Definition
An each-way (E/W) bet is a common wager in horse racing, golf, and other multi-runner events. It consists of two separate bets of equal size: a "win" bet and a "place" bet. If your selection wins, both parts pay out. If it finishes in a qualifying place position (typically top 2-4 depending on the race), only the place part pays out at a fraction of the win odds.
How It Works
The place terms vary by event: typically 1/4 odds for the first 2-3 places in smaller fields, or 1/5 odds for the first 4-5 places in large-field events like the Grand National. Since each-way is two bets, a $10 each-way bet costs $20 total ($10 win + $10 place).
Example
You bet $10 each-way on a horse at odds of 10.00 (place terms: 1/4 odds, top 3 places). Total stake = $20.
- Horse wins: Win bet pays 10 x 10.00 = $100, Place bet pays 10 x 3.25 = $32.50. Total return = $132.50, profit = $112.50
- Horse finishes 2nd or 3rd: Win bet loses (-$10), Place bet pays 10 x 3.25 = $32.50. Total return = $32.50, profit = $12.50
- Horse finishes 4th or worse: both bets lose, loss = $20
Why It Matters
Each-way betting is an excellent tool for profiting from selections you believe will be competitive without needing them to win outright. It is particularly valuable for big-priced outsiders at high odds, where the place component alone can return a healthy profit. Experienced punters look for "each-way value" where the place terms are generous relative to the number of runners.
Each-way bets work best with selections at odds of 5.00 or higher in large fields. At shorter odds, the place return may not cover the total stake if the selection places but does not win.