What Does Each-Way Mean in Horse Racing? A Bookmaker Explains
If you've ever looked at the betting for a horse race, you've probably heard someone say they're backing a horse "each way".
But what exactly does an each-way bet mean, how much does it cost, and when does your horse need to finish for you to receive a return?
At Kevin Myles, we've been involved in bookmaking since 1989. In this guide, we'll explain each-way betting in straightforward terms and show you how an each-way horse racing bet actually works.
What Is an Each-Way Bet?
An each-way bet is actually two separate bets:
A win bet – your horse must win the race.
A place bet – your horse must finish within the specified number of places.
This means that if you place £5 each way, your total stake is £10.
£5 is placed on the horse to win and another £5 is placed on the horse to finish in one of the qualifying places.
This is one of the most important things for new bettors to understand.
A £10 each-way bet, for example, actually costs £20.
How Does an Each-Way Bet Work?
Let's use a simple example.
Imagine you fancy a horse priced at 10/1 and decide to place:
£5 each way at 10/1
Your total stake is £10.
For this example, let's say the bookmaker is paying 1/5 of the odds for three places.
There are then three possible broad outcomes.
Your Horse Wins
If your horse wins, both parts of the bet win.
Your £5 win bet is successful at 10/1, while your £5 place bet is settled at the relevant fraction of those odds.
At 1/5 odds, a 10/1 selection effectively becomes 2/1 for the place part of the bet.
You therefore receive a return from both sides of your each-way bet.
Your Horse Finishes Second or Third
If the bookmaker is paying three places and your horse finishes second or third, your win bet loses but your place bet wins.
This is one of the main reasons people choose to bet each way, particularly when backing horses at larger prices.
Your Horse Finishes Outside the Places
If your horse doesn't win or finish within the advertised places, both parts of the each-way bet lose.
What Does "1/5 Odds" Mean on an Each-Way Bet?
Bookmakers don't normally pay the full win odds when a horse only places.
Instead, the place portion is calculated using a fraction of the advertised odds.
Common examples include:
1/4 odds or 1/5 odds.
If a horse is 10/1 and the place terms are 1/5 odds, the place portion is calculated at 2/1.
If the terms were 1/4 odds, the place portion would be calculated at 5/2.
This is why you should always check the each-way terms rather than looking only at the headline price of the horse.
How Many Places Are Paid in Horse Racing?
This depends on the type of race and the number of runners.
For example, under Kevin Myles' standard horse racing each-way terms, different conditions apply depending on the race.
A handicap with 22 or more runners pays the first four places at one-quarter of the win odds, while a handicap with 16–21 runners pays four places at one-fifth odds.
Different terms apply to smaller fields and other races.
The important point is simple:
Don't assume every race has the same each-way terms.
Check both the number of places being paid and the fraction of the odds being offered before placing your bet.
Why Do People Bet Each Way?
Each-way betting is particularly popular when someone believes a horse has a realistic chance of running well but isn't confident enough to back it solely to win.
Imagine you like a 16/1 outsider.
You think it could win, but you also believe it has a strong chance of finishing in the first few places.
An each-way bet gives you exposure to both outcomes.
If the horse wins, both sides of your bet are successful.
If it doesn't win but finishes in one of the qualifying places, the place portion can still provide a return.
However, that doesn't automatically mean an each-way bet is "safer" or better value. You're staking twice as much as an equivalent win-only stake, and whether the bet represents value depends on the odds, place terms and probability of the horse finishing in those positions.
Each-Way Betting Example
Suppose you place:
£10 each way on a horse at 12/1
The total amount staked is £20.
Let's assume the race pays three places at 1/5 odds.
The win portion is:
£10 at 12/1
The place portion is effectively:
£10 at 12/5
If the horse wins, both bets win.
If it finishes second or third, only the place portion wins.
If it finishes fourth or worse, assuming only three places are being paid, both bets lose.
This is why understanding the advertised place terms is essential before confirming an each-way bet.
Is Each-Way Betting Better on Long-Odds Horses?
You'll often see each-way bets associated with horses at bigger prices.
There is a logical reason for that.
Backing a very short-priced favourite each way can sometimes offer relatively little return from the place portion of the bet.
With a higher-priced selection, the place odds can become more significant.
But price alone shouldn't determine whether you bet each way.
A bettor should consider the horse's odds, number of runners, number of places being paid and the fraction of the odds available for those places.
Most importantly, remember that betting always involves risk. A bigger price does not automatically mean better value.
What Happens if There Is a Non-Runner?
Non-runners can affect horse racing markets and, depending on when the horse is withdrawn, may result in changes to prices or deductions from winnings.
This is where you may hear bookmakers refer to Rule 4 deductions.
Rule 4 is another important part of horse racing betting and deserves an explanation of its own.
Each Way vs Win Only – What's the Difference?
The key difference is the number of bets you're placing.
With a win-only bet, the selection normally needs to win for the bet to be successful.
With an each-way bet, you're placing one bet on the horse to win and another on it to finish within the advertised places.
Consequently, your total stake doubles.
For example:
£10 win = £10 total stake
£10 each way = £20 total stake
Always check the total stake before confirming your bet.
Can You Bet Each Way With Kevin Myles?
Yes.
Kevin Myles accepts horse racing bets subject to our betting rules and terms and conditions.
Our standard each-way terms vary according to the type of race and number of runners, so customers should check the applicable terms before placing their bet.
Kevin Myles has been involved in bookmaking since 1989, combining traditional on-course bookmaking with modern remote betting services.
Customers can request bets using the Kevin Myles betting service, subject to account status, available funds and our terms and conditions.
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Each-Way Betting Explained – The Simple Version
If you remember nothing else from this guide, remember this:
An each-way bet is two bets – one to win and one to place.
So:
£5 each way costs £10.
If your horse wins, both parts can win.
If your horse finishes within the advertised places without winning, the place part can still win.
If it finishes outside the qualifying places, both bets lose.
And always check the number of places and each-way fraction before placing your bet.
Betting With an Independent Bookmaker
At Kevin Myles, bookmaking isn't simply about displaying odds on a screen.
We've been involved in the betting industry since 1989, with decades of experience in horse racing and on-course bookmaking.
That's why we're creating our Bookmaker Explains series: straightforward guides designed to help customers better understand odds, bets and some of the terminology they'll encounter when betting on horse racing.
If you're new to betting, you may also want to read:
How Do Horse Racing Odds Work? A Bookmaker Explains
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