An each-way bet is two bets in one, popular in horse racing and golf. Half your stake backs the selection to win and half backs it to place, finishing in the top few.
The place part pays a fraction of the win odds, often 1/4 or 1/5, and the number of places paid depends on the event.
A $10 each-way bet costs $20 in total. If the selection wins, both parts pay. If it only places, the place part pays and the win part loses.
How it works
Each-way betting is common in the UK and Ireland, especially for horse racing and golf futures, where it's hard to pick a winner from a big field.
An each-way bet always costs double the stake you choose, because it's two equal bets: one to win and one to place. The place part is paid at a fraction of the win odds, called the place terms.
| Event | Typical place terms |
|---|---|
| Horse race, 8 to 11 runners | 1/5 odds, 3 places |
| Big handicap horse race | 1/4 odds, 4 or more places |
| Golf tournament | 1/5 odds, 5 to 10 places |
Terms vary by sportsbook, and some offer extra places on big events, which can make each-way bets better value.
The most common mistake is betting each way on short-priced favorites. At low odds, the place part may return less than your total stake, so you can lose money even when your pick finishes in the places. Each-way bets make more sense on bigger prices in large fields.
Examples
- Example 1
$10 each way at 12/1 with 1/4 odds for 3 places costs $20. If it wins, the win part pays $130 and the place part pays $40, so you get $170 back.
- Example 2
Same bet, but the selection finishes third: the win part loses and the place part returns $40 (3/1 on $10), a $20 profit on $20 staked.
Common questions
How much does an each-way bet cost?
Double your chosen stake. A $5 each-way bet is $5 to win plus $5 to place, $10 in total.
Can you lose money on an each-way bet that places?
Yes, at short odds. If the place part pays less than your total stake, you can lose money even when your selection places.