What does each way mean? Two bets in one
Ask what does each way mean and the short answer is two bets for the price of two. You back a selection to win, and you also back it, for the same stake, to finish in the places. A £5 each way bet is £5 on the win plus £5 on the place, so £10 leaves your balance.
The win part works like any single. The place part pays if the selection finishes inside the places the bookmaker offers, and it pays at a fraction of the win odds. If your horse wins outright, both halves pay out. If it finishes second or third, only the place half pays and the win half is lost.
The point of the bet is cover. A 12/1 shot that runs a big race but gets caught close home still returns something. For many racegoers this is how they back outsiders in big handicaps, where a winner is hard to find but a top-four finish is a realistic hope for a good number of runners.
People who ask what does each way mean at the track are often thinking of a place-only bet, which is a different thing. Some bookmakers price the place chance as its own market with no win part. Each way ties the place to a fixed fraction of the win odds, so both halves always rise and fall together.
Each way bet place terms in UK horse racing
Place terms depend on how many runners take part and whether the race is a handicap. The table below shows the standard UK each way terms most bookmakers use. They are a convention across the industry, applied to the number of runners in the race, and they explain why the same horse can pay differently in two races.
| Race type and runners | Places paid | Fraction of win odds |
|---|---|---|
| Any race, 5–7 runners | 2 | 1/4 |
| Any race, 8 or more runners | 3 | 1/5 |
| Handicap, 12–15 runners | 3 | 1/4 |
| Handicap, 16 or more runners | 4 | 1/4 |
Handicaps get better terms because the weights are designed to bring the field together, so the outcome is harder to call. A 16-runner handicap paying four places at a quarter of the odds is generous by design. A non-handicap of eight runners, often with a clear favourite, pays three places at a fifth, which is a much tighter deal.
Watch the runner count in horse racing as the off approaches. If an eight-runner race loses a horse, it becomes a seven-runner race and only two places are paid. Small fields of four or fewer usually carry no each way option at all. Non-runners can also bring a Rule 4 deduction on winning bets struck before the withdrawal.
Working out an each way bet: three worked examples
Take a £5 each way bet on a horse at 10/1 in a ten-runner non-handicap, so three places at a fifth of the odds. Your total stake is £10. If the horse wins, the win part returns £55, which is £50 profit plus the £5 stake. The place part is settled at 10/1 divided by five, which is 2/1.
At 2/1 the £5 place part returns £15. Add that to the £55 and a winning bet returns £70 from a £10 outlay. If the horse only finishes second or third, the win part loses and you collect the £15 from the place part, which is a £5 profit overall. Out of the frame, you lose the full £10.
Now a big-field handicap. A £2 each way bet on a 20/1 runner among 18 horses costs £4, with four places at a quarter of the odds. The place price is 5/1, so a top-four finish returns £12, an £8 profit. If it wins, the win part adds £42, making a total return of £54.
The third case shows the trap. A £5 each way bet on a 2/1 favourite in an eight-runner race places at a fifth, so the place odds are 2/5. If the favourite finishes second, the place part returns £7. Against a £10 total stake that is a £3 loss, even though your horse ran well and finished in the places.
These sums work the same on decimal prices. Convert the win odds to fractional, divide by the place fraction, and then add the stake back. Many bookmakers show the potential return for each part on the slip before you confirm, which is worth checking every time. It takes seconds and stops the doubled stake from coming as a surprise.
Each way betting beyond horse racing: golf and football
Golf is the other big home for each way punting. A tournament field of 150 players makes the winner hard to call, so a place return softens the many weeks when your pick finishes tenth. Bookmakers set their own places and fraction for each event, so terms differ between firms even on the same tournament.
On golf the place terms hold the value. Five places at a fifth and eight places at a fifth are very different bets on the same player at the same price. Before backing anyone each way, compare the places on offer, since an extra two places can matter more than a slightly bigger win price for a mid-range player.
Football outrights can be backed each way too, usually on markets such as the league winner, top goalscorer or relegation. The places and fraction are set by the bookmaker for each market. Because the favourites in a title race are often short, the place part on them rarely returns much, and the bet tends to suit longer-priced outsiders.
A side point many people miss: on a dead heat for a place, the stake on that part is divided by the number of runners sharing the position, so the return shrinks. Golf sees ties constantly, which means a player finishing joint fifth in a five-place market may only return part of the place stake.
Extra places and best odds guaranteed
Extra places are the promotion that changes the maths most. A bookmaker offering five places in a race where standard terms pay four gives your each way bet one more chance to collect, at no extra cost. Big festival handicaps and the Grand National attract the most generous offers, often with several firms competing on the same race.
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1.
8.4/10Rated on 5 of 7 criteria
Its prices are not in the odds feed we record, so price is not part of this score.
Bet £10 Get £30 In Free Bets
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2.
8.4/107.10% median football margin
From our first 13 days of odds; price enters the score after 21 days.
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3.
8.4/1010.81% median football margin
From our first 13 days of odds; price enters the score after 21 days.
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4.
8.4/106.33% median football margin
From our first 13 days of odds; price enters the score after 21 days.
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5.
8.4/107.99% median football margin
From our first 13 days of odds; price enters the score after 21 days.
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The ranking above puts the bookmakers that score best on racing extras first. Offers change from race to race, so check the market on the day before you place an each way bet. The terms shown alongside each firm describe the current position, and extra places promotions are often restricted to selected races each day.
Best odds guaranteed works alongside extra places. If you take an early price and the starting price is bigger, a firm offering it settles at the higher figure, on both the win and the place parts at most bookmakers. Our guide to best odds guaranteed explains the conditions, cut-off times and caps that apply at different firms.
When an each way bet is poor value
Each way is weakest on short-priced selections in small fields. The second worked example showed it clearly: on a 2/1 shot paying a fifth, a place return does not cover the doubled stake. As a rough guide, many punters back anything shorter than about 4/1 to win only, and keep each way for bigger prices.
Field size against places matters too. An eight-runner non-handicap is often seen as the worst structure, since three places at a fifth are offered with few realistic contenders. A sixteen-runner handicap paying four at a quarter is close to the opposite. If you only remember one rule from this guide, compare the places with the number of runners.
Then there is the margin. Place markets carry their own overround, and the each way fraction is a fixed rule, so on some races the place part is priced below its true chance and on others above it. Our guide to how bookmakers set odds explains how to measure the overround in any market.
Where each way earns its keep is the big handicap in horse racing, with a deep field and a horse priced around 10/1 to 25/1. At those prices the place part alone can return more than the total stake, so a near miss still shows a profit. Add an extra place on the day and the case grows stronger still.
Staking each way without doubling your spend by accident
The most common mistake is forgetting the doubled stake. Typing £10 into the slip and ticking the each way box commits £20, and over a busy Saturday of racing that can push spending well past the figure you had in mind. Set your unit with the full cost in view, then decide how many races you want to play.
Each way multiples raise the stakes further. An each way double is a win double plus a place double, so a £5 unit still costs £10, but both selections must at least place for the place double to pay. If one of them finishes down the field, the whole place half is lost along with the win half.
Deposit limits help here. Since 30 September 2026, Gambling Commission rules mean a deposit limit counts every pound paid in, without netting off withdrawals. Time-outs are available too, and GAMSTOP excludes you from all UK-licensed online bookmakers with a single free registration if betting stops feeling like a choice. Free support is also available around the clock from GambleAware.
Frequently asked questions
What does each way mean in betting?
Each way means placing two equal bets on one selection: a win bet and a place bet. If the selection wins, both parts pay. If it only finishes in the places, the place part pays at a fraction of the odds and the win part loses.
How much does a £5 each way bet cost?
A £5 each way bet costs £10, because it is £5 on the win and £5 on the place. The betting slip usually shows the doubled figure as your total stake once you tick the each way box.
How many places are paid in horse racing each way?
Under the standard UK terms most bookmakers use, races with 5 to 7 runners pay 2 places and races with 8 or more pay 3. Handicaps with 12 to 15 runners pay 3 places at a quarter of the odds, and handicaps with 16 or more pay 4.
Can you lose money on an each way bet if your horse places?
Yes. If the horse is short-priced, the place return can be less than your total stake. A £5 each way bet on a 2/1 shot that only places at a fifth of the odds returns £7 against a £10 outlay.
What happens to an each way bet if a horse is a non-runner?
If your own selection is a non-runner, the stake is normally refunded. If other horses come out, the field shrinks and the place terms can change, and a Rule 4 deduction may apply to winning bets placed before the withdrawal.
Is each way betting worth it on golf?
Golf fields are large and the winner is hard to find, so many punters prefer each way. Bookmakers set their own place terms for each tournament, and extra places are a common promotion on the bigger events.
What are extra places in horse racing?
Extra places are a promotion where a bookmaker pays the place part of an each way bet on more finishing positions than the standard terms, for example a fourth or fifth place in a race that would normally pay three.
Does best odds guaranteed apply to each way bets?
At many bookmakers it does, for both the win and the place parts, provided you take the early price and the starting price ends up bigger. Check each firm's conditions, since start times and daily caps differ.
What is the difference between each way and place only?
Place only is a separate market offered by some bookmakers: a single bet that pays if the selection finishes in the places. Each way always includes a win bet too, so it costs twice the unit stake.