Each-Way Betting in Horse Racing: How Place Terms Change Your Returns
Each-way bets are a staple of horse racing. Understanding place terms is the difference between a sensible bet and a confusing one.
Quick answer
An each-way bet is two equal bets: one for the horse to win and one for it to place. The place part pays a fraction of the win odds — commonly 1/4 or 1/5 — for finishing in the paid places, which depend on the number of runners and race type.
Two bets in one
A “5 each-way” bet costs 10: 5 on the win and 5 on the place.
Worked example
A horse at 10/1, 1/5 place terms, 5 each-way:
| Result | Win part | Place part | Total return | Profit |
|---|---|---|---|---|
| Wins | 55.00 | 15.00 | 70.00 | +60.00 |
| Places only | 0.00 | 15.00 | 15.00 | +5.00 |
| Unplaced | 0.00 | 0.00 | 0.00 | −10.00 |
When each-way makes less sense
At short odds the place part may not cover the losing win stake. A horse at 2/1 with 1/5 terms pays 1.40 on the place — a 5 each-way bet that only places returns 7 from a 10 outlay.
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Frequently asked questions
How many places are paid?
It depends on the field size and race type, and varies by bookmaker. Check before you bet.
Can an each-way bet lose money if the horse places?
Yes. At short odds the place return may not cover the losing win stake.
Sources & references
- British Horseracing Authority www.britishhorseracing.com
- BeGambleAware — safer gambling advice www.begambleaware.org
- National Council on Problem Gambling www.ncpgambling.org
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