Each Way Betting Explained

Each way betting is one of the most popular bet types in horse racing and golf, yet many bettors still misunderstand how it actually works. If you have ever placed an each way bet without fully understanding the place terms, you may have been leaving money on the table. This guide breaks down everything you need to know about each way betting, from the basics through to finding genuine value.

What Is Each Way Betting?

An each way bet is really two separate bets rolled into one. When you place an each way bet, your total stake is split equally between two parts:

Win part: This backs your selection to win the event outright.
Place part: This backs your selection to finish within a set number of positions, as defined by the bookmaker.

Because you are placing two bets, your total outlay is double your unit stake. A 5 pound each way bet costs 10 pounds in total. If your selection wins, both parts pay out. If it only places, you lose the win part but collect on the place part. If it finishes outside the places, you lose everything.

How Place Terms Work

Bookmakers set place terms based on the type of event and the number of runners. These terms determine how many positions count as a place and what fraction of the win odds you receive for the place part.

Here are the standard place terms for horse racing:

2 to 4 runners: Win only. No place betting available.
5 to 7 runners: Places paid on first and second at 1/4 of the win odds.
8 to 15 runners: Places paid on first, second, and third at 1/5 of the win odds.
16+ runners (handicaps): Places paid on first, second, third, and fourth at 1/4 of the win odds.

For golf, place terms typically pay out on the top 5 at 1/4 or 1/5 odds, depending on the bookmaker and the size of the field. During major festivals, bookmakers sometimes offer enhanced place terms to attract customers, such as paying out on the first 5 or 6 places in a horse race.

A Worked Example

Suppose you back a horse at 10/1 each way for 5 pounds. Your total stake is 10 pounds (5 on the win, 5 on the place). The place terms are 1/4 odds for the top 3.

If the horse wins: Your win bet returns 5 x 10 = 50 pounds profit plus your 5 pound stake back. Your place bet pays at 1/4 of 10/1, which is 10/4 or 2.5/1. That returns 5 x 2.5 = 12.50 pounds profit plus your 5 pound stake. Total return: 72.50 pounds from a 10 pound outlay.

If the horse finishes second or third: The win part loses, so you are down 5 pounds. The place bet returns 5 x 2.5 = 12.50 plus your 5 pound stake back, for a total of 17.50. Your net profit is 7.50 pounds.

If the horse finishes fourth or worse: Both parts lose. You are down 10 pounds.

When Should You Bet Each Way?

Each way betting makes the most sense in specific situations:

Large fields: The more runners, the more places are typically paid. Horse racing handicaps with 16+ runners offer four places, giving your each way bet a stronger safety net.
Longer-priced selections: Each way value tends to exist at higher odds. A 20/1 shot that places still returns a decent profit on the place portion. At short odds like 2/1, the place return barely covers your total stake.
Competitive events: When several runners have a realistic chance of placing, each way bets protect you against narrow losses.

Avoid each way betting on short-priced favourites. If you fancy a 2/1 shot, you are better off backing it to win only, since the place part offers almost no value.

Each Way Value Betting

Smart bettors go beyond simply picking horses they like. They look for each way value, which means finding selections where the place odds alone represent a positive expectation.

Here is how to think about it. If a horse is priced at 12/1 in a handicap with 1/4 place terms, the place odds are effectively 3/1. If you believe the horse has a better than 25% chance of finishing in the top four, the place part alone carries positive value. Even if the horse rarely wins, you can profit over time from the place returns.

Comparing odds across different bookmakers is essential for this approach. Place terms vary between firms, and a single extra place can be the difference between a profitable and an unprofitable bet. OddsNotifier covers 250+ bookmakers, making it straightforward to find the best each way terms for any given event.

Comparing Each Way Odds Across Bookmakers

Not all bookmakers offer the same place terms or the same win odds. Two bookmakers might both price a horse at 10/1, but one offers 1/4 place terms while the other offers 1/5. That difference directly affects your place return.

Using a tool like OddsNotifier's dropping odds alerts helps you spot when odds shift across bookmakers, so you can lock in the best available price before it shortens.

You should also check which bookmakers offer extra places for big events. These promotions are common during Cheltenham, Royal Ascot, and the Grand National, and they can significantly improve each way value.

Common Mistakes to Avoid

Ignoring the total stake: Remember, each way doubles your outlay. Budget accordingly.
Each way on short odds: The place return on a 3/1 shot at 1/5 terms is barely break-even. Save each way bets for bigger prices.
Not checking place terms: Always confirm how many places are paid and at what fraction before placing your bet.
Using only one bookmaker: Different bookmakers offer different odds and terms. Shopping around is a basic requirement for profitable each way betting.

Key Takeaways

Each way betting is a practical tool for any serious horse racing or golf punter. It provides a safety net on longer-priced selections and can be highly profitable when you focus on finding value in the place part of the bet.

The key is to understand place terms, compare across bookmakers, and only use each way when the maths supports it. Backing 20/1 shots each way in big-field handicaps is a completely different proposition to going each way on a 3/1 favourite.

If you are serious about finding the best each way value, explore what OddsNotifier offers. Comparing odds and place terms across 250+ bookmakers is the foundation of profitable each way betting.