How Each-Way Betting Works at Cheltenham

The Cheltenham Festival plays host to some of the most competitive horse racing in the calendar. Large fields, top-quality horses and unpredictable outcomes can make picking outright winners a tough ask. That’s why each-way betting is so popular: it provides something of a safety net when backing horses that might not win but have strong chances of finishing in the top positions.

The way an each-way bet works is by splitting your stake between a win bet and a place bet. If your horse wins, both parts pay out. If it places but doesn't win, you still get a return on the place portion. At Cheltenham, where margins are slim and competition is fierce, each-way betting is standard practice.

Here's a closer look at how each-way betting works at the Cheltenham Festival and why it matters.

What is each-way betting?

An each-way bet is two bets combined: one on your horse to win, one on your horse to place (finish in a specified number of positions). Because it's two bets, your stake doubles, so a £10 each-way bet costs £20 total.

The win bet pays out at full odds if your horse finishes first.

The place bet pays out at a fraction of the win odds (typically 1/4 or 1/5) if your horse finishes in the specified positions. Place terms vary by race and field size but usually cover the top three, four or five finishers.

Example: you back a horse at 20/1 each-way with 1/4 odds for places (top 4). Stake: £10 each-way (£20 total).

If the horse wins:

• Win bet: £10 at 20/1 = £210 (£200 profit + £10 stake)

• Place bet: £10 at 5/1 (which is 1/4 of 20/1) = £60 (£50 profit + £10 stake)

• Total return: £270

• Net profit: £250 after deducting £20 total stake

If the horse finishes 2nd, 3rd or 4th:

• Win bet loses (£10 lost)

• Place bet: £10 at 5/1 = £60

• Total return: £60

• Net profit: £40 profit after deducting £20 total stake

Each-way betting cushions losses when backing outsiders. You still lose money if your horse places but doesn't win, but the loss is smaller than if you'd backed it to win only.

Why each-way betting suits Cheltenham

The Cheltenham Festival produces competitive races where multiple horses have realistic chances of winning. Fields are deep, form is closely matched and upsets happen regularly.

Large fields create place opportunities. The Gold Cup might have 20+ runners. The County Hurdle can exceed that number. Each-way betting makes sense in these races because backing an outright winner is harder than identifying horses likely to finish in the top positions.

Quality throughout the field. Cheltenham features the best horses. A horse priced at 25/1 might be a genuine contender kept at longer odds because of the focus on a few favourites. Each-way betting lets you back these horses with some protection.

Tight finishes. Margins at Cheltenham are often small, and races are decided by lengths rather than clear gaps. Horses finishing second or third aren't necessarily inferior – they might have been unlucky in running or faced a tactical disadvantage. Each-way bets capture value when strong horses don't quite win.

Popular Cheltenham races for each-way betting

Certain races at Cheltenham are each-way territory more than others.

The Gold Cup features large fields and tight contenders. Backing an outsider each-way provides a return if they finish in the frame without winning.

The County Hurdle is a handicap with an initial set of 70 runners in 2026. Identifying the winner is near-impossible, but picking a horse to finish top five is more achievable. Each-way betting thrives here.

The Grand Annual Chase is another large-field handicap where each-way betting makes sense. Form is competitive and several horses can realistically place.

Championship races like the Champion Hurdle tend to have smaller fields with clearer favourites. Each-way betting still works here, but value is easier to find in the handicaps and races with 15+ runners.

Place terms at Cheltenham

Place terms determine how many positions qualify for the place bet and what fraction of the win odds you receive. They vary by race and field size.

Standard handicap race place terms:

• Races with 5-7 runners: 1/4 odds, top 2 places

• Races with 8-11 runners: 1/5 odds, top 3 places

• Races with 12-15 runners (handicaps): 1/4 odds, top 3 places

• 16+ runners: 1/4 odds, top 4 places

  Standard non-handicap race place terms:

• 2-4 runners: win only

• 5-7 runners: 1/4 odds, top 2

• 8 or more runners = 1/5 odds, top 3

The Festival often features enhanced place terms as bookmaker promotions. Always check place terms before betting, as they directly affect potential returns.

Pros and cons of each-way betting at Cheltenham

Pros:

• May reduce risk when wagering on outsiders in competitive fields

• Can provide a return even when your horse doesn't win

• Works well in large-field handicaps where winners are unpredictable

• Offers value when strong horses finish close but don't win

Cons:

• Doubles your stake (costs twice as much as a win-only bet)

• Reduces overall returns if your horse wins (a place bet pays fractional odds)

• Not every race offers worthwhile place terms

• May create a false sense of security leading to larger stakes

Each-way bets aren’t inherently better than win bets, but they are useful in specific situations. Use them when backing horses in competitive fields where placing is more likely than winning outright.

Tips for each-way betting at Cheltenham

Check place terms before betting. Know how many places pay out and what fraction of the odds you'll receive for each. Terms vary significantly between races, and better terms can create more value.

Each-way betting isn't free insurance. You're doubling your stake. If you’re playing with £10, that's a £5 each-way bet, not a £10 each-way bet. Budget accordingly.

Look for large-field handicaps. Races with 16+ runners and solid place terms offer the best each-way value. Championship races with smaller fields provide less coverage.

Don't back favourites each-way indiscriminately. Short-priced favourites don't need each-way protection. If a horse is 2/1, the place return is minimal. Each-way betting suits outsiders where the place portion provides meaningful value.

Research form thoroughly. Each-way betting doesn't reduce the need to understand the horses you're backing. You still need to identify horses with genuine chances of placing. Guessing and hoping for the place return rarely works in the long run.

Avoid chasing with each-way bets. If you're losing, don't switch to each-way betting thinking it's safer. The higher stake requirements can drain your budget faster if horses finish outside the places.

Track which races work for you. Not every bettor succeeds with each-way betting. Some do better backing winners at shorter odds. If each-way bets aren't returning value over time, reassess whether they suit your approach.

When to avoid each-way betting

Each-way betting doesn't suit every situation. Small fields with clear favourites offer limited value; if a race has six runners and the top two are heavily favoured, each-way betting on outsiders won't save you when they finish fifth.

Horses with poor recent form don't magically become place contenders just because you're betting each-way. If a horse hasn't shown the ability to compete at the required level, the place bet won't necessarily change that.

Sometimes backing a horse to win at decent odds makes more sense than splitting your stake each-way. If you're genuinely confident a horse wins, why dilute returns with the place bet?

Each-way betting at Cheltenham: a quick recap

Each-way betting splits your stake between win and place bets, providing returns if your horse finishes in specified positions even without winning. At the Cheltenham Festival, where competitive fields and quality horses create unpredictable outcomes, each-way betting provides a sensible approach.

Large-field handicaps like the County Hurdle and Grand Annual Chase are each-way territory. Championship races work too, but handicaps with ample place terms provide better value.

Check place terms, budget for doubled stakes and target races where your horse has realistic place chances. Each-way betting reduces risk when used appropriately but doesn't eliminate the need to research form and understand the races you're betting on.

If you’re interested in more content like this, head over to the Bally Bet blog, which hosts a range of sports betting guides and articles as well as comprehensive online casino coverage.

All offers mentioned correct at the time of writing but may be subject to change.