Each-Way Bets Explained: Place Terms and Worked Returns
The short answer
An each-way bet is two equal-stake bets on the same selection: one to win and one to place. You pay for both parts, so £5 each way costs £10. If the selection wins, both parts pay; if it places without winning, only the place part pays. The return depends on the win odds, the number of places covered and the place fraction.
How an each-way bet works
Start by reading the selection’s win odds and the place terms shown for the bet. The place terms have two distinct parts: the number of qualifying positions and the fraction of the win odds used to calculate the place price.
Then follow the two stakes separately:
- The win stake is settled on whether the selection wins.
- The place stake is settled on whether the selection finishes in a qualifying position. A win also pays the place part.
- Add any returns from the two parts, then compare that total with the full amount staked.
A return includes the stake returned as well as any profit on the successful part. It is not the same as overall profit: to calculate that, subtract both original stakes from the combined return.
Example: A £5 each-way stake is £5 on the win plus £5 on the place: £5 + £5 = £10 in total. It is not a £5 total bet split between the two parts.
Applying the place fraction
The place fraction applies to the fractional win odds, not directly to the decimal price or the stake. Example: at win odds of 8/1, one-quarter of the odds is 8/1 × 1/4 = 2/1 for the place part.
For decimal odds, first remove the stake component, apply the fraction, then add the stake component back. Example: decimal win odds of 8.0 at one-fifth place odds give ((8.0 − 1) ÷ 5) + 1 = 2.4. Dividing the whole decimal price by five would not give the correct place price.
Worked example: £5 each way at 20/1
Example: A selection is backed at 20/1 with six places at one-fifth of the odds. The stake is £5 each way: £5 win + £5 place = £10 total. The place odds are 20/1 × 1/5 = 4/1. This example assumes straightforward settlement, without deductions or a dead heat.
| Example outcome | Win part | Place part | Combined return | Overall result |
|---|---|---|---|---|
| Selection wins | £5 × 20 = £100 profit; plus £5 stake = £105 | £5 × 4 = £20 profit; plus £5 stake = £25 | £105 + £25 = £130 | £130 − £10 = £120 profit |
| Selection finishes in a qualifying place without winning | £0 | £5 × 4 = £20 profit; plus £5 stake = £25 | £0 + £25 = £25 | £25 − £10 = £15 profit |
| Selection finishes outside the qualifying places | £0 | £0 | £0 | £0 − £10 = £10 loss |
The six-place term determines which positions qualify; the one-fifth fraction determines the place odds. These figures illustrate the stated terms, not a prediction or a guarantee of a return.
Where rules differ and what to check
Place terms are not universal. Betfair’s standard horse-racing terms vary with field size and race type, and promotions offering extra places may use a different fraction. More places and a different place fraction affect separate parts of the calculation, so check both rather than looking at the number of places alone.
Before betting, read the displayed odds and place terms alongside the applicable settlement rules. In particular, check how the operator treats non-runners, Rule 4 deductions and dead heats: each can affect returns, and the treatment depends on the operator and market rules. The UK Gambling Commission says betting businesses must make bet terms and conditions available and advises customers to understand how changed circumstances are treated.
A dead heat can make the place calculation less straightforward. Example: if four selections tie for three remaining paid places, one illustrated treatment multiplies the effective place stake by 3/4. For a £5 place stake, that is £5 × 3/4 = £3.75 as the effective stake used in the calculation. Check the applicable rules rather than assuming every market settles a tie in the same way.
Common mistakes and how to avoid them
Confusing a successful place with overall profit
The place part can pay while the bet as a whole loses money. Example: at assumed win odds of 2/1 and one-quarter place odds, the place odds are 2/1 × 1/4 = 1/2. A £5 place stake returns £5 × 1/2 = £2.50 profit, plus the £5 stake, or £7.50. If the win part loses, £7.50 − £10 total stake = a £2.50 overall loss. Always compare the combined return with both stakes.
Treating all each-way bets as singles
An each-way accumulator has a win accumulator and a place accumulator. All selections must win for the win part to pay; the place part is a separate accumulator. Read the multiple’s terms and settlement rules rather than applying the single-bet example to each selection in isolation.
Overlooking the full cost
The amount entered as an each-way stake applies to each part. Example: £10 each way means £10 win + £10 place = £20 total. Check the total stake before confirming the bet.
Related guides
For more on reading prices, visit Odds Explained. To understand how combined selections settle, read Singles, Doubles and Accumulators: How Multiples Settle. The Betting Glossary is also useful for unfamiliar terms.
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Singles, Doubles and Accumulators: How Multiples Settle
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