Choosing how to place a bet on horse racing can feel complicated, especially with terms like each way and EW cropping up. Many people spot them on betting sites or at the racecourse but aren’t quite sure what they mean.
This blog post breaks down how each way bets work, what the terms cover, and how odds and place terms are shown. You’ll also see clear examples of returns, plus common variations you might come across.
If you’re curious about horse racing bets or want to place a bet with more confidence, the explanations below keep things simple without skipping the details.
What Does "Each Way" Mean In Horse Racing?
An each way bet combines two bets on the same horse: a win bet and a place bet. The win part pays if the horse finishes first. The place part pays if the horse finishes in one of the stated places, which are listed before the race and depend on the race and the bookmaker’s terms.
This structure means there can be a return even if the horse does not win. The place terms set out which finishing positions count and the fraction of the win odds used for the place payout. These are agreed in advance and shown alongside the market.
Each way bets are popular in bigger fields or in races where the winner is harder to identify. Knowing what counts as a place and how the place odds are calculated is the foundation. With that in mind, the next step is understanding how the stake itself works.
How Do Each Way Stakes Work?
An each way bet is two equal stakes: one to win and one to place. So a £5 each way bet is £10 in total, with £5 on the win and £5 on the place.
Settlement is straightforward:
- If the horse wins, both parts pay.
- If the horse finishes in the stated places, only the place part pays.
- If the horse is unplaced, both parts lose.
You’ll often see this written as £5 EW or £5 E/W. The total outlay is always double the unit stake. Once that’s clear, it helps to know how to read the odds and the place terms shown beside them.
How Do You Read Odds For Each Way Bets?
Odds for the win part are the standard odds you see on the runner, usually in fractions (10/1) or decimals (11.00). For the place part, a fraction of those win odds is used, shown in the place terms next to the market. You might see something like EW 1/5 1-3 places, meaning the bookmaker pays 1/5 of the win odds if the horse finishes in the top three.
In practice, you check two things:
- The main odds on the horse for the win part.
- The place terms stating how many places are paid and the fraction applied to the place part.
With that in hand, you can move from reading the market to understanding the exact fraction used for place payouts.
What Fraction Of The Odds Is Paid For The Place Part?
The place part of an each way bet pays at a set fraction of the win odds. Common fractions are 1/4 or 1/5, depending on the race and the terms offered. For example, if a horse is 10/1 and the place fraction is 1/5, the place odds are 2/1.
The fraction is always displayed before bets are placed, usually alongside the number of places being paid. Fractions and place counts reflect the race conditions and the bookmaker’s terms, which is why they can vary from race to race.
How Are Place Terms Determined By Race Size And Type?
Place terms outline how many finishing positions qualify for a place payout and what fraction applies. These depend mainly on field size and the race type.
As a guide, very small fields often pay places on fewer positions, and some races with four or fewer runners pay only on the winner. From there, typical patterns emerge. Races with 5 to 7 runners commonly pay 1st and 2nd. When there are 8 or more runners, 1st, 2nd and 3rd are often paid. Large handicap races with 16 or more runners may pay down to 4th. The fraction used for the place part is usually 1/4 or 1/5, and is shown with the market.
Some events feature enhanced place terms as a promotion, which can extend the number of paid places. The exact terms are always listed before the off. Once you know how the places are set, it becomes easier to work out returns.
How Do You Calculate Returns For An Each Way Bet?
Returns are the sum of the win part and the place part. If the horse wins, both parts settle. If it places without winning, only the place part settles. For multiples, returns from one leg roll into the next.
It helps to keep three details in mind: the win odds, the place fraction, and the number of places paid. Remember, the total stake is doubled because you are placing two bets.
Example: Single Each Way Bet Calculation
A £5 each way bet (£10 total) at 10/1 with place terms of 1/5 odds for 3 places.
If the horse wins:
- Win part: £5 at 10/1 returns £50, plus the £5 stake back (£55 total).
- Place part: 10/1 at 1/5 is 2/1. £5 at 2/1 returns £10, plus £5 back (£15 total).
- Total payout: £55 + £15 = £70.
If the horse finishes second or third:
- Only the place part pays: £5 at 2/1 returns £10, plus £5 back (£15 total).
If the horse is unplaced:
- No return.
Example: Each Way Part Of A Multiple Bet Calculation
A £2 each way double on two horses at 8/1 and 6/1, both with place terms of 1/4.
Win-win scenario:
- First horse wins: £2 at 8/1 returns £16, plus £2 back (£18).
- £18 then goes on the second horse to win at 6/1: returns £108, plus £18 back (£126 total).
Both horses place:
- First horse places: 8/1 at 1/4 is 2/1. £2 at 2/1 returns £4, plus £2 back (£6).
- £6 then goes on the second horse to place: 6/1 at 1/4 is 1.5/1. Returns £9, plus £6 back (£15 total).
These examples show how the win and place parts settle and how returns roll through multiples. With the maths clear, it’s worth knowing how and why terms sometimes change.
How Do Bookmakers Adjust Each Way Terms And Payouts?
Bookmakers set each way terms by race and may adjust them for market conditions or promotions. You’ll see the number of places paid and the place fraction stated with the market before the race.
If runners are withdrawn and the final field changes, the place terms can be revised. For example, a race that drops below a place threshold might pay fewer places than first shown. Any updates are posted on the market so you can see the live terms before betting.
For major meetings, some bookmakers may offer extra places or improved place fractions as a promotion. These apply only to the races and times stated and are shown clearly when available.
Each Way Bet Variations To Know
While a standard each way bet covers one horse to win or place, there are a few variations worth being aware of.
Each Way Multiple Bets: These include each way doubles, trebles and accumulators across different races. Both the win and place parts of each selection roll into the next leg, so returns depend on how each horse performs.
Extra Place Races: Sometimes you’ll see enhanced place terms that pay on more finishing positions than usual, particularly at big meetings. The details are shown alongside the market before bets are accepted.
Each Way Terms on Other Sports: Each way betting appears in sports like golf, where places might pay down to the top 5, 8 or more, often at 1/4 or 1/5 of the odds. The idea is the same, but the place counts and fractions are tailored to that sport.
Understanding these options sets up the final piece: when an each way bet might be a practical choice.
When Are Each Way Bets Useful For Punters?
Each way bets can suit races with larger fields or when a selection looks more likely to finish near the front than to win outright. In those situations, the place part provides a potential return that can cushion the risk of backing a runner that falls just short of first.
They are also common with runners seen as consistent performers, especially those that regularly hit the frame. Another time they come into play is when extra places are available, as paying down to additional positions can change the balance between risk and potential return.
If you choose to place any bets, keep stakes within personal limits and view betting as optional leisure. Set boundaries that fit your circumstances and take breaks. If gambling starts to affect your well-being or finances, seek support early. Independent organisations such as GamCare and GambleAware offer free, confidential help for anyone who needs it.
Understanding how each way terms, stakes and returns work will help you make informed choices whenever you decide to get involved.
**The information provided in this blog is intended for educational purposes and should not be construed as betting advice or a guarantee of success. Always gamble responsibly.