than 5 runners are win only, and the terms depend on the race and the bookmaker.
