Each-way betting is one of the most common types of horse racing bets, yet many punters still don’t fully understand how it works.
Done right, it can be a valuable tool for finding big-priced winners while minimising risk. Done wrong, it’s an easy way to burn through your bankroll.
So, let’s break it down properly.
What Is an Each-Way Bet?
An each-way bet is two bets in one:
- A win bet – your horse needs to win the race.
- A place bet – your horse needs to finish in the specified place positions (e.g. top 3, top 4, etc.).
Because it’s two bets, it costs twice as much. A £10 each-way bet will cost you £20 in total—£10 on the win and £10 on the place.
How the Place Part Works
The number of places paid depends on how many runners are in the race and whether it’s a handicap or not. Here’s the standard breakdown:
| No. of Runners | Race Type | Places Paid | Place Odds |
|---|---|---|---|
| 2-4 | Any | Win only | N/A |
| 5-7 | Any | 1st & 2nd | 1/4 odds |
| 8+ | Any | 1st, 2nd & 3rd | 1/5 odds |
| 12-15 | Handicap | 1st, 2nd & 3rd | 1/4 odds |
| 16+ | Handicap | 1st, 2nd, 3rd & 4th | 1/4 odds |
These are standard industry terms, but bookmakers often offer enhanced place terms, especially for big races. The Grand National, for example, frequently pays out on the top 5, 6 or even 7 places.
Each-Way Betting in Action
Let’s say you place a £10 each-way bet on a 12/1 shot in a 16-runner handicap race. That means:
- £10 goes on the win at 12/1.
- £10 goes on the place at 1/4 odds (so 3/1).
Scenario 1: Your Horse Wins
- Win bet: £10 @ 12/1 returns £130 (£120 profit + £10 stake).
- Place bet: £10 @ 3/1 returns £40 (£30 profit + £10 stake).
- Total return: £170 (Profit: £150).
Scenario 2: Your Horse Places (2nd, 3rd or 4th)
- Win bet loses (-£10).
- Place bet wins, returning £40.
- Total return: £40 (Profit: £20).
Scenario 3: Your Horse Finishes Outside the Places
- Both bets lose.
- Total loss: £20.
When Should You Bet Each-Way?
Each-way betting is not always the smartest play.
Some punters fall into the trap of backing horses each-way at short odds, which is rarely a good strategy. If you’re backing a 5/2 shot each-way, you’re only getting 1/2 odds for the place—is that really worth it?
Here’s when each-way betting makes the most sense:
- Big-field handicaps: 16+ runner races with extra places on offer.
- Double-figure odds: Ideally 10/1+ so the place part pays out at 2/1 or better.
- Races with extra places: Some bookies pay 4, 5, or 6 places instead of the standard terms.
The Rise of Extra Place Offers
Bookmakers now regularly offer extra place races—especially for big handicaps and festivals like Cheltenham. This can turn a bad each-way bet into a great one.
For example, if you back a horse each-way at 16/1 in a race where the bookies are paying 6 places instead of 4, your chance of collecting a return is much higher.
Each-Way Betting vs Exchange Betting
If you’re a smart punter, you might also be wondering—is each-way betting better than using the exchanges?
On the exchanges (like Betfair), you can manually place a win bet and a separate place bet. Sometimes, this gives you better odds than a traditional each-way bet, but not always. It’s worth checking, especially for races where bookies are offering extra places (which you won’t get on an exchange).
Final Thoughts
Each-way betting can be a valuable tool when used correctly. But it’s not something you should blindly apply to every race.
If you want to make your betting more profitable and avoid common mistakes, make sure you’re only betting each-way when it gives you a real edge—typically in big handicaps at 10/1+ with extra places.
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