Racing & Pari-Mutuel

Each way betting

Q: What does each-way mean in horse racing?

In horse racing, an each-way bet covers a horse to win and to finish in the designated place positions (e.g., 2nd or 3rd).1 The place terms — how many places and at what fraction of the odds — depend on the number of runners and whether the race is a handicap.3

An each-way bet is a single wager that covers two outcomes: the selection winning the event, or finishing in one of the designated place positions.

Total stake: Twice the unit stake, because it is two bets.¹
Place odds: Commonly paid at 1/2, 1/3, 1/4, or 1/5 of the win odds.¹
Example cost: A £2 each-way bet costs £4 total.²
UK place terms (5–7 runners): 1/4 odds, 1st & 2nd.³
UK place terms (8+ runners): 1/5 odds, 1st–3rd.³

Key points

An each-way bet combines a win bet and a place bet of equal stake.¹
If the selection wins, both halves pay; if it only places, the win half loses and the place half pays at reduced odds.²
The number of place positions and the fraction of win odds depend on the race type and field size.³
In UK handicaps with 16+ runners, the place terms are 1/4 odds for 1st–4th.³

UK customary each-way place terms

Standard place terms for flat and national hunt races in the UK, as cited by the British Horseracing Authority.³
Field size	Place fraction	Places paid
5–7 runners	1/4 odds	1st & 2nd
8+ runners	1/5 odds	1st–3rd
Handicap 12–15 runners	1/4 odds	1st–3rd
Handicap 16+ runners	1/4 odds	1st–4th
Fewer than 5 runners	No places offered	—

Common questions

How does each way betting work?

You place a single bet split into two equal parts: one on the selection to win and one on it to place (finish in the top few positions).¹ If the selection wins, both parts pay out; if it only places, the win part loses and the place part pays at a fraction of the win odds.² The total stake is double the unit stake.

What does each-way mean in horse racing?

In horse racing, an each-way bet covers a horse to win and to finish in the designated place positions (e.g., 2nd or 3rd).¹ The place terms — how many places and at what fraction of the odds — depend on the number of runners and whether the race is a handicap.³

Where this term is used

Racing

Racing Pari-mutuel betting example Explains how pool-based betting works, contrasting with fixed-odds each-way betting. Racing Tote betting Covers the Tote's pool betting system, where the place component is pool-based rather than fixed-odds. Racing Trifecta betting A bet requiring the first three finishers in exact order, a different type of exotic wager. Racing Horse betting terms Glossary of common terms used in horse race betting, including each-way. Racing Greyhound racing betting Overview of betting on greyhound races, where each-way bets are also offered. Racing Live greyhound betting Guide to placing bets on greyhound races in real time, including each-way options.

Sources

Each-way en.wikipedia.org Provides the core definition of each-way betting and the split into win and place parts.
Type Of Bets | Racing Explained thejockeyclub.co.uk Gives a concrete example of a £2 each-way bet costing £4 and how the payout works.
Starting Price Regulatory Commission - | British Horseracing Authority britishhorseracing.com Lists the standard UK place terms by field size and race type.

Sources are drawn from regulators, universities and published research, and each one is labelled with what it actually is — a preprint is not called a paper. Bookmaker and affiliate pages are never cited here, because a page that sells betting is not a neutral authority on it.

Written and maintained by Ellis Warrender, writer and maintainer.

Last updated 28 July 2026. Spotted an error? Tell me and it gets fixed and logged on the corrections page.