What Is an Each Way Bet?
An each way (E/W) bet is actually two separate bets combined:
- Win Bet: Your selection to win the race/event
- Place Bet: Your selection to finish in a paying place position
If your selection wins, both bets pay out. If it only places (finishes 2nd, 3rd, etc.), you lose the win bet but the place bet pays out at a fraction of the win odds.
Each Way Bet Structure
| Component | What It Means |
|---|---|
| Stake | Amount per bet (E/W means 2x this) |
| Win Part | Pays at full odds if selection wins |
| Place Part | Pays at fractional odds if selection places |
| Total Stake | 2 × unit stake (one for win, one for place) |
Example: A £5 each way bet costs £10 total (£5 win + £5 place)
How Each Way Bets Work
Place Terms
The place bet pays at a fraction of the win odds, determined by the event’s place terms:
| Place Terms | Place Odds | Typical Events |
|---|---|---|
| 1/4 odds | Win odds ÷ 4 | Most horse racing (5-7 runners) |
| 1/5 odds | Win odds ÷ 5 | Horse racing (8+ runners), Golf |
| 1/3 odds | Win odds ÷ 3 | Special promotions |
| 1/2 odds | Win odds ÷ 2 | Some golf tournaments |
Number of Places Paid
| Runners/Field | Places Paid | Typical Terms |
|---|---|---|
| 5-7 runners | 1st, 2nd | 1/4 odds |
| 8-15 runners | 1st, 2nd, 3rd | 1/5 odds |
| 16-21 runners | 1st, 2nd, 3rd, 4th | 1/4 odds |
| 22+ runners | 1st-4th or 1st-5th | 1/4 odds |
| Handicaps (12+) | 1st, 2nd, 3rd | 1/4 odds |
| Golf Majors | 1st-5th or 1st-8th | 1/5 odds |
Each Way Calculator Examples
Example 1: Horse Wins at 10/1
Bet: £5 each way on a horse at 10/1, 1/4 odds, 3 places
Calculations:
Win Part:
Win Return = £5 × (10/1 + 1) = £5 × 11 = £55
Place Part (1/4 of 10/1 = 2.5/1):
Place Odds = 10 ÷ 4 = 2.5/1 = 3.50 decimal
Place Return = £5 × 3.50 = £17.50
Total Return: £55 + £17.50 = £72.50 Profit: £72.50 - £10 = £62.50
Example 2: Horse Places Only (3rd)
Bet: £5 each way on a horse at 10/1, 1/4 odds, 3 places
Calculations:
Win Part:
Win Return = £0 (horse didn't win)
Place Part:
Place Return = £5 × 3.50 = £17.50
Total Return: £0 + £17.50 = £17.50 Profit: £17.50 - £10 = £7.50
Example 3: Horse Loses (4th or worse)
Bet: £5 each way at 10/1, 1/4 odds, 3 places
Calculations:
Win Return = £0
Place Return = £0
Total Return: £0 Loss: -£10 (full stake lost)
Each Way Formulas
Win Part Return
Win Return = Stake × Decimal Odds
Place Part Return
Place Odds = 1 + (Win Decimal Odds - 1) × Place Fraction
Place Return = Stake × Place Odds
Total Return (If Wins)
Total Return = Win Return + Place Return
Total Return (If Places Only)
Total Return = Place Return only
Profit/Loss
Profit = Total Return - (Stake × 2)
Each Way Place Terms Explained
1/4 Odds (Most Common)
The place part pays at one quarter of the win profit.
| Win Odds | Place Odds | Decimal |
|---|---|---|
| 4/1 | 1/1 (Evens) | 2.00 |
| 8/1 | 2/1 | 3.00 |
| 10/1 | 2.5/1 | 3.50 |
| 20/1 | 5/1 | 6.00 |
| 50/1 | 12.5/1 | 13.50 |
1/5 Odds (Golf & Large Fields)
The place part pays at one fifth of the win profit.
| Win Odds | Place Odds | Decimal |
|---|---|---|
| 5/1 | 1/1 (Evens) | 2.00 |
| 10/1 | 2/1 | 3.00 |
| 20/1 | 4/1 | 5.00 |
| 50/1 | 10/1 | 11.00 |
| 100/1 | 20/1 | 21.00 |
Rule 4 Deductions
When a horse is withdrawn from a race after betting has started, Rule 4 deductions may apply to reduce payouts.
How Rule 4 Works
The deduction is based on the withdrawn horse’s odds:
| Withdrawn Horse Odds | Deduction |
|---|---|
| 1/9 or shorter | 90p in £ |
| 1/6 to 2/11 | 85p in £ |
| 2/9 to 1/3 | 80p in £ |
| 2/7 to 2/5 | 75p in £ |
| 8/15 to 4/6 | 70p in £ |
| 4/5 to 20/21 | 65p in £ |
| Evens to 6/5 | 60p in £ |
| 5/4 to 6/4 | 55p in £ |
| 13/8 to 7/4 | 50p in £ |
| 15/8 to 9/4 | 45p in £ |
| 5/2 to 3/1 | 40p in £ |
| 10/3 to 4/1 | 35p in £ |
| 9/2 to 11/2 | 30p in £ |
| 6/1 to 9/1 | 25p in £ |
| 10/1 to 14/1 | 15p in £ |
| Over 14/1 | 10p in £ |
Rule 4 Calculation Example
Scenario: £5 E/W at 8/1, horse wins, Rule 4 of 25p applies
Win Part with Rule 4:
Normal Win Profit = £5 × 8 = £40
Rule 4 Deduction = £40 × 0.25 = £10
Adjusted Profit = £40 - £10 = £30
Win Return = £5 + £30 = £35
Place Part with Rule 4:
Normal Place Profit = £5 × 2 = £10
Rule 4 Deduction = £10 × 0.25 = £2.50
Adjusted Profit = £10 - £2.50 = £7.50
Place Return = £5 + £7.50 = £12.50
Total Return: £35 + £12.50 = £47.50 (vs £55 + £15 = £70 without Rule 4)
When to Bet Each Way
Good Scenarios for Each Way
| Situation | Why E/W Works |
|---|---|
| Outsiders (10/1+) | Place return still profitable |
| Competitive fields | Uncertain winner, multiple chances |
| Large fields (16+) | More places paid |
| Horse racing handicaps | Open races, form unpredictable |
| Golf majors | 5-8 places paid, deep fields |
When NOT to Bet Each Way
| Situation | Why Not |
|---|---|
| Short odds (<3/1) | Place return barely covers stake |
| Small fields | Fewer places paid |
| Clear favorite | Win only is better value |
| Non-competitive field | One-sided races |
Each Way Value Analysis
Break-Even Calculation
For an each way bet to break even on a place only:
Minimum Place Odds = Total Stake / Stake = 2.00
At 1/4 odds: Minimum win odds = 7/1 to break even if places At 1/5 odds: Minimum win odds = 9/1 to break even if places
Each Way Value Table
| Win Odds | Place Odds (1/4) | E/W Break Even | Win Only Break Even |
|---|---|---|---|
| 4/1 | 1/1 | Place loses | 20% |
| 6/1 | 1.5/1 | Place loses | 14.3% |
| 8/1 | 2/1 | Slight loss | 11.1% |
| 10/1 | 2.5/1 | Break even | 9.1% |
| 14/1 | 3.5/1 | Profit on place | 6.7% |
| 20/1 | 5/1 | Good value | 4.8% |
Each Way Betting Strategies
Strategy 1: Big Field Outsiders
Focus on horses 12/1 or bigger in races with 16+ runners.
Why it works:
- 4 places paid (sometimes 5)
- Place only still returns profit
- Small stakes for potentially large returns
Strategy 2: Golf Each Ways
Golf offers excellent each way value:
- 5-8 places paid in majors
- 1/5 odds standard
- Large fields = more chances
Sweet spot: 40/1 to 100/1 range
Strategy 3: Handicap Hunting
Handicap races are designed to be competitive:
- All horses theoretically have a chance
- Form is less predictable
- E/W provides safety net
Each Way vs Win Only
When to Choose Each Way
| Factor | Each Way Better | Win Only Better |
|---|---|---|
| Odds | 10/1 or longer | Under 8/1 |
| Field Size | 12+ runners | Small fields |
| Your Confidence | Moderate | High |
| Risk Tolerance | Lower | Higher |
Mathematical Comparison
Selection: 20/1, 1/4 odds
£10 Win Only:
- Win: £210 profit
- Lose: £10 loss
£5 Each Way (£10 total):
- Win: £62.50 profit
- Place: £7.50 profit
- Lose: £10 loss
Win only has higher maximum profit Each way has safety net if places
Each Way Multiple Bets
Each Way Doubles
Both selections must at least place:
- Both win: Win double + Place double
- One wins, one places: Place double only
- Both place: Place double only
- One loses: All lost
Each Way Accumulators
Similar principle extends to any number of selections. Each way accumulators are particularly popular in horse racing.
Example: E/W Treble
- All 3 win: Full payout
- 2 win, 1 places: Reduced payout
- All 3 place: Place treble only
Frequently Asked Questions
What does each way mean?
Each way is two bets in one: a win bet and a place bet. If your selection wins, both bets pay out. If it only places (finishes in a paying position like 2nd or 3rd), only the place bet pays out at reduced odds.
Why does each way cost double?
Because you’re placing two separate bets - one on the win and one on the place. A £5 each way bet is actually £5 to win plus £5 to place = £10 total.
What are 1/4 odds and 1/5 odds?
These are the place terms - the fraction of the win odds that the place bet pays. At 1/4 odds, a 10/1 horse pays 2.5/1 for place. At 1/5 odds, it pays 2/1 for place.
When should I bet each way?
Each way is best for outsiders (10/1+) in competitive fields. The place part provides a safety net while still allowing for big wins. Avoid E/W on short odds where the place barely covers your stake.
What happens if my horse is withdrawn?
If withdrawn before the race starts, your stake is returned. If withdrawn after betting started, Rule 4 deductions may apply to reduce your winnings based on the withdrawn horse’s odds.
How many places are paid?
Depends on the number of runners: 5-7 runners = 2 places, 8-15 = 3 places, 16-21 = 4 places, 22+ = 4-5 places. Handicaps and special events may have enhanced places.
Start Calculating Each Way Returns
Use our free each way calculator above to:
- Enter odds in any format (fractional, decimal, American)
- Set your stake per part (remember: E/W doubles your total stake)
- Choose place terms (1/4, 1/5, etc.)
- Select the outcome (wins, places only, or loses)
- Apply Rule 4 deductions if applicable
- See win return, place return, and profit instantly
The calculator handles all the math so you can quickly compare each way versus win only bets and make smarter betting decisions.