Each Way Betting Explained: A Beginner’s Guide

How does each way betting work in horse racing?

An each-way bet (E/W) is essentially two separate bets placed on the same horse: one for the horse to win the race outright and one for the horse to place (finish in the top few positions). Because it is two bets in one, your total stake is always doubled. For example, a £10 each-way bet will cost you £20 total—£10 on the win and £10 on the place.

How to calculate each way betting payouts

Calculating your potential return depends on whether your horse wins or just finishes in the places. The “place” part of your bet is usually paid at a fraction of the original win odds—typically 1/4 or 1/5.

Scenario A: Your horse wins (at 10/1 odds, 1/5 place terms)

If your horse comes in 1st, both parts of your bet win.

• Win Part: £10 at 10/1 = £100 profit + £10 stake returned.
• Place Part: £10 at 2/1 (1/5 of 10/1) = £20 profit + £10 stake returned.
• Total Return: £140 (£120 profit + £20 total stake).

Scenario B: Your horse places (finishes 2nd or 3rd)

If your horse finishes in a designated place but doesn’t win, your win bet loses, but your place bet wins.

• Win Part: £10 stake is lost.
• Place Part: £10 at 2/1 = £20 profit + £10 stake returned.
• Total Return: £30 (£10 profit overall after accounting for the lost win stake).

Each way betting place terms for Cheltenham 2026

The number of places a bookmaker pays out depends strictly on the number of runners and the type of race. During the Cheltenham Festival, you should look for “Handicap” races with 16+ runners, as these offer the most generous terms.

Runners	Race Type	Standard Terms
1–4	All Races	Win Only (No Places)
5–7	All Races	1st & 2nd @ 1/4 Odds
8+	Non-Handicap	1st, 2nd & 3rd @ 1/5 Odds
12–15	Handicaps	1st, 2nd & 3rd @ 1/4 Odds
16+	Handicaps	1st, 2nd, 3rd & 4th @ 1/4 Odds

When is each way betting worth it?

A common question for new punters is: “Should I bet each way or to win?” * Look for 4/1 or Higher: If you back a horse at odds lower than 4/1 (with 1/4 place terms), a place finish will result in a return that is less than your total stake.

• The “Safety Net” for Outsiders: Each-way betting is best for “outsiders” or “longshots” (e.g., 10/1 or 20/1) where you still make a healthy profit even if the horse doesn’t win.
• Extra Places: During major meetings like Cheltenham, many bookies offer enhanced place terms (paying 5th or 6th place). Always check for these promotions to increase your “each way value”. How do extra places work? See our Extra Places Explained guide.