Each-Way

One bet split into two, a Win part and a Place part, so you can still collect if your selection finishes in the top few rather than first.

Definition

An each-way bet, common in horse racing and golf, is really two equal bets: one on the selection to win and one on it to 'place' (finish within a set number of positions). You stake twice your unit, so $10 each-way costs $20. The place part pays at a fraction of the win odds (place terms such as 1/5 or 1/4) for a set number of places that depends on field size. If the selection wins, both parts pay; if it only places, the win part loses but the place part still returns something.

Worked example

You back a horse at 11.00 (10/1) each-way, $10 each way ($20 total), with place terms 1/5 the odds for the top 4. It wins: the win part returns $110 and the place part pays at 2/1 (10 / 5), returning $30, for $120 profit. It finishes 3rd: the win part loses $10 but the place part returns $30, a net $10 profit.

Why it matters

Each-way is fundamental to racing and outright betting, and understanding place terms helps bettors judge whether the place portion offers value or just dilutes the win price.

Related

Note: Place fractions and the number of places paid vary by event and field size and are set by each bookmaker.