Definitions

# Each-Way (bet)

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 $tfrac\left\{1\right\}\left\{2\right\}$, $tfrac\left\{1\right\}\left\{3\right\}$, $tfrac\left\{1\right\}\left\{4\right\}$ or $tfrac\left\{1\right\}\left\{5\right\}$) of the win odds. Examples are domestic football knockout competitions (e.g. FA Cup) where the quoted place terms may be $tfrac\left\{1\right\}\left\{2\right\}$ the odds a place 1,2 and horse racing where the quoted place terms may be $tfrac\left\{1\right\}\left\{5\right\}$ the odds a place 1,2,3.

## Staking

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).

### Example 1

£50 each-way on a football team 'to win the cup' at 9-2 and $tfrac\left\{1\right\}\left\{3\right\}$ 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.

### Example 2

A £10 each-way single on a 10-1 selection in a horse race and paying $tfrac\left\{1\right\}\left\{4\right\}$ 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.