What is Each Way Betting?
Each way betting is a popular wagering option in horse racing that gives you two chances to win from a single selection. When you place an each way bet, you're effectively placing two separate bets of equal value: one for your horse to win, and one for it to finish in a designated place position.
This type of bet is particularly valuable when backing horses at longer odds, as it provides insurance if your selection runs well but doesn't quite manage to win the race.
Key Point
An each way bet costs double your stake. A £10 each way bet actually costs £20 total (£10 on the win, £10 on the place).
How Each Way Betting Works
The Win Component
The win part of your each way bet works exactly like a standard win bet. If your horse finishes first, you receive the full odds on your win stake. Simple as that.
The Place Component
The place part pays out if your horse finishes in one of the designated place positions. The place odds are calculated as a fraction of the win odds, typically either 1/4 or 1/5 depending on the race type.
Example: £10 Each Way at 10/1 (1/4 odds, 3 places)
If horse WINS:
Win bet: £10 x 10/1 = £100 + £10 stake = £110
Place bet: £10 x 10/4 (2.5/1) = £25 + £10 stake = £35
Total return: £145 (Profit: £125)
If horse finishes 2nd or 3rd:
Win bet: Lost (-£10)
Place bet: £10 x 2.5/1 = £25 + £10 stake = £35
Total return: £35 (Profit: £15)
Standard Place Terms
The number of places paid and the fraction of odds offered varies depending on the number of runners and the type of race. Here are the standard terms used by most UK bookmakers:
| Race Type | Runners | Places Paid | Odds Fraction |
|---|---|---|---|
| Standard Race | 5-7 runners | 1st, 2nd | 1/4 odds |
| Standard Race | 8+ runners | 1st, 2nd, 3rd | 1/5 odds |
| Handicap | 12-15 runners | 1st, 2nd, 3rd | 1/4 odds |
| Handicap | 16+ runners | 1st, 2nd, 3rd, 4th | 1/4 odds |
| Grand National | Any | 1st, 2nd, 3rd, 4th, 5th | 1/4 odds |
Note on Non-Runners
If non-runners reduce the field below the minimum required for each way betting (usually 5 runners), the place part of your bet becomes void and your place stake is returned.
Each Way Calculator
Understanding your potential returns before placing an each way bet is crucial for proper bankroll management. An each way calculator helps you work out:
- Total stake required - Remember it's double your unit stake
- Win returns - Full odds on your win stake plus place returns
- Place-only returns - What you get back if the horse places but doesn't win
- Profit/Loss scenarios - Clear picture of outcomes
Quick Mental Calculation
For 1/4 odds: Divide the win odds by 4 to get place odds
For 1/5 odds: Divide the win odds by 5 to get place odds
10/1 at 1/5 odds = 10/5 = 2/1 place odds
When to Bet Each Way
Big Field Handicaps
Large field handicaps are the classic each way scenario. With 16+ runners, you get 4 places paid at 1/4 odds, giving you excellent place value on outsiders. The competitive nature of handicaps means even well-fancied horses can be beaten, making place protection valuable.
Pro Tip
Big handicaps at major festivals (Cheltenham, Royal Ascot, Grand National meeting) often have 20+ runners. With bookmakers offering extra places, an each way bet on a 20/1 shot can return a healthy profit even for 5th or 6th place.
Outsiders in Competitive Races
Each way betting makes most sense when backing horses at 8/1 or longer. At shorter odds, the place returns often don't justify the double stake. Consider each way when:
- Your selection is 8/1 or bigger
- The race is competitive with no clear standout favourite
- Your horse has a solid place chance but might not quite win
- Ground conditions or draw could affect the outcome unpredictably
- It's a horse's first run at the trip or over obstacles
When NOT to Bet Each Way
Avoid each way bets on short-priced favourites (under 4/1). The place odds become so small that you're better off either backing to win only or finding better value elsewhere. A 2/1 shot each way at 1/4 odds gives you just 1/2 for the place - not worth doubling your stake.
Finding Each Way Value
The key to profitable each way betting is identifying situations where the place terms offer genuine value. Here are the best opportunities:
1. Enhanced Each Way Terms
Some bookmakers offer 1/4 odds on races that would normally be 1/5. This 25% boost to place odds significantly improves value, especially on longer-priced selections.
2. Extra Places Promotions
Bookmakers regularly offer extra places on major races. A race that normally pays 3 places might pay 4, 5, or even 6 places. This dramatically improves your chances of seeing a return.
3. Field Size Sweet Spots
The best each way value often comes in handicaps with 16-20 runners. You get 4 places at 1/4 odds, and the competitive nature means outsiders regularly fill the places.
4. Festival Racing
Major meetings like Cheltenham, Royal Ascot, and the Grand National attract extra places offers from virtually all bookmakers. These are prime each way betting opportunities.
Each Way Stealing
Some professional punters specialise in "each way stealing" - backing horses purely for place value when they believe the horse has a much better chance of placing than the odds suggest. This works best in big field handicaps where a horse might be 25/1 to win but has, say, a 1 in 4 chance of placing.
Best Bookmakers for Each Way Betting
Not all bookmakers are equal when it comes to each way value. Here are our top picks for racing punters:
Bet365
Extra Places Daily Best Odds Guaranteed Live StreamingConsistently offers extra places on competitive races. Excellent for each way multiples with industry-leading place terms on accumulators.
Paddy Power
Extra Places Money Back Specials Enhanced OddsKnown for generous extra places offers, especially on Irish racing. Regular money back promotions if your horse falls or unseats.
William Hill
Extra Places 1/4 Odds Boost Best Odds GuaranteedFrequently upgrades from 1/5 to 1/4 odds on selected races. Strong extra places coverage on all major meetings.
Betfair Sportsbook
Extra Places Each Way Edge Price PromiseThe "Each Way Edge" feature shows you which races offer the best place value. Innovative tools for serious each way punters.
Multi-Accounting Strategy
Having accounts with multiple bookmakers allows you to shop around for the best extra places offers. One bookie might offer 6 places on the Grand National while another offers 5 - this difference can be crucial.