An each way bet involves places two equal bets on the same horse: one to win and the other to finish in a top position
What Is An Each Way Bet?
An each way (EW) bet is bet a type commonly available in horse racing, but can also apply to other sports such as golf or tennis. It is essentially two bets in one: one bet is for the horse (or player) to win, and the other bet is for the horse (or player) to place.
The “place” portion of the bet usually pays out if the horse (or player) finishes in the top two, three, or four places depending on the size of the field and the specific rules of the bet. The payout for the “place” portion of the bet is a fraction of the win payout, determined by the odds and the number of places being paid out.
The outcome of your Each Way bet depends on where the horse came in the race. There’s three potential outcomes:
- Win. The horse comes 1st place. You win both the ‘Win’ and ‘Place’ parts of your Each Way bet.
- Placed. The horse didn’t come first, but still placed. You win the ‘Place’ part and lose the ‘Win’ part of your bet.
- Unplaced. The horse failed to place. You lose both the ‘Win’ and ‘Place’ parts of your bet.
EW betting is popular in unpredictable races — such as the Grand National — where the chance of selecting the outright winner is relatively low. The main advantages of Each Way bets are higher strike rates and steadier results. Thus EW bets are suitable for a low-risk betting strategy.
Example
Suppose you place a £10 each way bet on a horse at odds of 10/1.
This essentially means you are placing a £10 bet for the horse to win and a £10 bet for the horse to place (£20 total stake).
- If the horse wins the race, you would receive a payout for both the win and place bets.
- If the horse finishes in one of the place positions, you would only receive a payout for the place bet, which would be a fraction of the win payout.
- If the horse does not win or place, both the win and place bets lose.
Importantly, with any Each Way bet you need to take note of the place terms. These are used to determine the payout for the place part of your bet. I’ll explain this in detail over the following sections.
Each Way Place Terms Explained
Place terms are set by the Bookmaker or Betting Exchange that you place your EW bet with. They’re usually stated within, or next to, the bet slip.
There’s two things you need to know about the Each Way place terms:
- Places paid. This is the number of places eligible to win the ‘Place’ part of the bet.
- Place fraction. This is the value you multiply by the odds to workout the payout for the ‘Place’ bet.
This EW market pays Pays 1st-3rd in the race at 1/5 odds
Using the odds and place terms, you can easily use an Each Way Bet Calculator to work out the winnings of your EW bet. But if you’re keen to know how the calculations are made, proceed to the next section for a worked example.
Where To Place Each Way Bets
How To Calculate Each Way Payouts
Now I’m going to demonstrate how to calculate Each Way profits manually in both Fractional and Decimal odds, without the use of an online calculator.
Suppose you’ve placed an Each Way bet of £10 (£5 on Win, £5 on Place) at a price of 20/1 (21.0 decimal odds). The Each Way terms of the race are:
- 6 places at 1/5 of the odds.
Here’s the three possible outcomes of this EW bet:
1. Horse Wins The Race
Here are the two outcomes of the win and place bets when the horse wins the race:
Win bet:
- Fractional: £5 x (20/1) = £100 + £5 stake back = £105 return
- Decimal: £5 x (21.0 -1) = £100 + £5 stake back = £105 return
Place bet:
- Fractional: £5 x (20/5) = £5 x (4) = £20 + £5 stake back = £25 return
- Decimal: £5 x ((21.0 -1)/4) = £20 + £5 stake back = £25 return
Total Return = £105 (Win) + £25 (Place) = £130
Total Profit = £130 (Total Return) – £10 (Total Risk) = +£120
2. Horse Finishes 2nd-6th
Here are the two outcomes of the win and place bets when the horse places but doesn’t win:
Win bet:
- Fractional & decimal: £0 return
Place bet:
- Fractional: £5 x (20/5) = £5 x (4) = £20 + £5 stake back = £25 return
- Decimal: £5 x ((21.0 -1)/4) = £20 + £5 stake back = £25 return
Total Return = £0 (Win) + £25 (Place) = £25
Total Profit = £25 (Total Return) – £10 (Total Risk) = +£15
3. Horse Fails to Place
Here are the two outcomes of the win and place bets when the horse doesn’t place in the race:
Win bet:
- Fractional & decimal: £0 return
Place bet:
- Fractional & decimal: £0 return
Total Return = £0
Total Profit = -£5 (Win) + -£5 (Place) = –£10
You can follow the calculations above or simply use an online Each Way Bet Calculator.
How Dead Heats Impact Each Way Bets
The winner of a race can usually be determined by a photo finish. But at times it is too close to call and the race result is declared a “Dead Heat” — which means a draw between one or more horses.
Dead Heats are treated the same for Each Way bets as any other type of bet. The Dead Heat is calculated by dividing the stake between the number of winners in the event.
So in a two-way Dead Heat (2 tied winners), the return (and profit) will be half of what it would’ve been if the horse won on its own. The above example bet would return £77.50, and £67.50 profit.
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