Each way betting explained
An each way bet is two bets in one, a win bet and a place bet, so your stake doubles. How the place terms work, a worked example, and when each way makes sense.
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An each way bet is two bets of the same size on one selection: one to win and one to place. If your pick wins, both pay. If it only places, the place half pays at a fraction of the odds and the win half loses. That is why a "10 each way" bet costs 20, not 10.
You see it mostly in horse racing and golf, where fields are large and the favourite usually loses.
How the place terms work
The bookmaker sets two things for the place half:
- How many places count. For example the first four, or the first five.
- The fraction of the odds paid. Usually a quarter or a fifth of the win odds.
Both are part of the price. Five places at a fifth and four places at a quarter are different bets, and the better terms are not always obvious until you put a chance on each.
A worked example
Say a golfer is 20/1, decimal 21.0, with each way terms of a fifth of the odds for the first five places. You stake 10 each way, 20 in total.
| What happens | Win half | Place half | Net |
|---|---|---|---|
| Wins | returns 210 | returns 50 | +240 |
| Finishes 2nd to 5th | loses 10 | returns 50 | +30 |
| Finishes 6th or worse | loses 10 | loses 10 | −20 |
The place odds are a fifth of the 20 profit, so 4 to 1, which returns 5 for every 1 staked. That is the whole calculation.
When each way makes sense
Think of each half separately. The win half is good value if your chance of winning is above what 21.0 implies, about 4.8%. The place half is good value if your chance of a top-five finish is above what the place odds of 5.0 imply, 20%. Either half can be good while the other is poor. In a big golf field, a player can be a long shot to win and a reasonable bet to place, which is the logic in golf outrights and a very large field.
The same check applies to any market: your chance against the price. It is set out in what a positive edge actually means.
What this does not tell you
It does not give you a chance for any runner or player; BAI8's Desk does not currently publish each way numbers. It does not cover dead heats or non-runner rules, which vary by bookmaker and can cut the payout. Read the terms before the price.
18+. Bet only what you can afford to lose.
Common questions
What is an each way bet?
Two equal bets on one selection: one to win, one to place. A 10 unit each way bet costs 20 units in total.
How does the place part of an each way bet pay?
At a fraction of the win odds, usually a quarter or a fifth, if the selection finishes inside the places the bookmaker names, such as the top four.
What happens if my each way pick wins?
Both parts pay. The win part at the full odds and the place part at the reduced place odds.
Is each way betting good value?
It depends on the terms. Extra places or a bigger fraction make the place part better; the value is in whether the place chance is higher than the place price implies.