If you’re new to equestrian sports, you might have come across the term “each way”. So, what does each way mean in horse racing?
Simply, this is a two-in-one bet: a win and a place. This means that you are betting your chosen horse will either win or place in the top 3 (this can go up to top 5 if the field is large.) Your bet wins if either bet wins.
Below, we break down how this bet works.
What Does Each Way Mean in Horse Racing?
An each-way bet splits your stake into two parts. The first half is a “Win”, meaning you are betting that your horse will win outright. The second half is “Place”, which means your runner will finish among the top 3 or top 5 (decided by competition field), without necessarily coming first.
Because you’re placing two bets, your total stake doubles. For example, a £10 each-way bet costs £20 in total. Your stake gets divided £10 for the win and £10 for the place.
There are three possible outcomes with this bet:
- Your horse wins: Both the Win and Place bets win.
- Your horse places but doesn’t win: You’re paid only for the Place bet.
- Your horse finishes outside the places: Entire bet loses.
The number of positions that count as a “place” isn’t fixed. It depends on how many horses are running and whether it’s a handicap or a graded race.
How Does Each Way Betting Work?
As explained, an each-way bet contains two components: win and place. The win part is very simple, you make a bet on the horse of your choice. If the horse wins, you make a profit, and if it doesn’t, you lose your bet.
However, the place part is a bit more complicated. It depends on the number of runners in a particular race. It also depends on the terms and conditions offered by the bookmaker.
In the case of graded races, if there are two to four runners, you can only make a win bet, and the option of place bet is not available. In the case of five to seven runners, you can make the win bet along with a bet on the top two places. In races with eight or more runners, you can bet on three places along with betting on the winner.
A significant difference between graded and handicap races is that there can be 16 or more runners in a handicap race. The number of win and place bets usually remains the same in the case of handicap races as the graded races.
However, in the case of 16 or more runners, the bookmaker might make an extra place offer. In that case, you will have the option to put down a win bet and a place bet on four places, instead of three.
In races with large numbers of horses, the bookmakers might even offer to play five places on a race as well. This means you can bet on a horse to finish in the first five places.
Understanding Place Terms and Non-Runners
Place terms are the odds used to work out your place payout. These are represented as a fraction of your win odds, most commonly 1/4 or 1/5.
To calculate your place return, multiply your horse’s win odds by the place fraction. Here’s how it works:
- Win odds 6/1 and place terms 1/5: Place part will pay 6/5, so a £10 place bet will give you £12 profit. Your £10 stake is also returned.
- Win odds 10/1 and place terms 1/4: Place part will pay out at 5/2, and a £10 bet yields £25 with these odds, and the stake gets refunded.
- Win odds 4/1 and place terms 1/4: A winning place bet of £10 will give you £10 profit with 1/1 odds, along with your stake back.
Place terms are set by bookmakers. Typically you will see 1/4 terms for smaller races with seven or fewer runners and 1/5 for a large field.
These terms can also change if a horse is declared as “non-runner”. These are horses that are withdrawn before the race begins, due to injury or fitness issues. If enough horses are withdrawn, the place terms may shrink.
Real Example of Each Way Betting
Suppose you make a £10 each-way bet at 5/1 odds and another £10 on 1/4 place terms. Now the horse can either win or lose the race.
In case the horse wins the race, the win part of your bet would return £60 (£10 stake * 5 (odds) + £10 original stake). The place part of the bet would return £22.50 (£10 stake * (5/1 odds * 0.25) + £10 original stake). So, the total return would be £82.50, and the total profit would be £62.50 (after subtracting your betting amount).
In case the horse loses but places in the top three, you would just get the place bet return which is £22.50. In this case, the total profit would drop to £2.50.
In case both conditions are not met, you will lose the entire £20 bet. In the case of a non-runner, the entire amount of £20 would be refunded.
Note: In case your horse is a non-runner, your betting amount will be refunded.
Frequently Asked Questions
How many places pay each way?
The number of places paid depends on the number of horses that take part in a race. There are no places paid in case there are four or fewer horses. In the case of five to seven horses, the minimum number of places paid is two. In races having eight to 15 horses, the minimum number of places paid increases to three. The number increases to a minimum of four in case there are 16 or more horses in a race.
How do each way bets pay out?
The winning amount depends on the combination of wins and place bets. In case the horse wins, you get the winning amount and place dividend. In case the horse finishes in second or third place, you only get the place dividend.
Does each-way betting work the same in other sports?
The same principle of win and place is also offered in golf and football outright markets. However, the number of places depends on the tournament.
Betting is only available to participants above 18 years. Please bet responsibly. BeGambleAware.org