Each Way Bets Explained
An 'each-way' bet is a win and place bet. There are two stakes: one for the win part, the other for the place part. If the selection finishes 1st, both win and place bets pay a return. The win bet returns the win stake and full odds. The place bet returns the place stake and a proportion of the win.
If the selection fails to win but is placed, the win bet fails and the win stake is lost. But the place bet pays a return and, of course, the place stake is returned.
Place-only bets are not normally accepted in betting shops. They are accepted by the Betting Exchanges such as Betfair and Betdaq, who offer Place only Markets. Conditions for each-way betting vary according to circumstances, the table illustrates usual terms:
| 2-4 runners | No place betting | |
| 5-7 runners | 1st and 2nd | one quarter the odds |
| 8 + runners | 1st, 2nd and 3rd | one fifth odds |
| Handicaps 12-15 runners | 1st, 2nd and 3rd | one fifth odds |
| Handicaps 16 + runners | 1st, 2nd, 3rd and 4th | one quarter odds |
| Other Races 8+ runners | 1st, 2nd and 3rd | one fifth odds |
In Tote or pari-mutuel betting, the place part of an each-way bet is not a proportion of the win odds but the place pool dividend. Psychologically, many bettors look to the place part of their each-way bets as insurance for their win bets. Such each-way bettors may therefore be drawn to wagers at odds of about 5/1 and more, a region of the odds which statistically bears a heavier burden of over-round than the runners at shorter odds, where horse race bettors are more likely to find value.