Each Way Betting Explained 2025: How It Works & When to Use It

Each way betting is one of the most popular and widely used bet types across the UK and Ireland. Whether you are a horse racing enthusiast, a football punter, or a golf fan, each way betting gives you a safety net that standard win-only bets simply cannot match. By splitting your stake across a win bet and a place bet, you gain two separate chances to generate a return from a single selection.

Despite its popularity, each way betting is frequently misunderstood. Many bettors overlook how place terms are calculated, fail to recognise when each way value exists, or simply forget that an each way bet costs double the unit stake. In this comprehensive guide, we will break down exactly how each way betting works, walk you through detailed calculations, explore the sports and scenarios where each way bets shine, and show you how to identify genuine each way value. By the end, you will have everything you need to make smarter, more profitable each way selections.

If you prefer to jump straight to crunching numbers, try our each way calculator for instant return calculations.

What is an Each Way Bet?

An each way bet is fundamentally two separate bets combined into one: a win bet and a place bet, both on the same selection and at the same odds. Your total stake is split equally between the two parts, meaning you are effectively placing two bets of equal value.

Here is how the three possible outcomes play out:

• Your selection wins: Both the win bet AND the place bet pay out. You collect the full win odds on your win stake plus the reduced place odds on your place stake.
• Your selection places (finishes in a paying position but does not win): Only the place bet pays out. You lose your win stake but collect on the place part.
• Your selection does not place: Both bets lose and you forfeit your entire stake.

The Critical Cost Factor

Because an each way bet is two bets, the total cost is double your unit stake. This is one of the most common misunderstandings in betting:

• A £5 each way bet costs £10 total (£5 on the win + £5 on the place)
• A £10 each way bet costs £20 total (£10 on the win + £10 on the place)
• A £25 each way bet costs £50 total (£25 on the win + £25 on the place)

Always factor in the full cost when assessing whether an each way bet offers value. A common mistake is mentally comparing returns against half the actual outlay.

How Place Terms Work

The place part of an each way bet pays out at a fraction of the win odds. The exact fraction and the number of finishing positions that count as a "place" depend on the event and the number of runners. These conditions are known as place terms, and they vary between sports, events, and sometimes even between bookmakers.

Standard Place Terms

The following table shows the standard place terms you will encounter across most UK and Irish bookmakers:

Number of Runners	Places Paid	Fraction of Odds
2-4 runners	Win only (no EW available)	N/A
5-7 runners	1st and 2nd	1/4 of the odds
8-11 runners	1st, 2nd, and 3rd	1/5 of the odds
12-15 runners	1st, 2nd, and 3rd	1/4 of the odds
16+ runners	1st, 2nd, 3rd, and 4th	1/4 of the odds
Handicap races (16+ runners)	1st, 2nd, 3rd, and 4th	1/4 of the odds

Key notes on place terms:

• Events with fewer than 5 runners typically do not offer each way betting at all.
• The fraction (1/4 or 1/5) directly impacts your place returns. A 1/4 fraction is more generous than 1/5.
• Some bookmakers occasionally offer 1/5 odds on large handicap fields instead of 1/4, so always check before placing your bet.

How Place Odds are Calculated

The place odds are derived from the win odds using a simple formula. In decimal odds:

Place Odds = (Win Odds - 1) x Fraction + 1

Let us work through an example. Suppose your selection is priced at 10.00 decimal odds (9/1 fractional) and the place terms are 1/4 of the odds:

• Place Odds = (10.00 - 1) x 0.25 + 1
• Place Odds = 9.00 x 0.25 + 1
• Place Odds = 2.25 + 1
• Place Odds = 3.25

So for a £5 each way bet (£10 total):

• Win part returns: £5 x 10.00 = £50.00
• Place part returns: £5 x 3.25 = £16.25

If your selection wins, you collect £50.00 + £16.25 = £66.25 for a profit of £56.25. If it only places, you collect £16.25 for a profit of £6.25 (after deducting the full £10 stake).

For 1/5 place terms at the same odds:

• Place Odds = (10.00 - 1) x 0.20 + 1
• Place Odds = 9.00 x 0.20 + 1
• Place Odds = 2.80

Notice how the 1/5 fraction produces lower place odds (2.80) compared to 1/4 (3.25). This difference becomes even more significant at higher prices.

Enhanced Place Terms

Many bookmakers regularly offer enhanced place terms as promotional incentives. These offers pay out on more places than the industry standard, for example:

• "Paying 4 places instead of 3" on a 12-runner race
• "Paying 5 places instead of 4" on a 20-runner handicap
• "Paying 6 places" on major festival handicaps like the Grand National

Enhanced place terms can deliver significant extra value. If the standard market pays three places and a bookmaker is offering four, that additional place effectively extends your safety net at no extra cost. It is always worth shopping around for these promotions, particularly on big race days and festival meetings. For help comparing bookmakers and their offers, check out our guide on free bets explained.

Calculating Each Way Returns

Understanding the mathematics behind each way returns is essential for identifying value. Let us walk through three complete worked examples covering all possible outcomes.

Full Worked Example: Your Selection Wins

Scenario: You place a £10 each way bet on a horse at 8.00 decimal odds (7/1 fractional). The race has 14 runners, so place terms are 1/4 odds, 3 places paid.

• Total stake: £20 (£10 win + £10 place)
• Win odds: 8.00
• Place odds: (8.00 - 1) x 0.25 + 1 = 1.75 + 1 = 2.75

Your horse wins the race:

Bet Part	Stake	Odds	Return
Win	£10	8.00	£80.00
Place	£10	2.75	£27.50
Total	£20		£107.50

• Total return: £107.50
• Profit: £107.50 - £20.00 = £87.50

Full Worked Example: Your Selection Places Only

Using the same bet parameters, your horse finishes 2nd or 3rd (places but does not win):

Bet Part	Stake	Odds	Return
Win	£10	8.00	£0.00 (lost)
Place	£10	2.75	£27.50
Total	£20		£27.50

• Total return: £27.50
• Profit: £27.50 - £20.00 = £7.50

This is one of the great advantages of each way betting. Even though your selection did not win, you still made a £7.50 profit because the place return covered the entire £20 stake and then some. At odds of 8.00 with 1/4 place terms, the each way bet is "self-protecting" - a place finish alone guarantees profit.

Full Worked Example: Your Selection is Unplaced

Your horse finishes outside the paying places (4th or worse):

Bet Part	Stake	Odds	Return
Win	£10	8.00	£0.00 (lost)
Place	£10	2.75	£0.00 (lost)
Total	£20		£0.00

• Total return: £0.00
• Loss: £20.00

Both parts of the bet are lost. This is the worst-case scenario for any each way wager.

Use our each way calculator to run your own scenarios instantly, or convert between odds formats with our odds converter.

When Each Way Offers Value

Not every each way bet is a good bet. The key to profitable each way betting lies in identifying situations where the place part alone offers positive expected value. This is the concept of each way value.

The Key Concept: Each Way Value

Each way value exists when the implied probability of the place odds is lower than the actual probability of your selection finishing in a paying position. In other words, the bookmaker is offering you better place odds than the true chances warrant.

This situation arises because bookmakers set place odds as a fixed fraction of the win odds. They do not independently price the place market based on the actual probability of each runner placing. This mechanical pricing creates exploitable inefficiencies, especially at longer prices.

Identifying Each Way Value

Here is the process for spotting each way value:

1. Estimate the true probability of your selection placing. Consider the number of runners, the quality of the field, and your selection's relative chances.
2. Calculate the implied place probability from the place odds. The formula is: Implied Probability = 1 / Place Odds.
3. Compare the two. If your estimated place probability is significantly higher than the implied probability, each way value exists.

Worked Example:

Consider a 20/1 shot (21.00 decimal) in a 12-runner race with 1/4 place terms, 3 places paid:

• Place Odds = (21.00 - 1) x 0.25 + 1 = 5.00 + 1 = 6.00
• Implied place probability = 1 / 6.00 = 16.7%
• A reasonable estimate for a 20/1 shot placing in a 12-runner field might be around 25-30% (roughly 3/12 adjusted for ability distribution)
• Since 25% > 16.7%, there is strong each way value on the place part

Even if the win part of the bet is a losing proposition long-term, the place part can carry the bet into profit. This is the fundamental insight behind professional each way betting.

For a deeper dive into identifying value across all bet types, read our value betting guide.

Best Each Way Scenarios

Based on the mathematical properties of each way pricing, the best opportunities typically arise in these situations:

• Large field events with 16 or more runners, particularly handicap races where form is harder to assess and upsets are more common.
• Selections priced between 8.00 and 25.00 (7/1 to 24/1), where the place fraction generates meaningful place odds but the selection still has a realistic chance of hitting a place.
• Events with enhanced place terms, where bookmakers are paying extra places as a promotion. These significantly shift the value equation in your favour.
• Competitive, open events where the place probability is significantly higher than the win probability. A horse might have a 5% chance of winning but a 30% chance of placing - that disparity creates each way value.
• Situations where you believe the market underestimates a runner's place chances, even if the win price is broadly correct.

When Each Way is Poor Value

Conversely, each way betting tends to offer poor value in these situations:

• Short-priced favourites at odds < 3.00. The place part pays almost nothing, and you are effectively paying double for minimal insurance.
• Small fields with fewer than 8 runners, where place terms shrink to just 2 places at 1/4 odds.
• Odds-on selections where the place odds may be less than evens. You would need to place just to get most of your stake back.

Each Way in Different Sports

While horse racing is the spiritual home of each way betting, bookmakers offer each way terms across a wide range of sports. The value proposition differs significantly depending on the sport and market type.

Horse Racing (Primary Use)

Horse racing remains the most common and traditional each way market. Every race with 5 or more runners typically offers each way terms, and the variety of race types creates diverse value opportunities:

• Flat handicaps: Large fields (15-30 runners) with competitive fields create excellent each way value, particularly at major festivals like Royal Ascot and the Ebor meeting.
• National Hunt handicaps: Jump racing handicaps like the Grand National (40 runners, 6+ places) and the Cheltenham Festival handicaps are prime each way territory.
• Non-handicap races: Smaller fields reduce the each way value, but surprises still happen at rewarding odds.
• Maiden races: Unpredictable form makes these interesting for each way punters who can assess unexposed talent.

Football

Each way betting in football is less common than in horse racing but is available in several markets:

• Top Goalscorer: Back a player each way to finish in the top 2, 3, or 4 goalscorers in a league or tournament. This is the most popular football each way market, with terms typically 1/4 odds for 2-3 places.
• Tournament Outrights: Each way on a team to win the World Cup, European Championship, or Champions League. Typically 1/4 odds, 2 places paid.
• Relegation/Promotion: Some bookmakers offer each way terms on these markets.

For example, backing a top goalscorer at 15.00 each way with 1/4 odds and 3 places paid gives you place odds of 4.50. If the player finishes third, the place return alone covers your total stake and delivers profit. Explore more football betting strategies in our accumulator strategy guide.

Golf

Golf is arguably the second-best sport for each way betting after horse racing. With fields of 150+ players in major tournaments, bookmakers typically offer extremely generous place terms:

• 5-8 places typically paid in standard tour events
• 1/4 or 1/5 odds on the place fraction
• Prices range from 10.00 to 500.00+ for the full field

The large field sizes mean that outsiders frequently place at big prices, making golf an excellent sport for systematic each way strategies. A 66/1 shot with 8 places paid at 1/5 odds gives place odds of 14.20 - a substantial return if your selection finishes anywhere in the top 8.

Other Sports

Each way betting is also available in several other sports:

• Darts: Tournament winner markets, particularly for major TV events like the World Championship, with 2-4 places typically paid.
• Snooker: Tournament outright markets with place terms similar to darts.
• Formula 1: Race winner and championship winner markets. F1 is interesting because only 20 drivers start, but attrition rates create natural each way value.
• Tennis: Grand Slam and ATP/WTA tournament winner markets, usually with 2 places paid.
• Cricket: Individual player awards, top batsman, and top bowler markets.

Each Way Accumulators

An each way accumulator extends the concept across multiple selections, creating two separate running accumulators: one for the win parts and one for the place parts.

How Each Way Accumulators Work

In an each way accumulator:

• The win accumulator requires all selections to win. The odds multiply together just like a standard accumulator.
• The place accumulator requires all selections to place. The place odds multiply together separately.
• You receive the combined return from whichever accumulators are successful.

If all selections win, you collect both the win accumulator and the place accumulator. If all selections place but some do not win, you only collect from the place accumulator. If any single selection fails to place, the entire place accumulator is lost. If any selection fails to win, the win accumulator is lost.

For more on how standard accumulators work and strategies for building them, see our accumulator strategy guide and use our accumulator calculator.

Example: 3-Fold Each Way Accumulator

Suppose you select three horses across different races, all with 1/4 place terms:

Leg	Win Odds	Place Odds
Leg 1	5.00	(5.00 - 1) x 0.25 + 1 = 2.00
Leg 2	4.00	(4.00 - 1) x 0.25 + 1 = 1.75
Leg 3	8.00	(8.00 - 1) x 0.25 + 1 = 2.75

For a £5 each way treble (total stake: £10):

• Win accumulator odds: 5.00 x 4.00 x 8.00 = 160.00
• Place accumulator odds: 2.00 x 1.75 x 2.75 = 9.63

If all three win:

• Win return: £5 x 160.00 = £800.00
• Place return: £5 x 9.63 = £48.13
• Total return: £848.13 | Profit: £838.13

If all three place but none win:

• Win return: £0.00
• Place return: £5 x 9.63 = £48.13
• Total return: £48.13 | Profit: £38.13

If two place and one is unplaced:

• Both accumulators are lost
• Total return: £0.00 | Loss: £10.00

This illustrates both the appeal and the risk of each way accumulators. The place acca provides a safety net, but all legs must place for it to pay. Keep your each way accumulators to a manageable number of legs (3-4 maximum) to maintain a realistic chance of collecting the place part.

Rule 4 Deductions

Understanding Rule 4 deductions is essential for any each way bettor, particularly in horse racing.

What is Rule 4?

When a runner withdraws from an event after betting has started, the remaining runners' odds may no longer accurately reflect their true chances. To compensate, bookmakers apply a Rule 4 deduction to all bets on the remaining runners. The deduction is a percentage taken from your winnings, based on the price of the withdrawn runner.

Rule 4 deductions affect both the win and place parts of each way bets, which can significantly reduce your returns.

Rule 4 Deduction Scale

The following table shows the standard Rule 4 deduction percentages based on the withdrawn runner's odds at the time of withdrawal:

Withdrawn Runner's Price	Deduction per £1
1/9 (1.11) or shorter	75p
2/11 (1.18) to 2/9 (1.22)	70p
1/4 (1.25) to 2/7 (1.29)	65p
1/3 (1.33) to 4/11 (1.36)	60p
2/5 (1.40) to 4/9 (1.44)	55p
1/2 (1.50) to 8/15 (1.53)	50p
4/7 (1.57) to 4/6 (1.67)	45p
8/11 (1.73) to 5/6 (1.83)	40p
20/21 (1.95) to Evens (2.00)	35p
11/10 (2.10) to 6/5 (2.20)	30p
5/4 (2.25) to 6/4 (2.50)	25p
13/8 (2.63) to 7/4 (2.75)	20p
15/8 (2.88) to 9/4 (3.25)	15p
5/2 (3.50) to 3/1 (4.00)	10p
10/3 (4.33) to 9/1 (10.00)	5p
10/1 (11.00) or longer	No deduction

Example: If a 2/1 shot is withdrawn and Rule 4 applies at 15p in the pound, your £100 in potential winnings would be reduced by £15, leaving you with £85 in winnings.

The good news is that longer-priced withdrawals have minimal impact. If a 12/1 shot is withdrawn, there is no deduction at all.

Each Way Betting and Matched Betting

Each way bets are a cornerstone of advanced matched betting strategies, particularly when bookmakers offer enhanced or extra place promotions. These offers create scenarios where guaranteed profit is achievable regardless of the outcome.

How it Works with Matched Betting

The strategy involves:

1. Placing an each way bet at a bookmaker offering extra places.
2. Laying the win on a betting exchange (covering the outcome where the selection wins).
3. Laying the place separately on the exchange (covering the outcome where the selection places).
4. The extra place offered by the bookmaker creates a "gap" in coverage that generates profit when the selection finishes in the extra place position.

For instance, if the standard market pays 3 places and your bookmaker is paying 4, you lay against the first 3 places on the exchange. If the selection finishes 4th, you collect from the bookmaker but do not lose on the exchange - pure profit.

For a detailed walkthrough of how to execute these strategies step by step, read our comprehensive matched betting guide. You can also use our matched betting calculator to calculate the exact lay stakes required.

Common Each Way Mistakes

Even experienced bettors fall into traps with each way betting. Here are the most common mistakes to avoid:

1. Forgetting It is Two Bets

The number one mistake is treating an each way bet as a single bet. When you place £10 each way, your total outlay is £20, not £10. Always assess your returns against the full stake to avoid overestimating your profit.

2. Backing Short-Priced Favourites Each Way

Placing an each way bet on a favourite at odds of 2.50 (6/4) with 1/4 place terms gives you place odds of just 1.38. That means a £10 each way bet (£20 total) returns only £13.75 if the horse places without winning - a loss of £6.25. You are paying double the stake for minimal insurance that rarely compensates for the added cost. At short prices, a straight win bet is almost always the better option.

3. Not Checking Place Terms Before Betting

Place terms vary between bookmakers and between events. Assuming you know the terms without checking can lead to nasty surprises. Always verify the number of places paid and the fraction of odds before committing your stake. Some bookmakers offer 1/5 where competitors offer 1/4, which makes a meaningful difference to your returns.

4. Ignoring Enhanced Place Offers

Bookmakers frequently run extra place promotions, particularly on high-profile races. These offers can transform a marginal each way bet into a strongly positive-value proposition. Make a habit of checking for enhanced place offers before every bet. You can find more tips on maximising bookmaker offers in our free bets explained guide.

5. Not Calculating Whether the Place Return Covers the Total Stake

Before placing any each way bet, work out whether the place return alone would cover your full stake. This tells you the breakeven point - the minimum odds at which an each way bet becomes "self-protecting." With 1/4 place terms, you generally need win odds of approximately 5.00 or higher for the place return alone to cover the total each way stake. With 1/5 terms, you need odds of approximately 6.00 or higher.

6. Overusing Each Way on Accumulators

Each way accumulators are appealing because of the safety net, but remember that every leg must place for the place accumulator to pay. Adding more legs dramatically reduces the probability of the place acca landing. A 5-fold each way accumulator where each leg has a 40% chance of placing has only a 1% chance of the place part winning. Keep each way accumulators short and selective.

For a broader view of betting mistakes to avoid, read our guide on the biggest betting mistakes and learn about proper bankroll management.

Frequently Asked Questions

What is an each way bet?

An each way bet is two bets in one: a win bet and a place bet, both placed on the same selection at the same odds. If your selection wins, both parts pay out. If it places (finishes in a paying position without winning), only the place part pays out. If it does not place, both parts lose. Because it is two bets, the total cost is double your unit stake.

How much does an each way bet cost?

An each way bet costs exactly twice your stated unit stake. A £5 each way bet costs £10 total, a £10 each way bet costs £20, and so on. One half goes on the win and one half goes on the place. This is the most important thing to remember about each way betting - it is always two separate bets.

What are place terms?

Place terms define how many finishing positions count as a "place" and what fraction of the win odds the place part pays. For example, "1/4 odds, 3 places" means the place bet pays out at one quarter of the win odds if your selection finishes 1st, 2nd, or 3rd. Place terms vary by sport, event type, and the number of competitors.

When does each way offer value?

Each way betting offers the best value when the implied probability from the place odds is lower than the actual probability of your selection placing. This typically occurs with selections priced between 8.00 and 25.00 in large field events (12+ runners). The mechanical way bookmakers calculate place odds (as a fixed fraction of win odds) creates pricing inefficiencies that sharp bettors can exploit.

Can I bet each way on football?

Yes, several football markets offer each way terms. The most popular is the top goalscorer market, where you can back a player each way to finish in the top 2, 3, or 4 scorers. Tournament outright markets (World Cup winner, Champions League winner) also commonly offer each way terms, typically 1/4 odds for 2 places. These markets can offer strong value on players or teams priced at 10.00 or higher.

What is Rule 4?

Rule 4 is a deduction applied to your winnings when a runner withdraws from an event after betting has started. The deduction compensates for the fact that remaining runners' odds no longer accurately reflect their true chances. The percentage deducted depends on the withdrawn runner's price - the shorter the price of the withdrawal, the larger the deduction. Rule 4 applies to both the win and place parts of each way bets.

How do each way accumulators work?

An each way accumulator creates two separate running bets: a win accumulator (all selections must win) and a place accumulator (all selections must place). If all selections win, both accumulators pay out. If all selections place but not all win, only the place accumulator pays. If any selection fails to place, the entire bet loses. The total stake is double your unit stake, just like a single each way bet.

What odds should I look for each way?

The sweet spot for each way value is generally between 8.00 and 25.00 decimal odds (7/1 to 24/1 fractional). At these prices, the place fraction generates meaningful returns that can cover your full stake on a place-only finish. Below 5.00, the place returns are too small to justify the double stake. Above 30.00, while the place odds look attractive, the probability of placing drops significantly. Always run the numbers using our each way calculator.

Is each way betting profitable?

Each way betting can be profitable when applied strategically. The key is identifying situations where genuine each way value exists - where the probability of placing exceeds the implied probability from the place odds. Professional each way bettors focus on large field handicaps, enhanced place offers, and systematic value identification. Like any form of betting, long-term profitability requires discipline, research, and proper bankroll management.

What are enhanced place terms?

Enhanced place terms are promotional offers from bookmakers where they pay out on more places than the industry standard. For example, a race that normally pays 3 places might be promoted with 4 or 5 places paid. These offers significantly increase the probability of your place bet landing without changing the place odds, creating additional value. Enhanced place terms are particularly common during major racing festivals and big sporting events.

How do I calculate each way returns?

To calculate each way returns: First, work out the place odds using the formula Place Odds = (Win Odds - 1) x Fraction + 1. Then multiply your win stake by the win odds for the win return, and your place stake by the place odds for the place return. Add both together for the total return if your selection wins, or take just the place return if it only places. Our each way calculator handles all these calculations instantly.

Should I bet each way on favourites?

Generally, no. Each way betting on favourites at short prices (below 4.00) is almost always poor value. The place odds on a 2.50 favourite with 1/4 terms are just 1.38 - meaning a place-only finish returns less than your total each way stake. You are paying double for a safety net that does not actually protect you. Favourites are better served with straight win bets, or consider alternative bet types like draw no bet for football selections where you want downside protection.

Can I cash out an each way bet?

Most modern bookmakers offer cash out on each way bets, though the availability depends on the event and bookmaker. Cash out settles both the win and place parts of your bet simultaneously based on the current in-play odds. Be aware that cash out values are typically less generous than the theoretical value of your bet, as bookmakers build in a margin. For more on how cash out works and when to use it, read our cash out betting guide.

Conclusion

Each way betting is a versatile and powerful tool in any bettor's arsenal when used correctly. Here are the key points to remember:

• An each way bet is always two bets - never forget that your total outlay is double your unit stake.
• Place terms matter - always check the number of places paid and the fraction of odds before placing your bet.
• Each way value is about the place part - the real edge comes from identifying when the place odds offer better value than the true probability suggests.
• Target the right price range - selections between 8.00 and 25.00 typically offer the best each way value in large field events.
• Shop around for enhanced places - extra place promotions can transform a marginal bet into a strong value opportunity.
• Keep each way accumulators short - 3-4 legs maximum to maintain a realistic chance of the place part landing.
• Avoid each way on short-priced favourites - the place returns rarely justify the double stake.

For instant return calculations on any each way bet, use our each way calculator. To explore related strategies, check out our guides on value betting, matched betting, and accumulator strategy.

Remember: Always bet responsibly and within your means. Each way betting should be part of a disciplined approach to betting with proper bankroll management. Never stake more than you can afford to lose, and if you feel you may have a problem, please visit BeGambleAware.org or call the National Gambling Helpline on 0808 8020 133.