Walk into any bookmaker on a race day and you will hear “a fiver each way” more often than almost any other phrase. An each-way bet is really two bets rolled into one, and it is the default choice of many horse racing and golf punters. It is also widely misunderstood — particularly the part where you can “win” and still lose money. This guide covers the mechanics, the place terms and the situations where each-way betting is and isn’t a sensible option.
The two halves
An each-way bet is made up of:
- A win bet: your selection must finish first.
- A place bet: your selection must finish within a set number of positions.
Each half carries the same stake, so “£5 each way” costs £10 in total. The win half pays at the full odds. The place half pays at a fraction of the odds — usually a quarter or a fifth — and the number of places depends on the event.
Standard place terms in horse racing
Place terms are set by the bookmaker and vary with the number of runners and the type of race. The industry-standard terms are:
| Number of runners | Race type | Places paid | Place fraction |
| 2–4 | Any | Win only | n/a |
| 5–7 | Any | 2 | 1/4 |
| 8–11 | Any | 3 | 1/5 |
| 12–15 | Non-handicap | 3 | 1/5 |
| 12–15 | Handicap | 3 | 1/4 |
| 16+ | Non-handicap | 3 | 1/5 |
| 16+ | Handicap | 4 | 1/4 |
Bookmakers frequently enhance these for major meetings — five or six places on the Grand National, for instance — as a promotion. Always check the terms displayed on the race card before placing the bet.
Golf and other sports
In golf, each-way terms are typically five places at 1/4 odds for a full-field tournament, with some bookmakers offering eight or more places at 1/5. Dead heats for a place are common in golf and are settled by dividing the stake proportionally.
Each-way is also available in outright markets for football (to finish in the top four, for example), snooker, darts and athletics.
Worked examples
Assume £5 each way (£10 total) on a horse priced at 10/1 in a 12-runner non-handicap: 3 places at 1/5 odds.
| Result | Win half | Place half | Total return | Net |
| Wins | £5 × 10 + £5 = £55 | 10/1 ÷ 5 = 2/1: £5 × 2 + £5 = £15 | £70 | +£60 |
| Finishes 2nd or 3rd | Lost (£5) | £15 | £15 | +£5 |
| Finishes 4th or worse | Lost (£5) | Lost (£5) | £0 | −£10 |
Now the same bet on a horse at 3/1:
| Result | Win half | Place half | Total return | Net |
| Wins | £20 | 3/1 ÷ 5 = 3/5: £5 × 0.6 + £5 = £8 | £28 | +£18 |
| Finishes 2nd or 3rd | Lost | £8 | £8 | −£2 |
| Finishes 4th or worse | Lost | Lost | £0 | −£10 |
At 3/1 the place return is £8 on a £10 outlay. The horse can be placed and you still lose money. This is the trap many casual punters fall into: a bet described as “winning” produces a net loss.
The break-even price
A useful rule of thumb: the place half only covers the total stake when the place odds are evens or better. With 1/5 place terms, that means the win odds need to be 5/1 or higher; with 1/4 terms, 4/1 or higher. Below those prices, a placed horse loses money overall.
| Place fraction | Minimum win odds for place to cover total stake |
| 1/4 | 4/1 |
| 1/5 | 5/1 |
When each-way is commonly used
- Big fields at big prices. A 20/1 shot in a 20-runner handicap with four places at 1/4 has a place return of 5/1, which is a meaningful return if it finishes in the frame.
- Enhanced place offers. When a bookmaker pays six places on a major race, the value of the place half rises considerably.
- Golf outrights. With 150-player fields and prices routinely at 25/1 or more, each-way is the standard approach.
When it usually isn’t
- Short prices. As shown, below 4/1 or 5/1 the place half rarely justifies doubling the stake.
- Small fields. With five to seven runners and only two places, a horse needs to be in the top two of a handful — the place return is small and the odds are usually short.
- “Each-way extra” markets. Some bookmakers offer more places at reduced odds. These can be better or worse depending on the race; compare the two before choosing.
Rule 4 and non-runners
If a horse is withdrawn after you place your bet, a Rule 4 deduction may reduce your winnings on both halves. And if a withdrawal reduces the field below a place-terms threshold, the number of places paid can drop — a 16-runner handicap becoming a 15-runner one goes from four places to three.
Related reading on site: Horse Racing Tips; “Horse Racing Tips: How to Make Smarter Selections”.
No bet type improves your long-term expectation. Bet within a budget you have set in advance.
