Each Way Betting Explained: How an Each-Way Bet Works

What is an each-way bet?

An each-way bet splits into a win part and a place part. The win part pays only if your selection wins. The place part pays if it finishes in any of the paid places, including first. Because there are two bets, your total stake is double the amount you choose.

Each-way betting is most common in horse racing and golf, and in football ("soccer" to US readers) it is offered on outright markets such as league winner, tournament winner and top goalscorer.

It is mainly a UK, Irish and Australian bet type. In US horse racing the nearest equivalent is an "across the board" bet, which is three separate win, place and show bets in pari-mutuel pools and works differently.

How place terms work: 1/4 and 1/5 odds

Place terms have two parts: the fraction of the win odds paid on the place part, and the number of places paid. "1/5 odds, 3 places" means the place part pays a fifth of the win odds if your selection finishes first, second or third.

With fractional odds, divide the win odds by the fraction: 10/1 at 1/5 becomes 2/1 for the place part, and at 1/4 it becomes 5/2. With decimal odds, place odds = 1 + (win odds - 1) × fraction, so 11.00 at 1/5 gives 3.00.

In UK and Irish horse racing, standard terms depend on the number of runners and the type of race. Bookmakers can offer different terms, including extra places, so always check before you bet. Terms are set by the number of runners that actually start, so non-runners can change them.

Each-way worked examples

Example 1: you bet £5 each-way at 10/1 (11.00) with 1/5 odds for 3 places. Your total stake is £10. The win part returns £5 × 11.00 = £55. The place part pays at 2/1 (3.00), so it returns £5 × 3.00 = £15.

When is an each-way bet worth it? The break-even point

If your selection only places, the place part has to cover the losing win part before you make any profit. That only happens when the win odds multiplied by the place fraction are at least 1. At 1/5 odds, you need win odds of 5/1 (6.00) or bigger; at 1/4 odds, 4/1 (5.00) or bigger.

Below those prices, a placed selection still loses you money overall. That is why each-way bets on short-priced favourites are usually poor value, while each-way bets on bigger prices in large fields, especially with extra places, can make more sense.

Whether an each-way bet is good value also depends on how likely your selection really is to place. A generous place fraction on a selection with little chance of placing is still a poor bet.

Each-way betting in football: outrights and goalscorer markets

In football, each-way terms are set market by market, so read them every time. A tournament winner market might pay 1/2 odds for reaching the final, while a top goalscorer market might pay 1/4 odds for the top 3 or 4. Single-match goalscorer markets, such as anytime scorer, are usually win-only.

Watch out for dead-heat rules. If your selection ties for the last paid place, the place stake is divided by the number of selections sharing it. Some markets also have their own tie-break rules, so check how the market is settled.

Each-way tips and common mistakes

Most each-way mistakes come from not reading the terms or forgetting the bet costs double.

• Check the place fraction and the number of places before every bet, and compare them between bookmakers as well as the win odds.
• Remember that £10 each-way means £20 staked.
• Avoid each-way bets below the break-even price for the terms on offer.
• In horse racing, watch for non-runners that can reduce the number of places paid.
• Use an each-way calculator to check returns before you confirm the bet.
• Each-way betting reduces the chance of losing your whole stake, but it does not make betting profitable. Set limits and only stake what you can afford to lose.