What is an Each Way bet?

A simple guide

Have you ever thought to yourself ‘What is an Each Way bet?’ but not been certain how it works? Have a read of our explanation below.

An Each Way bet is a bet offered by Bookmakers that consists of two different bets – one for the selection to Win and one for the selection to Place.

The win part of the each way bet
For the Win part of the to win, without pointing out the obvious too much, the selection has to win the event.

The place part of the each way bet
The selection must finish within a certain number of places behind the eventual winner.

In Horse Racing, for example, the Place numbers (commonly between two and four places) are set by the Jockey Club and depends on the size of the field (how many horses are running). Generally, if there are 7 horses running, the ‘Place’ part of the bet would only win if the horse finishes first or second. Beyond this, three places are generally available but bookmakers will often pay extra places in big races. Coral paid seven in a race at the Cheltenham Festival in 2018.

TO BE PUT IN TO A TABLE
Less than 5 runners is win only
Races of 5 to 7 runners 1/4 2 places
All other races more than 7 runners 1/5 3 places
Handicaps of 12 to 15 runners 1/4 3 places
Handicaps of more than 15 runners 1/4 3 places

Similar rules apply in Golf where bookmakers are known to pay up to 10 places and also in football when predicting league winners.

How does the bet work?
Due to the bet being made up of two parts, the stake that you enter is doubled. An example would be that if you were to bet on Kauto Star each way at 10/1, a £10 each way bet would cost you £20, with £10 going towards the Win part of the bet and £10 going towards the Place.

In addition, the odds of the Place part are subject to changes depending on the size of the event. Small races at Wolverhampton, for example, will often be 1/5 of the odds whereas big races at the Cheltenham Festival will often be 1/4.

How are each way winnings calculated?
We’ll use the example above of Kauto Star at 10/1 – £10 each way (total stake of £20).

If Kauto was to win…

£10 on the Win – £10 x 10 = £100 + plus stake returned

Then for the each way part…

1/4 odds – £10 x (10 x 1/4) = £25 + plus stake return

Total outlay of £20 but returns of £145.

If Kauto was to place…
The returns would be calculated as they are above, but without the win part of the bet.

1/4 odds – £10 x (10 x 1/4) = £25 + plus stake return

Total outlay of £20 but returns of £35.

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