Each Way Bets
An each-way bet is actually two bets in one:
– a WIN bet
– a PLACE bet
The WIN part is obvious: you are betting on a horse to WIN. Bet £10 (See note, below) at odds of 10/1, and you’ll WIN £100 & your original stake = £110.
The PLACE part comes into play if the horse finishes in the second or third (or maybe fourth *).
Say you bet £10 each way (total cost £20), then the place part (stake £10) will pay if the horse finishes second or third (or fourth). However, the PLACE odds will normally be 1/4 (or 1/5 **) of the WIN odds.
So £10 at 10/1 will pay £10 * 10/4 = £25 – but you already staked £20, so you only won £5.
On betting exchanges such as BetDaq and BetFair, you place the WIN and PLACE parts as two separate bets (matched by different punters), and the odds will vary as a result. Normal bookies will have an “Each-way” checkbox when you place the bet.
I hope that’s clear?
* Depends on the Bookie & number of runners – sometimes it’s only places 1-2..
** Depends on the Bookie and the race..
NOTE: 10/1 is fractional odds. Equivalent to 11.0 decimal odds. See Fractional & Decimal Odds for an explanation..