Guide
Each-way betting explained
Last reviewed October 2026
Two bets in one
A £10 each-way bet is a £10 win bet and a £10 place bet on the same selection, so it costs £20. The win part pays at the full odds if the selection wins. The place part pays at a fraction of the odds — usually a quarter or a fifth — if the selection finishes in the places the bookmaker pays.
- It wins: both parts pay.
- It places but does not win: the win part loses, the place part pays.
- It finishes outside the places: both parts lose.
Each-way is the standard bet in horse racing and common in golf and in outright markets (top goalscorer, tournament winner), where many selections compete and a place is a meaningful result in itself.
Working out the returns
The place odds are the win odds scaled by the each-way fraction. In fractional odds, multiply: 8/1 at 1/5 is 8/5. In decimal: place odds = 1 + (win odds − 1) × fraction. A £10 each-way bet at 8/1 (9.00) with 1/5 odds for three places:
| Result | Win part | Place part | Returned | Profit |
|---|---|---|---|---|
| Wins | £90.00 | £26.00 | £116.00 | +£96.00 |
| 2nd or 3rd | £0 | £26.00 | £26.00 | +£6.00 |
| Unplaced | £0 | £0 | £0 | −£20.00 |
A place on its own only turns a profit when the place odds are above 2.00 — that is, when the win odds are above 5/1 at 1/5 terms, or above 4/1 at 1/4. Below that, a selection that only places returns less than the £20 staked. The each-way calculator does this for any stake, odds and terms.
Standard terms by field size
UK bookmakers follow a convention for how many places they pay and at what fraction:
| Runners | Race | Places paid | Fraction |
|---|---|---|---|
| 2–4 | Any | Win only | — |
| 5–7 | Any | 2 | 1/4 |
| 8+ | Non-handicap | 3 | 1/5 |
| 12–15 | Handicap | 3 | 1/4 |
| 16+ | Handicap | 4 | 1/4 |
These are the minimum terms. Bookmakers regularly pay more places than this on big races, which is where an “extra place” comes from. Every GoldEdge race card shows each bookmaker's terms side by side.
When each-way is value
The place part is a bet on a place market at a price set by formula, not by the market. It is good value when the formula pays more than the selection's real chance of placing — and the formula is crude, which is the opportunity:
- Just above a threshold. An eight-runner race pays three places, a seven-runner race only two. The same horse has a much better chance of finishing in the first three of eight than in the first two of seven, so fields just over a threshold — eight runners, or sixteen in a handicap — are where the terms are most generous.
- Mid-priced selections. The formula pays a fixed fraction of the odds whatever the field looks like. For a short-priced favourite it usually pays less than its true place chance is worth; for an each-way price in a competitive field it can pay more.
- Compared with the exchange. The exchange runs a separate place market with its own price. If the bookmaker's place odds beat the exchange's place price, the place part is value on its own.
The win part is still a win bet
Each-way does not make a bad price better. The win part has to be a fair price too; a generous place part attached to a poor win price can still lose money over time.
When the terms change
- Withdrawals. The terms follow the number of runners that take part. An eight-runner race that loses a horse becomes a seven-runner race: two places at 1/4 instead of three at 1/5. A horse that would have placed third no longer pays.
- Rule 4. When a horse is withdrawn after a price was taken, winning bets may have a deduction applied, because the field the price assumed has got weaker. The shorter the withdrawn horse's price, the bigger the deduction — a withdrawn favourite takes the most.
- Dead heats. When selections tie for a paying position, the stake on that part is divided by the number tied: that share is paid at the full price and the rest is lost.
Extra places
An extra place is a bookmaker paying more places than the rest of the market — four where the standard is three, for example. The exchange's place market pays the standard number, so a horse finishing in the extra place is a winning place bet at that bookmaker and a losing one on the exchange.
That gap is the basis of extra-place matched betting: back each-way at the bookmaker, lay the win part in the exchange's win market and the place part in its place market. Most results cost a small loss; the result that lands in the extra place pays both the bookmaker's place bet and the exchange place lay, and covers many small losses. The each-way calculator sizes the lays, and the extra places page lists today's races where a bookmaker pays more places than the rest.
Frequently asked questions
What does each-way mean?
An each-way bet is two equal bets on one selection: one to win, and one to place — to finish in the places the bookmaker pays, usually the first two, three or four. A £10 each-way bet costs £20. If the selection wins, both parts pay; if it only places, the place part pays; otherwise both lose.
How is an each-way bet calculated?
The win part pays at the full odds. The place part pays at a fraction of them, usually 1/4 or 1/5: in decimal, place odds = 1 + (win odds − 1) × fraction. £10 each-way at 8/1 (9.00) with 1/5 terms returns £116 if the horse wins (£90 + £26) and £26 if it only places.
What are the standard each-way terms?
By UK convention: two to four runners, win only; five to seven runners, 1/4 odds for two places; eight or more runners, 1/5 odds for three places; handicaps with 12 to 15 runners, 1/4 for three places; handicaps with 16 or more runners, 1/4 for four places. Bookmakers often pay more places as a promotion.
Is each-way betting worth it?
It depends on the terms against the field. The place part is worth most where the terms are generous for the number of runners — a field just above a threshold, such as eight runners paying three places, or a bookmaker paying an extra place. On short-priced favourites the place part usually pays less than the exchange's place market.
What happens to an each-way bet if a horse is withdrawn?
The place terms are set by the number of runners that actually take part. If an eight-runner race loses a horse, it becomes a seven-runner race paying two places at 1/4 rather than three at 1/5. Winning bets may also have a Rule 4 deduction applied when a withdrawal comes after the price was taken.
What are extra places?
A bookmaker paying more places than the standard terms — four places where everyone else pays three, for example. A horse finishing in the extra place wins the place part at that bookmaker only. Laying the bet on the exchange can lock in most of that extra value.
For research, not betting advice. Positive expected value is an edge across many bets, never a prediction about one. Bet only what you can afford to lose. 18+.