By the OpenBookies team · Updated July 2026 · 9 min read
An each-way bet is two bets of equal stake rolled into one: a win bet on your selection to win, and a place bet on it to finish in the places — so "£5 each-way" costs £10 in total. The place part pays at a fraction of the win odds, which means you can get a return even when your pick doesn't win. It's the classic way to back a big-priced horse, and this guide covers the place terms, the settlement maths and when each-way is (and isn't) worth it.
Two bets in one: the win part and the place part
Write "£5 E/W" on a slip and you are striking two separate £5 bets:
The win bet settles like any win single — £5 at 10/1 returns £55 if the horse wins, nothing otherwise.
The place bet pays if the horse finishes anywhere in the advertised places, including winning. It settles at a fraction of the win odds — commonly a quarter or a fifth. At 1/5 odds, your 10/1 shot places at 10 ÷ 5 = 2/1, so the £5 place part returns £15.
Because both parts pay when the horse wins, a winning each-way bet collects on the win and the place. The full settlement for £5 each-way at 10/1 (1/5 odds, 3 places):
| Result | Win part returns | Place part returns | Total back (from £10) |
|---|---|---|---|
| Wins | £55.00 (£5 at 10/1) | £15.00 (£5 at 2/1) | £70.00 |
| Places (2nd or 3rd) | £0.00 | £15.00 (£5 at 2/1) | £15.00 |
| Unplaced | £0.00 | £0.00 | £0.00 |
Note the middle row: a placed horse returns £15 from a £10 outlay — a £5 profit. That's the safety net working. But run the same numbers at 4/1 and the place part pays at only 4 ÷ 5 (four-fifths of evens): £5 returns £9, so a placed horse gets back less than the £10 you spent. The maths of the place fraction is the heart of every each-way decision.
Place terms: how many places, what fraction
Place terms are set by the race type and field size. The standard UK and Irish racing terms — used by every high-street bookmaker unless a promotion says otherwise — are:
| Race | Place fraction | Places paid |
|---|---|---|
| Handicaps, 16+ runners | 1/4 odds | 1st, 2nd, 3rd, 4th |
| Handicaps, 12–15 runners | 1/4 odds | 1st, 2nd, 3rd |
| Any race, 8–11 runners | 1/5 odds | 1st, 2nd, 3rd |
| Any race, 5–7 runners | 1/4 odds | 1st, 2nd |
| Any race, 2–4 runners | Win only | 1st |
Two things catch people out. First, with four or fewer runners there is no place betting at all — the race is win-only. Second, the terms are fixed by the number of runners at the off, so a couple of non-runners can drop a 16-runner handicap to 15 and quietly turn "4 places at 1/4" into "3 places at 1/4". Big festivals like Cheltenham and the Grand National often come with promotional extra places, which genuinely improve the bet.
Each-way beyond racing
Each-way isn't only for horses. Golf outrights commonly pay 5 or more places at 1/4 or 1/5 odds, and football outright markets (e.g. to win the league) offer each-way on the top places. The same two-bets-in-one logic applies; only the advertised terms change.
A full worked example, line by line
You back a horse at 20/1 in a 16-runner handicap, £2 each-way — £4 total. The terms are 1/4 odds, 4 places.
If it wins: the win part returns £2 × 20 + £2 = £42. The place part settles at 20 ÷ 4 = 5/1: £2 × 5 + £2 = £12. Total back £54, profit £50.
If it finishes 2nd–4th: the win £2 loses; the place part returns £12 as above. Total back £12, profit £8.
If it finishes 5th or worse: both parts lose. Total back £0.
This is the profile that makes each-way famous: at a big price in a big field, even the consolation outcome is profitable. If you're unsure how the fractional prices convert, our odds guide covers the arithmetic.
When is each-way actually worth it?
Good each-way territory: prices of around 8/1 and upwards, big fields, handicaps with four places, and any market offering promotional extra places. The place part returns more than its stake, and the win part is the bonus.
Poor each-way territory: short prices. Below roughly 4/1 at 1/5 odds, a placed horse returns less than your total outlay, and odds-on each-way is almost always a waste of half the stake. Seasoned punters back short-priced horses to win only.
There's also a quirk worth knowing: because standard place terms are a blunt instrument, place parts on certain big-priced horses in certain races can be objectively generous — which is why bookmakers watch each-way-heavy multiples closely and why "each-way value" is a whole school of betting in itself.
Each-way doubles, trebles and accas
Any multiple can be struck each-way, and the same rule applies: it becomes two multiples. A £1 each-way treble costs £2 — a £1 win treble and a £1 place treble, with each leg of the place treble settling at its own race's place terms. Every leg must place for the place part to pay. Combined with full-cover bets this gets expensive quickly: a £1 each-way Lucky 15 costs £30. See our accumulators guide for how multiples settle and the types of bets guide for the full-cover family.
Writing an each-way slip in the shop
Write the time, meeting and selection, then the stake with "E/W" — e.g. "2.30 Ascot, Example Horse, £2 E/W". Remember the till will take double the written stake (£4 for £2 each-way). The place terms print on your receipt; check them before you leave the counter, especially if non-runners have been announced. If you're new to the counter routine, start with how betting shops work, and find your nearest shop on our betting shop map. Non-runner after you've bet? Your stake on that horse comes back for singles, and Rule 4 deductions may trim winnings on bets struck at an early price.