What is an each way bet?
An each way (E/W) bet is two bets in one: a win bet and a place bet, each for the same stake. If you place a £10 each way bet, you're actually staking £20 total — £10 on your selection to win, and £10 on your selection to finish in a placing position (typically top 2, 3, or 4 depending on the race size and bookmaker terms).
Each way betting is most commonly used in horse racing and golf, where fields are large and even a near-miss can return a profit. The place portion of your bet pays at a fraction of the win odds — usually 1/4 or 1/5 of the odds, depending on the event and number of runners. For example, at 1/4 odds on an 8-runner race, if your horse finishes in the top 3, you win the place portion at reduced odds.
How to calculate each way returns
Calculating each way returns requires two separate calculations. Suppose you bet £10 each way (£20 total) on a horse at odds of 10/1 (decimal 11.0), with 1/4 place terms for top 3 finishers.
**If your selection wins:** Win bet returns: £10 × 11.0 = £110. Place bet returns: £10 × (10 × 1/4 + 1) = £10 × 3.5 = £35. Total return: £145. Profit: £125 on a £20 stake.
**If your selection places (but doesn't win):** Win bet: lost (£10 gone). Place bet returns: £35. Total return: £35. Profit: £15 on a £20 stake.
**If your selection finishes outside the places:** Both win and place bets lose. Total loss: £20. Use our profit calculator to run these scenarios quickly before placing your bet.
Each way terms — what to check
Each way terms vary by bookmaker and by event. The two key variables are: the **fraction** (how much of the win odds you receive for a place) and the **number of places** paid. Common structures:
- Horse racing (5-7 runners): 2 places, 1/4 odds - Horse racing (8-11 runners): 3 places, 1/4 odds - Horse racing (12-15 runners): 3 places, 1/5 odds - Horse racing (16+ runners, handicap): 4 places, 1/4 odds - Golf majors: typically 5-8 places, 1/5 odds
Always check the each way terms before placing your bet — they vary between bookmakers and can significantly impact your expected return. Some operators offer enhanced place terms as promotions, paying extra places or better fractions to attract customers. These offers can represent genuine value, particularly in large handicap races.
When each way betting makes sense
Each way betting makes most sense when backing longer-priced selections (typically 6/1 or higher) in large fields. At short odds, the place fraction barely adds value — a 2/1 shot paying 1/4 odds for a place returns only 1/2 odds for the place part, making the bet inefficient.
For value hunters, look for races where bookmakers are paying more places than the market pricing implies — particularly in big handicaps and golf tournaments. If you believe a selection has a genuine 30% chance of placing and the implied probability from the place odds is only 20%, you have an edge on the place portion.
For accumulators, you can combine each way selections: each leg runs as an accumulator on both the win and place parts independently. This can generate significant returns if several long-priced selections place. Explore the accumulator calculator to model each way accumulator scenarios.