What is an each-way bet in horse racing?

For newcomers gambling on horse racing betting sites, there can be some confusion about what various betting terms mean. Here, The Independent explains the meaning of each-way betting in horse racing.

Each-way betting in horse racing

Each-way betting is a common practice in horse racing. An each-way bet is effectively two separate bets of the same value: one on the horse to win and the other on the horse to be placed. When successful, the win part of the bet is paid at the price taken or the starting price (SP) if an early price is not taken. 

If the selection does not win but is placed, only the place part of the each-way bet is a winner. 

If you place an each-way bet and there are subsequently withdrawals from the race, resulting in four or fewer runners, both parts of the each-way bet will be settled as win only. Places are not paid in races with fewer than five runners.

Number of runners and the places paid

• 1-4 runners – First place only 
• 5-7 runners – First two places
• 8-15 runners – First three places
• 16 or more runners (non-handicap) – First three places
• 16 or more runners (handicap) – First four places

Standard industry place terms for each-way betting

Betting sites settle the place part of the bet by using fractions of the price taken or the SP.

• Handicaps of 16 runners or more – 1/4 the win odds 1-2-3-4 places
• Handicaps of 12-15 runners – 1/4 the win odds 1-2-3 places
• All other races of 8 runners or more – 1/5 the win odds 1-2-3 places
• All races of 5-7 runners – 1/4 the win odds 1-2 places
• Races of fewer than five runners – Place money invested to win

An example of an each-way bet is as follows. £10 each-way equates to a £20 outlay. If a horse wins at 4/1 in a 16-runner handicap, the bet is settled using this method; £10 win at 4/1 returns £50, including the winning stake and £10 place at 1/4 the 4/1 winning odds is 1/1 (or evens) returning £20 including the place stake. The total return is £70. 

If the selection does not win but is placed, £20 will be returned, which means the bet will neither win nor lose. 

(4 x £10 = £40 + £10 stake = £50: 4 ÷ 1/4 x £10 = £10 + £10 stake = £20: Total return £70).

The Independent’s recommended horse racing betting apps employ the standard terms above. There are exceptions to these terms, which are explained below.

Place Boosts and Super Place Boosts

Most UK bookmakers offer daily place boosts on selected races. This means that rather than using the standard each-way terms, they will add an extra place or places for certain races. If the standard terms are the first three places, betting apps may offer four places or more that qualify in each-way bets.

At big horse race meetings like the Cheltenham Festival, Royal Ascot, and the Grand National, it is not unusual to see offers of five or six places, sometimes as many as ten.

Each-Way Extra Races

Many of The Independent’s recommended online betting apps provide each-way extra races. The selected races allow users to choose how many places they wish to place an each-way bet on. 

With each extra place, the price offered on the selection will be slightly shorter than when betting on races that do not offer this concession.

Staking Methods

There are several theories on how to approach each-way betting in horse racing.

Many bettors believe you should only bet each-way when, for example, the selected horse is a minimum 4/1 in a race that pays 1/4 the odds a place. That means the bet is neither a winner nor a loser if the horse does not win but places.

There is nothing incorrect in using this method, but it should not be considered a ‘rule’ when considering whether to place an each-way bet rather than a win-only bet. 

If your selection is 5/2, for instance, and you place an each-way bet and the horse does not win but places, a percentage of the win part of the bet will be recovered. It would not be a winning bet, but losses would be limited in such a scenario.

Many horse racing followers take advantage of each-way betting using a different method. If a horse is 20/1 in a race that pays four places at a 1/4 the odds, they may choose an over-each-way bet. This means that they will only stake enough each-way to recover total stakes.

In this example, the bet could be £25 over £5 or 25/5. It would consist of a £5 each-way bet and a separate win bet of £20 – a total of £25 win and £5 place for an overall outlay of £30. If the racecard selection does not win but places, the return would be £30 (20/1 ÷ 4 = 5/1 x £5 + £5 stake = £30).

It should also be considered that each-way betting limits returns when the selection does win. 

A £10 each-way bet at 5/1 in a race where the place terms are 1/5 the odds a place would return £80 if the horse wins. If the entire £20 stake were win only, the bet would return £120 - a significant difference.

Each-Way Doubles, Trebles and Accumulators

Each-way gambling in multiples on accumulator betting sites is very popular with horse racing fans. When multiple horses are placed in such bets, the winnings can build quickly with each leg of the bet.

When betting each-way multiple bets, it is worth considering the number of runners and places in each race. In an eight-field race, your selection needs to beat at least five other runners home. If 15 runners go to post, it means beating at least 12 of them. 

Free Bets For Cheltenham 2024

If you are looking for somewhere to place each-way bets, there is nowhere greater than the Cheltenham Festival. 

Cheltenham is the greatest four days of the year for fans of jumps racing, and with 28 races up for decision, there are plenty of options when it comes to placing your bets.

Bookmakers have unveiled a host of Cheltenham free bet offers to take advantage of in 2024 and the BetMGM Cheltenham welcome offer is one of the best available for this year's festival.

Open to new BetMGM players only, the offer can be claimed after opening an account and placing a £10 bet on a selection that has Cheltenham odds of 1/1 (2.0) or greater.

Once this bet is settled you will receive £60 credit in the form of six £10 free bets. Four of these are specifically horse racing free bets while the other two can only be used on accumulators with minimum odds of 3/1.

Meanwhile, BetMGM offer Best Odds Guaranteed betting and this feature extends to the 2024 Cheltenham Festival.

If you do open an account with BetMGM or any new betting sites during Cheltenham, be sure to read the terms and conditions of the sign-up offer. Remember to gamble responsibly during Cheltenham.