What is each-way betting in horse racing? A simple guide to winning big

What is each-way betting?

Each-way betting, or e/w as it’s sometimes shortened, involves two bets in one (a win bet and a place bet) and can earn winnings even if your selection doesn't win the race.

An each-way bet is actually two separate bets:

Win Bet: This part of the bet is placed on your chosen horse to win the race.

Place Bet: This part of the bet is placed on your chosen horse to place (finish in one of the top positions, depending on the size of race).

The great thing about each-way betting is that even if your horse doesn’t win, you can still make a profit if the horse finishes in a place (usually the top 2, 3, or 4 spots, depending on the race and the bookmaker).

Each-way betting also gives you two chances of winning: one for the win and one for the place. 

But be aware, the stake in an each-way bet is doubled, because you are effectively placing two bets. For an example a £5.

 

How does each-way betting work?

Each-way betting is a very simple process once you’ve got your head round the concept, in racing it’s one of the least complex ways of betting.

Choose a horse and decide how much you want to stake.

The total stake for an each-way bet will be double that amount.

If your horse wins, you collect both the win and place parts of the bet. If your horse places but doesn’t win, you only receive the place part of the bet.

 

Each-way scenario

You place an each-way bet of £10 on a horse at 5/1 odds. Your total stake is £20.

Win Bet: If your horse wins, you get 5/1 on the £10 stake. That’s a £50 return for the win part.

Place Bet: The place part is usually paid out at 1/4 of the odds. So, for 5/1 odds, the place odds are 1.25/1 (1/4 of 5/1). If your horse places, you would receive £12.50 (1.25 x £10).

If your horse wins, you’d get £62.50 in total profit (£50 for the win + £12.50 for the place). If it places, you’d get £12.50.

You would also receive your initial stake back so your total return for a winning horse on this each-way bet would be £82.50.

Don’t forget: You are risking more on an each-way bet as your stake is doubled, but you are also getting a second chance to win in the place market.

 

When does the place bet pay out?

The place bet part of an each-way bet pays out if your horse finishes in a place, which is usually in the positions behind the winner.

The number of places a bookmaker pays out on depends on the number of runners in the race and the bookmaker’s T&Cs. Make sure you check them.

A race with fewer than eight runners: only the top two places are considered for the place part of the bet.

A race with 8 runners or more: usually, Three places are paid out (1st, 2nd, and 3rd).

A race with 16 runners or more: The bookmaker might extend the place payout to 4th or even 5th position.

Larger field races: Races with huge fields of 30 or more such as the Grand National or Handicap races can see some bookmakers offer places for 6th and 7th, maybe more.

Group or grade races: These are usually the biggest races in the calendar and attract a big audience. Bookies will usually offer extra places for promotional welcome offers for new customers and as loyalty boosts for their existing ones.

Don’t forget: Check the T&Cs of your bookmaker before placing your bet. They may offer more places for larger fields, improving your chances of getting a return if your horse performs well but doesn’t win.

 

What are the place odds and how to understand them?

In each-way betting, the place part of your bet is paid out at a fraction of the win odds. This fraction varies by bookmaker, race and sometimes by type of event. Here are the common place odds:

- 1/4 of the odds for races with 8 or fewer runners.

- 1/5 of the odds for races with 

- 1/5 of the odds for very competitive races, like major handicaps or large-field races.

So, for a horse with 5/1 odds:

- The win part will pay out at 5/1.

- The place part will usually pay out at 1/4 of the win odds, which is 1.25/1 (for 5/1).

 

What are the advantages of each-way betting?

 

Reduced risk:

Because you have two chances to win (win and place), your risk is lowered compared to betting on a horse to win only.

 

Consistent payouts:

Even if your horse doesn't win, if it places, you can still make money or recoup some of your stake.

 

Great for long shots/big-priced outsiders:

If you're betting on a horse with longer odds, the each-way bet gives you some protection. The horse might not win, but it could still finish in the top places and earn a nice payout.

 

Ideal for competitive races:

An each-way bet gives you a better chance of a payout in races with lots of runners, especially if the winner is hard to predict. The Grand National is a great example of where each-way bet should be used, unless the odds are very short.

 

What are the disadvantages of each-way betting?

 

Double the stake:

Since you're placing two separate bets (win and place), your total stake will be higher than a regular win-only bet. For example, a £10 each-way bet costs £20 in total.

 

Place odds are lower:

If your horse places, the payout for the place part of the bet is much smaller than the win bet. So, even if your horse places, you won’t make as much money as you would on a straight win bet.

 

Fewer places in smaller races:

In smaller fields, where fewer horses are running, the bookmaker may only pay out for the top 2 places, making it harder to get a payout from the place bet.

 

When should you use each-way betting?

 

Horses with big odds:

If you're betting on an outsider or a horse with long odds, an each-way bet can reduce risk. Even if the horse doesn’t win, it might still place.

 

Wide open races:

In large-field races with many runners, each-way betting is a smart option since it increases the likelihood that your horse will finish in the top positions.

 

Competitive fields:

In races where there’s no clear favorite, an each-way bet spreads your chances. The odds are often more favourable in these races.

 

Handicap races:

These races often have a larger number of horses, and because they level the playing field (by adjusting weights), they are often good targets for each-way betting.

 

What’s the difference on betting on a favourite compared to an outsider in each-way betting?

Each-way betting all boils down to the amount of profit you could make and the amount of risk you are willing to take.

Betting on a favourite each-way is the potentially safer option, but won’t earn you the big bucks, while betting on an outsider will bring in much more profit but increase the risk.

 

Scenario 1: Betting on a favourite

Race type: 10-runner race.

Horse: Favourite with 2/1 odds.

Bet: £10 each-way (£20 total stake - two bets of £10)

Place odds: 1/5

 

Payout:

Profit if horse wins: £24.00

Total return if horse wins: £44.00.

Profit if horse places: £-6.00

Total return if horse places: £14.00

 

Scenario 2: Betting on an outsider

Race type: 20-runner race.

Horse: Outsider with 25/1 odds.

Bet: £5 each-way (£10 total stake - two bets of £5)

Place odds: 1/5

 

Payout:

Profit if horse wins: £150.00

Total return if horse wins: £160.00.

Profit if horse places: £20.00

Total return if horse places: £30.00

 

Each-way betting is it for you?

Each-way betting is an excellent option for those who want to bet on horse racing with a lower risk profile, especially in races with large fields or where the winner isn’t easily predictable.

While it requires a higher total stake (since you’re placing two bets), it offers two chances to win, and it’s ideal for betting on horses with long odds or in wide-open races.

Remember to always check the place terms with your bookmaker, as these vary depending on the race and the number of runners.

With a clear understanding of how each-way betting works, you can develop a more informed strategy and improve your chances of success.