Each way is one of the most popular bet types in horse racing — and one of the most misunderstood. I've lost count of the number of times I've been at the bookies and heard someone say "I'll have a fiver each way" without really understanding what they're paying for or whether the terms are in their favour. In this guide, I'll break down exactly how each way betting works, show you the place terms for every field size, walk you through three worked examples with real numbers, and explain when each way offers genuine value — and when it's a mug's bet. Whether you're placing your first bet or looking to sharpen your strategy, this is everything you need to know.
What Is an Each Way Bet?
An each way bet is actually two separate bets rolled into one:
- Bet 1 — The Win Bet: Your horse must win the race.
- Bet 2 — The Place Bet: Your horse must finish in one of the designated place positions (typically 1st, 2nd, 3rd, or 4th depending on the race).
Because it's two bets, your total stake is double what you might think. A £5 each way bet costs you £10 in total — £5 on the win, £5 on the place. This is a crucial point that catches beginners out. When the cashier asks "£5 each way?" and you nod, you're spending a tenner, not a fiver.
If your horse wins, you collect on both the win bet and the place bet. If your horse finishes in a place position but doesn't win, you collect on the place bet only. If your horse finishes outside the places, you lose both bets entirely.
The place part of your bet is paid at a fraction of the win odds. This fraction — known as the "place terms" — varies depending on the number of runners in the race and the type of race. Understanding these terms is the key to knowing whether an each way bet offers good value.
Each Way Place Terms by Field Size
Place terms aren't random — they follow a standard structure set by bookmakers based on the number of runners. Here's the complete table:
| Runners | Places Paid | Place Fraction | Notes |
|---|---|---|---|
| 1-4 runners | No place betting | N/A | Win only. Each way bets not available. |
| 5-7 runners | 1st and 2nd | 1/4 of win odds | Standard non-handicap races. |
| 8-11 runners | 1st, 2nd and 3rd | 1/5 of win odds | Most common scenario. |
| 12-15 runners | 1st, 2nd and 3rd | 1/4 of win odds | Better terms kick in at 12 runners. |
| 16+ runners (handicaps) | 1st, 2nd, 3rd and 4th | 1/4 of win odds | Best EW value — applies to big handicaps. |
| Grand National | 1st, 2nd, 3rd and 4th | 1/4 of win odds | Some bookies pay 5 or even 6 places as a promotion. |
The terms improve as fields get larger, which makes intuitive sense: with more runners, it's harder to find the winner, so bookmakers compensate by offering more places. The sweet spot for each way punters is 12+ runner races at 1/4 odds for three places, and even better, 16+ runner handicaps paying four places at 1/4 odds. That's where the maths starts working in your favour.
It's also worth noting that many bookmakers offer enhanced place terms on selected races — for example, paying 5 or 6 places on the Grand National or Cheltenham Festival handicaps. These promotions can dramatically improve the value of each way bets, and they're always worth looking out for. I'll come back to this later.
Each Way Worked Examples
Nothing makes a concept stick like real numbers. Let's work through three scenarios using a simple bet: £5 each way on a horse at 10/1 (total stake: £10).
Scenario 1: Your Horse Wins
Race: 14-runner handicap (places: 1st-2nd-3rd at 1/4 odds)
| Component | Calculation | Return |
|---|---|---|
| Win bet | £5 x 10/1 = £50 + £5 stake | £55.00 |
| Place bet | £5 x 10/4 (2.5/1) = £12.50 + £5 stake | £17.50 |
| Total return | £72.50 | |
| Profit | £72.50 - £10 stake | £62.50 |
A win at 10/1 each way in a 14-runner race gives you a profit of £62.50 from a £10 outlay. Compare that with a straight £10 win bet, which would have returned £110 (profit £100). You sacrifice some upside for the safety net of the place bet.
Scenario 2: Your Horse Places (Finishes 2nd or 3rd)
| Component | Calculation | Return |
|---|---|---|
| Win bet | Loses | £0.00 |
| Place bet | £5 x 10/4 (2.5/1) = £12.50 + £5 stake | £17.50 |
| Total return | £17.50 | |
| Profit | £17.50 - £10 stake | £7.50 |
This is the magic of each way betting. Your horse didn't win, but you still walk away with a £7.50 profit. At 10/1, the place terms are generous enough to give you a meaningful return even when the win bet loses. This is why each way works best with bigger-priced horses.
Scenario 3: Your Horse Finishes 5th (Out of the Places)
| Component | Calculation | Return |
|---|---|---|
| Win bet | Loses | £0.00 |
| Place bet | Loses | £0.00 |
| Total return | £0.00 | |
| Loss | -£10.00 |
Outside the places, you lose everything — both the win and place stakes. This is why it's important to be selective. An each way bet isn't free insurance; it doubles your stake, so backing horses each way that have no realistic chance of placing is just burning money twice as fast.
When Is Each Way Good Value?
Each way betting isn't always the right call. There are specific situations where it offers genuine value, and understanding these is what separates sharp punters from casual ones.
Big-Field Handicaps (16+ Runners)
This is the bread and butter of each way punting. In a 16+ runner handicap, you get four places at 1/4 odds. If you find a horse at 12/1 or bigger that you genuinely fancy to run well, the each way terms mean you only need it to finish in the first four to see a return. In races like the Cambridgeshire, the Cesarewitch, or the big Saturday handicaps at Ascot and York, each way is often the smartest way to play.
Festival Handicaps at Cheltenham and Aintree
The major festivals produce fiercely competitive handicaps with 20+ runner fields. The place terms are generous, and many bookmakers offer extra places (5 or 6) as promotions. These races are tailor-made for each way punters. I've had some of my best returns backing 16/1 and 20/1 shots each way in Cheltenham Festival handicaps — you don't need to find the winner, just a horse that runs its race.
Horses at 8/1 or Bigger
Here's a rough rule of thumb: each way only makes mathematical sense at odds of around 5/1 or bigger, and it really comes into its own from 8/1 upwards. At these prices, the place return is meaningful enough to justify the doubled stake. The place portion of a 10/1 shot at 1/4 odds gives you an effective price of 2.5/1 for placing — that's a decent bet in its own right.
Enhanced Place Offers
Keep your eyes peeled for bookmaker promotions offering extra places or enhanced terms. "Paying 6 places on the Grand National" or "1/4 odds for 4 places on all Cheltenham Festival races" — these offers shift the maths significantly in your favour. When a bookmaker pays an extra place or two, the each way value improves dramatically, especially in big-field races.
When to Avoid Each Way
Not every race suits an each way approach. Here's when to steer clear:
Short-Priced Favourites (Under 3/1)
This is the biggest mistake novice punters make. Backing a 2/1 favourite each way is almost always a bad bet. The place return at 2/1 with 1/5 place terms gives you effective place odds of just 2/5 — meaning a £5 place bet returns only £7 (profit of £2). You're tying up £10 to potentially win £2 on the place. If you fancy a short-priced horse, back it to win and be done with it.
Small Fields (5-7 Runners)
With only 5-7 runners, bookmakers pay just two places at 1/4 odds. That means your horse needs to finish 1st or 2nd for you to see any return. In a 5-runner race, you're backing it to beat three horses for the place — the maths rarely works. Save your each way bets for bigger fields where the terms are kinder.
Odds-On Place Returns
A quick calculation will tell you if the place portion is worth having. If the place return works out to odds-on (less than evens), the place bet adds very little value. For instance, a 4/1 shot at 1/5 place terms gives you 4/5 for the place — barely worth the stake. You'd be better off putting the full £10 on to win.
Non-Competitive Races
Some races have an obvious market leader and a clutch of no-hopers. In these events, the places are often predictable, and the each way value is diluted. Each way works best when fields are open and competitive — when you can't easily identify which horses will fill the places.
Non-Runners and Rule 4: What Happens to Your Each Way Bet?
One aspect of each way betting that catches people out is what happens when horses are withdrawn after you've placed your bet.
Non-Runners Before the Race
If your horse is withdrawn before the race, your stake is returned in full — both win and place portions. Simple enough. But if another horse in the race is withdrawn, something called a Rule 4 deduction may apply. This reduces your potential returns to account for the removal of a fancied runner from the race.
How Rule 4 Works
Rule 4 deductions are applied as a percentage of your winnings, scaled according to the price of the withdrawn horse:
| Price of Withdrawn Horse | Deduction from Winnings |
|---|---|
| 1/9 or shorter | 90p in the £ |
| 2/11 to 2/17 | 85p in the £ |
| 1/4 to 2/9 | 80p in the £ |
| 1/3 to 2/7 | 75p in the £ |
| 4/9 to 8/15 | 65p in the £ |
| 8/13 to 4/5 | 55p in the £ |
| Evens to 6/5 | 45p in the £ |
| 5/4 to 6/4 | 35p in the £ |
| 13/8 to 7/4 | 30p in the £ |
| 2/1 to 9/4 | 25p in the £ |
| 5/2 to 3/1 | 20p in the £ |
| 10/3 to 4/1 | 15p in the £ |
| 9/2 to 11/2 | 10p in the £ |
| 6/1 to 9/1 | 5p in the £ |
| 10/1 or bigger | No deduction |
Rule 4 applies to both the win and place parts of your each way bet. So if the favourite is withdrawn and a 25p deduction applies, your potential win return and your place return are both reduced by 25%. This can significantly eat into your expected profit, particularly when a short-priced horse is pulled out close to the off.
Impact on Place Terms
If enough horses are withdrawn to reduce the field below certain thresholds, the place terms may change. For instance, if a 12-runner race loses four non-runners and goes down to 8 runners, the places may be reduced from three to two, and the fraction may change from 1/4 to 1/5. This can dramatically affect the value of your each way bet. Always check the final field size before committing your stake — especially in races where overnight declarations and raceday withdrawals are common.
Each Way Accumulators
An each way accumulator takes the each way concept and applies it across multiple selections. As with a standard each way bet, it's actually two bets: a win accumulator and a place accumulator. If all your selections win, both accumulators pay out. If all your selections place but some don't win, the place accumulator still pays out.
How Each Way Accas Work
Let's say you pick four horses each way in a £2 each way accumulator (total stake: £4):
- Win acca: All four must win. £2 stake rolls through at full win odds.
- Place acca: All four must place. £2 stake rolls through at the place fraction of the odds.
If three of your four selections win and the fourth places, the win acca loses but the place acca pays out — because all four placed. This is what makes each way accumulators attractive: you get a meaningful return even when not everything wins, provided they all at least finish in the places.
The Catch
Each way accumulators can be deceptive. If even one selection finishes outside the places, both the win and place accas lose entirely. There's no partial payout — it's all or nothing on each leg. This means you need to be highly selective. Four carefully chosen horses at 6/1+ in competitive handicaps can produce excellent each way acca returns. Four speculative 20/1 shots will almost certainly result in a loss.
Lucky 15, Lucky 31, and Lucky 63
For those who want each way coverage without the all-or-nothing nature of an accumulator, consider Lucky 15 (4 selections, 15 bets), Lucky 31 (5 selections, 31 bets), or Lucky 63 (6 selections, 63 bets). These full-cover bets include singles, doubles, trebles, and accumulators across all your selections — and each bet can be placed each way. The stake is higher (a £1 each way Lucky 15 costs £30), but you only need one selection to place to get some return, and the upside if several win is substantial.
Many bookmakers also offer consolation bonuses on Lucky 15s — if only one horse wins, some firms double the odds. These promotions add real value and are worth seeking out, especially for Saturday's big racing cards.
Exchange Alternative: Lay the Place
If you're comfortable using betting exchanges like Betfair, there's an alternative to the traditional each way bet. You can back a horse to win at the best price available, and then lay the same horse in the place market on the exchange. This effectively creates your own each way bet with potentially better terms than the bookmaker offers, because you're setting your own place odds rather than accepting the bookmaker's fixed fraction.
This approach requires a bit more effort and an understanding of exchange betting, but experienced punters use it to squeeze out extra value — particularly in races where the exchange place market is liquid, like Cheltenham Festival handicaps. For a deeper dive into betting mechanics, see our comprehensive guide.
Frequently Asked Questions
How many places in an each way bet?
The number of places depends on the field size and race type. In races with 5-7 runners, bookmakers pay two places (1st and 2nd). With 8-15 runners, three places are paid (1st, 2nd, 3rd). In handicap races with 16 or more runners, four places are paid (1st through 4th). Some bookmakers offer additional places as promotions on selected big races. Always check the specific terms before placing your bet.
Is each way worth it on short prices?
Generally, no. Each way bets on horses shorter than 3/1 offer very poor value because the place return is minimal. For example, a £5 each way bet on a 2/1 shot at 1/5 place terms gives you a place return of just £7 (profit £2) on a £10 total stake. You're doubling your risk for a tiny safety net. If you fancy a short-priced horse, back it to win only. Each way starts to make sense from about 5/1 and becomes genuinely attractive at 8/1 and above.
What are each way terms in the Grand National?
Standard bookmaker terms for the Grand National are 1/4 odds for the first four places (1st, 2nd, 3rd, 4th). However, many firms offer enhanced terms as a promotion — paying 5, 6, or even 7 places to attract customers. These enhanced offers significantly improve the value of each way betting on the National. With a typical field of 40 runners, the Grand National is one of the best races in the calendar for each way punters, especially at double-figure odds. For a full breakdown, see our betting terminology guide.
What happens to each way if a horse is withdrawn?
If your own horse is withdrawn, your stake is returned in full. If another horse is withdrawn, a Rule 4 deduction may apply to your potential winnings — both the win and place portions. The size of the deduction depends on the price of the withdrawn horse, ranging from 5p in the £ for a 6/1 shot up to 90p in the £ for an odds-on favourite. Additionally, if enough withdrawals reduce the field below certain thresholds, the number of places paid and the place fraction may be reduced, which can significantly affect your expected return.
Summary
Each way betting is one of the sharpest tools in a punter's kit — but only when used correctly. The key takeaways are simple: aim for big-field handicaps with 12+ runners, target horses at 8/1 or bigger, pay attention to place terms and enhanced promotions, and never back short-priced favourites each way. The worked examples above show exactly how the numbers stack up, and the place terms table should be your reference point before every bet.
The best each way punters I know are patient and selective. They don't bet every race — they wait for the right combination of field size, price, and place terms before committing their stake. A £5 each way bet on a 14/1 shot in a 20-runner Cheltenham handicap paying four places is a genuinely smart bet. A £5 each way bet on a 5/2 favourite in a 6-runner novice hurdle is money down the drain. Know the difference, and each way betting becomes one of the most effective ways to build steady profits from horse racing.
For more on betting fundamentals, explore our guides to understanding horse racing betting and key betting terminology. And if you want to try something different, learn how the Tote offers an alternative pool betting experience with its own each way structure.
