Explainer: What Is Each-Way Betting and How Does It Work?

Split your stake between two outcomes – to win and to place – with each-way betting. If your selection wins, both bets pay out. If they don’t win but place, you’ll still get a return based on the place terms.

As a result, there’s a reduction in risk when it comes to betting on outsiders or competitors in a tough event. That’s because there are essentially two ways to win.

Unfamiliar with these terms? No worries. We explain what each one means within the context of a few sports, as well as how each-way bets actually work and where they’re most popular.

The odds used in this article are for illustrative purposes only.

How each-way betting works

As two bets in one, your stake will double on an each-way bet. So, if you place a £10 each-way bet, the total stake will be £20. £10 on the win bet, £10 on the place bet.

The win bet component of the bet pays out at given odds if your selection comes first.

The place bet component pays out at a fraction of the win odds (like 1/4 or 1/5) if your selection finishes within a specified number of positions, like top 3 or 4.

Quick horse racing example

Let’s say you back a horse at 10/1 with a £10 each-way bet. Total stake therefore becomes £20. With the assumption that the odds are 1/4 odds for the top 3, here’s how the profits could look. If your horse wins:

• Win bet: £10 at 10/1 = £110 return (£100 profit & £10 stake)

• Place bet: £10 at 2.5/1 (as 1/4 of 10/1) = £35 return (£25 profit & £10 stake)

Add £110 and £35 together and you get a total return of £145. That’s £125 profit once you take away the £20 stake. If your horse finishes 2nd or 3rd:

• Win bet loses, £10 stake gone

• Place bet: £10 at 2.5/1 = £35 return

That’s a total profit of £15, once you take the £20 stake from the £35 return.

If your horse finishes 4th or worse:

• Both bets lose, £20 stake gone

Place bets help cushion the loss if you’ve chosen an outsider. You’ll lose money if your selection places but doesn’t win, but it’s a smaller loss than if you were to only bet on the win.

Sports where each-way betting is popular

Horse Racing

Each-way betting is most common in horse racing. All races with five or more runners will feature each-way markets, with place positions and odds varying depending on field size (number of horses taking part).

Typically, a race with five to seven runners will have 1/4 of the odds for the top 2 positions, while races with eight or more runners have 1/4 for the top 3.

Events like the Grand National and Cheltenham attract a lot of each-way betting, in large part due to the large and competitive fields that make picking an outright winner a challenge, but choosing a horse to place more manageable.

Golf

A standard in golf tournaments, owing to the sheer number of participants making choosing an outright winner no small feat. Each-way place terms typically offer 1/4 or 1/5 odds for the top 5, 6 or more finishers.

Major events like the PGA Tour see a lot of each-way action. Backing a player at 25/1 each-way with place terms of 1/5 odds for the top 8 means it’s possible to profit even if they finish 5th.

Tennis

Each-way betting appears in tennis for tournament outrights, particularly the Grand Slams.

Wimbledon is a good example. A 50/1 each-way bet on an outsider with terms for finalists means it’s possible to profit even if they lose the final.

The structure works well with tournaments that have open fields, where multipler players have a realistic chance of getting to the late stages of the competition.

Football

Each-way betting in football concerns tournament markets and league outrights. For example, you might find odds for the top 2 positions when backing a team to win the Premier League.

Bets like these can make sense when you think a team has a solid chance at coming second but not necessarily winning the league.

Benefits of each-way betting

With an each-way bet, you can reduce the risk of betting on an outsider. Choosing a win bet at, say, 20/1 carries quite a bit of risk, but backing it each-way provides a return if your selection places, helping soften the blow if it comes second or third.

In competitive fields, where there’s no nailed-on favourite, you can broaden your margins for success by choosing an each-way bet. And while it doesn’t eliminate the loss fully, receiving a payout on a place bet after having narrowly missed out on a win bet helps make it sting less.

Drawbacks of each-way betting

Because it doubles your stake, an each-way bet costs twice as much as a straight win bet. If your selection does win, you profit more than you would with the same stake on a win bet, but you pay more upfront.

Place bets pay at fractional odds, meaning overall returns can be diluted when compared to putting the full stake on the win bet only. Each-way bets become less efficient if you’re extremely confident about a winner.

Because they require defined place terms, each-way bets only work for certain markets. Head-to-heads and small fields won’t offer each-way options.

Each-way bets vs. win bets

With pros and cons to each, the choice between an each-way bet and a win bet depends on your own levels of confidence and appetite for risk.

If you’re confident a selection will win, if the odds are short or if the field is small (and therefore place bets don’t significantly reduce risk), a win bet may be worth considering.

If, however, you have an eye on an outsider, think they might place but not win or the place bet terms offer value (larger fields with more place positions), each-way betting might be the way to go.

How place terms work

Depending on event type and field size, place terms outline how much place bets pay and how many positions qualify for them. In horse racing, common place terms are as follows: Handicap races:

• 2-4 runners: win only

• 5-7 runners: 1/4 odds, top 2

• 8-11 runners: 1/5 odds, top 3

• 12-15 runners: 1/4 odds, top 3

• 16+ runners: 1/4 odds, top 4

Non-handicap races:

• 2-4 runners: win only

• 5-7 runners: 1/4 odds, top 2

• 8+ runners: 1/5 odds, top 3

Make sure you check place terms before you place an each-way bet. You’ll find them alongside the market’s odds, and they determine potential returns on your bet.

Where each-way betting makes the most sense

Grand National

With 34 runners in the field, it’s an unpredictable race, and so each-way bets are almost mandatory for anyone weighing up outsiders.

Cheltenham Festival

With four days of races featuring some of the best runners, there’s ample opportunity to find value with each-way betting.

Golf Majors

Competitive tournaments like the Masters can feature upwards of 90 players, making it possible to bet each way on players finishing within the top 10.

Wimbledon

Opportunities can arise in the Grand Slam tournaments if you think a player has a chance of reaching the final without necessarily winning it.

Premier League

Back a team – perhaps one challenging for top four – to claim the title and still get a return if they finish second.

Closing remarks

Each-way betting reduces risk by splitting your stake between win and place outcomes. They work best in large and competitive events where choosing the winner is a challenge, but identifying a likely place finisher is more achievable.

The trade-off is clear, too. You double your stake to place two bets, but receive a safety net if your selection places without winning.

Be smart about your each-way bets. They’re not suitable for every situation, but can offer a sensible middle ground between backing an outright winner and a complete loss in competitive and unpredictable events.

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