In an each-way bet, the total stake is divided into two parts: one part is placed on the selection to win, while the other part is placed on the selection to finish in a predetermined position, typically within the top three or four, depending on the event. This type of bet is commonly used in sports like horse racing, where a horse may not win but can still finish in a position that qualifies for a payout. The win portion pays out at the full odds if the selection wins, while the place portion pays out at a fraction of the odds if the selection finishes in a qualifying position.
Each-Way Example
For example, if you place a £10 each-way bet on a horse at odds of 10/1, you are effectively betting £10 on the horse to win and £10 on it to place. If the horse wins, you receive £100 for the win bet (£10 x 10) and a separate payout for the place bet, often at 1/4 of the odds, which would be £25 (£10 x 2.5) if it placed. If the horse only places, you would receive the payout for the place bet but lose the win portion