Each way betting is a popular option in sports like horse racing, offering the chance of a return if your selection either wins or finishes in a paid place. It can add flexibility to your bet, especially when backing higher-priced contenders.
However, knowing when an each way bet offers real value depends on the odds, the event, and how the bookmaker sets the place terms.
In this blog post, we explain how each way betting works, when it might be worthwhile, and when it might not be the best option. We’ll also show you how to calculate potential returns and understand what’s really at stake.
Read on to learn more.
Each Way Bets Explained Simply
An each way bet is essentially two bets rolled into one. Bettors place half of their total stake on their selection to win, and the other half on the same selection to finish within a set number of top positions—known as "places." The number of places that count, along with the payout terms, can vary depending on the event and the bookmaker.
In horse racing, for instance, each way bets often pay out if the chosen horse finishes in the top three or four. The payout for placing is typically a fraction of the win odds, commonly 1/5 or 1/4.
If the selection wins, both the win and place parts of the bet pay out. If it only places without winning, the bettor receives a return on the place part alone. If you intend to place this sort of bet, it might be worth checking the specific place terms beforehand and keeping the total stake in line with a pre-set budget.
Each Way Bet Example
Consider a £1 each way bet placed on a horse with odds of 10/1. This means the bettor is staking £1 on the horse to win and £1 on it to place, for a total outlay of £2.
If the horse wins, both parts of the bet are successful. The win portion pays out at 10/1, returning £10 in winnings plus the original £1 stake. The place portion typically pays out at a set fraction of the win odds—often 1/5—so in this case, the place return would be at 2/1, giving £2 in winnings plus the £1 stake.
If the horse places but does not win, only the place part of the bet is successful. In that case, the bettor would receive £2 in winnings, along with the £1 place stake returned.
Spotting The Right Odds For Each Way Value
If you’re thinking about placing an each way bet, bettors often find it worth looking at selections with higher odds. Backing a long shot—typically at 10/1 or more—can make the place part of the bet more rewarding, especially when compared to betting on a strong favourite if the bet is successful.
Other factors also come into play, such as how many places the bookmaker is paying out on and what fraction of the win odds applies to the place return. More places or a higher payout fraction can increase the potential value of an each way bet.
If you decide to explore this option, you might want to compare what different bookmakers are offering. Checking the terms and potential returns can help you make a more informed choice and spot the fairest value available.
When Each Way Makes Less Sense
If you’re considering an each way bet, there are times when it might not offer much value. For example, if the win odds are quite low, the place return is usually minimal—sometimes not even enough to cover the extra stake involved.
This can also be the case in events with only a few participants, where bookmakers may only pay out on one or two finishing spots. In these situations, your chances of getting a meaningful return on the place part of the bet are reduced.
You might also come across markets where the place fraction is small or only a limited number of places are paid, which can significantly limit the potential benefit. If you’re thinking about going each way, it’s always worth checking the specific terms first to make sure it aligns with what you’re aiming to get from the bet.
Why Short Prices Can Hurt Your Returns
If you choose to place an each way bet on a favourite or any selection with short odds, it’s worth knowing that the potential return on the place part is usually quite low. For instance, backing a horse at 2/1 with place terms of 1/5 the odds might return less than your original place stake, meaning you'd lose money even if the selection places.
This tends to happen with popular favourites, where the win odds are already quite narrow. That’s why it can be useful to work out the potential place return before placing your bet, helping you decide whether the each way option offers genuine value.
To Win Or Each Way - Which Pays Better?
A straight win bet places the full stake on a selection finishing first, offering the highest possible payout if it wins. An each way bet, on the other hand, splits the stake in two—half goes on the win, and half on the selection finishing in one of the paid places.
If the selection wins, both parts of the each way bet pay out. If it only places, the win part loses, but the place part still returns something—usually at a fraction of the win odds.
While win bets tend to offer higher returns when successful, each way bets can still provide a payout even if the result isn’t perfect. Bettors often favour the each way option when backing a runner with a decent chance of placing but less certainty of winning outright.
How Bookies Split The Payouts
If you choose to place an each way bet, your stake is automatically split into two equal parts: one for your selection to win, and one for it to place. The win portion pays out at the full odds if your pick comes first, while the place portion pays out at a fraction of those odds—often 1/4 or 1/5—depending on the event and the number of places offered.
The number of paid places and the fraction used can vary from one market to another. So if you're thinking about an each way bet, it’s worth reviewing those details first to make sure you know exactly what kind of return is possible.
Figuring Out Your Potential Payouts
If you decide to place an each way bet, working out your potential returns is fairly simple. Start by doubling your intended stake—this covers both the win and place parts of the bet. Then check the win odds and the place terms (such as the fraction used for payouts), and use those figures to estimate what you could get back for a win or a place finish.
Taking a moment to calculate your possible outcomes beforehand can help you better manage your spending and support more mindful betting practices overall.
What You’re Really Risking With Each Way
If you choose to place an each way bet, it’s important to remember that you’re staking double the amount of a single win bet—half goes on your selection to win, and the other half on it to place. If your pick doesn’t finish in a paid position, you lose the full amount. And even if it does place without winning, the return might still be less than your original outlay, particularly when the place odds are low.
Being aware of this upfront helps you set your stake with more confidence. Taking time to understand the terms and do the maths beforehand means you’re less likely to be caught off guard.
This kind of approach helps you manage your betting and decide whether an each way option suits your goals and budget. If anything seems unclear, going back to the basics can always help you make a more informed choice.
Always bet responsibly and never wager more than you are willing to lose.
*All values (Bet Levels, Maximum Wins, etc.) mentioned in relation to this game are subject to change at any time. Game features mentioned may not be available in some jurisdictions.
**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.