An each-way bet
is a wager offered by bookmakers
consisting of two separate bets; a win bet and a place bet. For the win part of the bet to give a return the selection must win or finish first in the event. For the place part of the bet to give a return the selection must either win or finish in one of the predetermined 'places' for the event. The odds paid on the place part of the bet are usually a fraction (commonly
) of the win odds. Examples are domestic football knockout competitions (e.g. FA Cup
) where the quoted place terms may be
the odds a place 1,2 and horse racing where the quoted place terms may be
the odds a place 1,2,3.
Because an each-way wager comprises two bets, the total staked is twice the unit stake. For example, a £5 each-way single
would cost £10, as indeed would a £5 each-way treble
comprising as it does of a £5 win treble and a £5 place treble.
Settling the bets
Calculation of returns uses either decimal odds or (fractional odds + 1).
£50 each-way on a football team 'to win the cup' at 9-2 and the odds a place 1,2.
- Returns for the win part of the bet would be £50 × 5.5 = £275
- Returns for the place part of the bet would be £50 × 2.5 = £125
- If the team 'won the cup' the total returns would be £275 + £125 = £400 and if the team was beaten in the final the returns would be £125. If the team did not reach the final the wager would be lost.
A £10 each-way single on a 10-1 selection in a horse race and paying the odds a place 1,2,3 would cost £20.
- Returns on the win part of the bet would be £10 × (10/1 + 1) = £110
- Returns on the place part of the bet would be £10 × (10/4 + 1) = £35
- Total returns would be £110 + £35 = £145 if the horse won the race, but just £35 if the horse only finished second or third.