Each-way betting is one of the most common bet types in horse racing. However, if you are new to the sport, you may wonder: What does betting each way mean?
This guide will cover the definition of each-way bet, how each-way bets work, the difference between the “win” and “place” part of the bet, how returns are calculated, and the different terms involved.
What is an Each-Way Bet?
Two of the most common bets on horse racing are win and each-way bets. An each-way bet consists of two bets in one: one bet on the horse to win and one bet on the horse to place. In each-way bets, you will find that both parts of the bet have equal stakes and are settled separately.
How the Win and Place Parts Work
When it comes to settling your bet, you should break down the win part and place part separately using the below each-way mechanic.
The win part only pays out if your horse wins the race. Your win part stake is placed on the horse’s SP or on the odds you took at the time of placing your bet.
The place part of your each-way bets will pay out if your horse finishes within the place positions. The number of place positions depends on the size of the field and the type of race.
Understanding Place Terms in Racing
Place terms in racing will depend on the number of runners in your race, the type of race, and the structure of the competition (e.g., handicaps). Here is a look at some examples:
Races with 1-4 runners – There is no each-way betting. These races are win-only.
Races with 5-7 runners – Placings are first and second, with place terms of 1/4 odds.
Races with 8 or more runners – Places are first, second, and third, with place terms of 1/5 odds.
Races with 12-15 runners and a handicap contest– Places are first, second, and third, with place terms of 1/4 odds.
Race with 16 or more runners and a handicap contest – Places are first, second, third, and fourth, with place terms of 1/4 odds.
Each-Way Betting Examples for Beginners
If you are new to each-way betting, you are probably wondering: how are each-way bets calculated? Here is a look at some examples to show how returns work.
Example A
You bet £10 each way on a horse at 8/1 in a seven-runner race, and it wins. Your total stake is £20. The win part of the bet will return £90 (£10 at 8/1). In this example, the place part of your bet returns £30 (1/4 odds – first and second). Your total return is £120.
Example B
You bet £10 each way on a horse at 10/1 in an eight-runner race, and it finishes third. The win part of the bet is a loser; however, the place part of the bet is successful. In this example, you will collect £30 (1/5 odds – first, second, and third).
Example C
You bet £10 each on a horse at 12/1 in a 12-runner handicap, and the horse finishes sixth. There is no return on this bet as the horse has finished outside the placings (first, second, third, and fourth).
When Each-Way Terms Usually Change
On some occasions, bookmakers will change their standard each-way terms to offer you enhanced terms. These typically apply at major festivals, such as the Cheltenham Festival, Grand National Meeting, or Royal Ascot.
In big field handicaps, they may go five or six places, rather than the standing four places for 16 or more runners. These give you a better chance of picking up a return on the place part of your bet.
Racing place rules can sometimes also change for races with fewer runners. Some bookmakers may go three places instead of two places for races with just five to seven runners. When there are enhanced place terms on small runner fields, each-way betting can become more interesting to some punters.
Common Misunderstandings About Each-Way Bets
One of the common each-way betting mistakes that beginners make when placing an each-way bet is that both parts of their bet pick up a return when their horse places. In this case, it is just the place of the bet that will generate a return.
Another of the each-way myths that beginners sometimes buy into is that each way means half the risk. This is not the case. As you can read in the “each-way explained” section above, betting each way means you are placing a bet that consists of two parts, and the stakes for each part are equal.
Finally, another common misunderstanding is that place terms apply equally across all races. However, these depend on the number of runners in the race, the type of contest, and whether it is a handicap contest.
Staying in Control When Using Each-Way Bets
Each-way betting should be seen as a way of understanding horse racing outcomes and not as a method to improve your chances of winning. Here at kwiff, we want to see safer play on all of our products, and we encourage you to set limits, take breaks when needed, and to understand the risk involved when you place a bet.
For more information on responsible gambling, please visit BeGambleAware or GamCare.
Frequently Asked Questions
Do Both Parts of an Each-Way Bet Win If the Horse Finishes Second?
No. Only the place part picks up a return if your horse finishes second. Your horse will need to win its race for both parts of an each-way bet to be successful.
Are Place Terms the Same in Every Race?
No. They vary depending on the field size, type of race, and whether it is a handicap contest.
Is an Each-Way Bet Cheaper Because It’s Split?
No. It contains two equal stakes (one for win and one for place), so the total stake is doubled.
Can I Place an Each-Way Bet in Small Fields?
You cannot place an each-way bet on any race that features one to four runners. There needs to be a minimum of five runners for you to bet each way.
