In horse racing, an each-way bet is effectively two bets in one:

1. Win bet – your horse must win the race.
2. Place bet – your horse must finish in one of the specified places (e.g. top 2, 3, or 4 depending on the size and type of race).

So if you put £10 each-way on a horse, your total stake is £20 (£10 win + £10 place).

How the place terms work

• The bookmaker sets place terms depending on the race:
  • 5–7 runners → usually 1st and 2nd place paid (¼ odds).
  • 8+ runners (non-handicap) → usually 1st, 2nd, and 3rd place paid (⅕ odds).
  • Handicaps with 12–15 runners → 1st, 2nd, 3rd (¼ odds).
  • Handicaps with 16+ runners → 1st, 2nd, 3rd, 4th (¼ odds).

(Some bookmakers pay extra places on big races like the Grand National as a promotion.)

Example

• £10 each-way at odds of 10/1 (so total stake = £20).
• If your horse wins:
  • Win bet: £10 × 10/1 = £100 + £10 stake back.
  • Place bet: £10 × (10/1 ÷ 4) = £25 + £10 stake back.
  • Total return: £145.
• If your horse finishes 2nd or 3rd (assuming ¼ odds place terms):
  • Win bet: loses.
  • Place bet: £25 + £10 stake back.
  • Total return: £35.

In short:

It gives you a safety net — your horse doesn’t have to win outright for you to get something back.

Each-way = betting on your horse to win and to place.