What Is an Each-Way Bet?
An each-way (E/W) bet is actually two separate bets: one on your horse to win, and one on it to place (finish in the top positions). If the horse wins, both parts pay out. If it only places, you lose the win part but collect on the place part.
Because it's two bets, your stake is doubled. A £5 each-way bet costs £10 total.
Place Terms
Place terms define how many positions pay and at what fraction of the win odds:
- 2-4 runners: Win only — no place betting available.
- 5-7 runners: 1st & 2nd pay. Place odds = 1/4 of the win price.
- 8-15 runners: 1st, 2nd & 3rd pay. Place odds = 1/5 of the win price.
- 16+ runners (handicaps): 1st to 4th pay. Place odds = 1/4 of the win price.
Each-Way Calculation Example
You back a horse at 10/1 each-way, £5 in a 12-runner race:
- If it wins: Win part = £5 × 10/1 = £50 profit. Place part = £5 × 2/1 (10/1 ÷ 5) = £10 profit. Total return = £70 (£60 profit + £10 stake).
- If it places (2nd or 3rd): Win part loses (−£5). Place part = £5 × 2/1 = £10 profit. Total return = £15 (£5 profit overall).
- If it finishes 4th or worse: Both parts lose. Total loss = £10.
When Each-Way Offers Value
Each-way betting is most valuable in specific scenarios:
- Big fields at bigger odds — In a 16+ runner handicap, you get 4 places at 1/4 odds. A 12/1 shot only needs to finish in the top 4 to return a profit.
- Consistent placers — A horse that regularly finishes in the frame but doesn't always win is ideal for each-way backing.
- Competitive races with no standout favourite — When the market is wide open, each-way bets offer insurance against closely matched rivals.
When to Avoid Each-Way
- Short-priced favourites — At odds of 2/1 or less, the place return is negligible. Just back to win.
- Small fields — With fewer than 8 runners, only 2 places pay at 1/4 odds. The each-way value diminishes significantly.
Our Each-Way Selections
When our model identifies a horse that scores highly but is priced at bigger odds — typically 6/1 or above in fields of 8+ runners — it may be flagged as an each-way pick. These are horses with strong underlying form that the market may be undervaluing.