Definitions

place bet

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

See also

External links

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