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What Is An Each Way Bet?

A Simple Explanation of An Each-Way Bet

When you bet each-way on a horse race, you are placing two bets. The first of those bets is on the horse to win, and the second of those bets is on the horse to be placed according-to the place-terms of the race. Therefore, if you place a bet of £1 Each-Way – it will cost you £2.

For example: If you place a bet of £1 each-way on a horse that wins at odds of 10/1, in a race where the place-terms are 1/5 of the odds (1/5 of 10/1 = 2/1) for 1st 2nd & 3rd – your bet will be settled as follows:

£1 Win @ 10/1 = £11 (£10 Winnings + your £1 stake)
£1 Place @ 1/5 of 10/1 (2/1) = £3 (£2 Winnings + your £1 Stake)
Total Return = £14 (£12 Winnings + your £2 Stake)

However, if your horse finishes 2nd or 3rd, the win bet will be lost and you will only receive the place-winnings of £2 + your £1 Stake, whilst if it finishes worse than 3rd it will be deemed a loser.

*Please Note – place terms differ from race-to-race as set out below.

Place Terms

There are standard place-terms for every horse race, and these place-terms are determined by both the number of runners in the race, and the type of race it is, as follows:

A Handicap containing 16 horses or more - 1/4 odds 1st, 2nd, 3rd and 4th
A Handicap containing 12-15 horse - 1/4 odds 1st, 2nd and 3rd
Any other race containing more than 8 horses - 1/5 odds 1st, 2nd and 3rd
All races containing 5-7 horses - 1/4 odds 1st and 2nd
Races containing 4 horses or less – All bets are settled win only.

*Please note – each-way bets placed on the day of the race, or when markets are formed the previous day, will be settled according-to the number of horses that run if non-runners reduce the size of the field.

For Example: If we had placed our £1 Each-way bet, as above, on a horse that wins at odds of 10/1, but the field had been reduced from 8 horses to 7 horses because of a non-runner – the bet would be settled as follows.

£1 Win @ 10/1 = £11 (£10 Winnings + your £1 stake)
£1 Place @ 1/4 of 10/1 = £3.50 (£2.50 Winnings + your £1 Stake)
Total Return = £14.50 (£12.50 Winnings + your £2 Stake)

However, if your horse finishes 2nd the win bet will be lost and you would then receive the place winnings of £2.50 + your £1 stake, whilst if it finishes 3rd or worse it would be deemed a loser.

Ante-Post Bets

If you ever place a bet on an ante-post market, which is a market usually formed days, weeks or even months in advance of the day of the race, the place-terms quoted when you place your bet will stand regardless of how many horses run in the race. This can be a huge advantage if only a few horses run in the race, but the downside of ante-post bets is that you tend to lose your money if your horse doesn’t run. However, some bookmakers do offer Non-Runner-No-Bet (NRNB) on some races, which means you’ll get the agreed place-terms, or your money-back if your horse doesn’t run.

Enhanced Place Terms

Due to the competitive nature of Bookmaking industry, many bookmakers also sometimes choose to offer enhanced place-terms on some of the biggest-races on the racing calendar, such as the Grand National or races at the Cheltenham Festival. You may see bookmakers offer 1/4 odds in races that they only need to offer 1/5 odds, or they may offer an extra-place in certain races. For example, many bookmakers are offering 1/4 odds 1st, 2nd, 3rd, 4th and 5th on the Grand National. This concession is simply to attract punters to place their bets with them.

Owen SmithOwen Smith

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