Betting guide
Each-way betting in horse racing: how it pays, and when it doesn’t
At Sedgefield on Sunday 18 October 2026, Natural Ability won a handicap hurdle at 40/1. A £5 each-way bet on him cost £10 and returned £250. Had he finished third instead, the same bet would still have returned £45. That is the whole appeal of each-way betting: a second chance at a profit when your horse runs well but doesn’t quite win.
It is also the most misunderstood bet in racing. Plenty of punters lose money on each-way bets that look safe but can’t pay. This guide shows exactly how the bet works, using real races from British Champions Day and the Sedgefield card the day after.
Here is the same thing from this week’s racing, worked out automatically from the latest results:
Latest real example · last 7 days
3:50 Sedgefield, Sunday 18 October 2026 — Vickers Bookmakers Handicap Hurdle Race
Natural Ability won at 40/1 in a 8-runner race — 1/5 odds, 3 places. A £5 each-way bet (£10) returned £250.00: £205.00 from the win part and £45.00 from the place part. Had it finished in the places instead, the bet would have returned £45.00.
Placed, not won: Cloch Nua finished 3rd at 33/1 in the 4:23 Southwell (AW) (17 October). The win part lost, the place part returned £38.00 — a profit of £28.00 on £10.
Official results and starting prices from The Racing API. Updated automatically from the latest UK racing.
What is an each-way bet?
An each-way bet is two bets of the same size:
- A win bet on your horse to win.
- A place bet on your horse to finish in the places — usually the first two, three or four, depending on the race.
So “£5 each-way” costs £10: £5 on the win and £5 on the place. The place part pays a fraction of the win odds, usually a quarter or a fifth.
If your horse wins, both parts pay out. If it is placed, only the place part pays. If it finishes out of the places, you lose both.
Each-way place terms: how many places are paid
The standard each-way terms in Britain depend on how many horses run and whether the race is a handicap.
| Race | Runners | Place odds | Places paid |
|---|---|---|---|
| Any race | 4 or fewer | — | Win only |
| Any race | 5 to 7 | 1/4 | 1st, 2nd |
| Non-handicap | 8 or more | 1/5 | 1st, 2nd, 3rd |
| Handicap | 8 to 11 | 1/5 | 1st, 2nd, 3rd |
| Handicap | 12 to 15 | 1/4 | 1st, 2nd, 3rd |
| Handicap | 16 to 21 | 1/5 | 1st, 2nd, 3rd, 4th |
| Handicap | 22 or more | 1/4 | 1st, 2nd, 3rd, 4th |
These are the usual terms, and many bookmakers improve them on big races — paying five, six or even seven places on a Grand National or a big-field handicap. Always check the terms shown on the bet slip, because what counts is what was agreed when you placed the bet. If a horse is withdrawn and the field drops from eight runners to seven, the places paid usually drop from three to two.
Each-way bets in action: five real races
A 40/1 each-way winner at Sedgefield
Natural Ability, 3:50 Sedgefield, Sunday 18 October 2026. Eight runners in a handicap hurdle, so a fifth of the odds for the first three. He won at 40/1.
- Win part: £5 at 40/1 = £200 profit + £5 stake = £205
- Place part: £5 at 8/1 (a fifth of 40/1) = £40 profit + £5 stake = £45
- Total return: £250 for a £10 bet.
Placed at 6/1: a small profit on the place part
Lilt, Champions Fillies & Mares Stakes, Ascot, 17 October 2026. Twelve runners in a Group 1 (not a handicap), so a fifth of the odds for three places. Lilt finished third at 6/1.
- Win part: lost.
- Place part: £5 at 6/5 (a fifth of 6/1) = £6 profit + £5 stake = £11
- Total return: £11 for a £10 bet — a £1 profit.
Placed at 4/1: why a short-priced place can still lose
Scoville, Balmoral Handicap, Ascot, 17 October 2026. Twenty runners in a handicap, so a fifth of the odds for four places. Scoville was the 4/1 favourite and finished fourth.
- Win part: lost.
- Place part: £5 at 4/5 (a fifth of 4/1) = £4 profit + £5 stake = £9
- Total return: £9 for a £10 bet — a £1 loss, even though the horse “placed”.
This is the trap. Below about 5/1, a placed horse often returns less than the total stake.
Third in a six-runner race: placed but not paid
Bay City Roller, Champion Stakes, Ascot, 17 October 2026. Only six runners, so a quarter of the odds for the first two. Bay City Roller ran a fine race to finish third at 17/2 — and an each-way bet lost the lot. Calandagan, second at 5/2, returned £8.13 from a £10 each-way bet.
Win-only races: when each-way betting isn’t offered
Tommy Pickles, 1:50 Sedgefield, Sunday 18 October 2026. Three runners, so the race was win only. Bookmakers won’t take an each-way bet, or will treat it as a win bet. Tommy Pickles won at 10/11.
How to calculate an each-way bet
- Halve your total stake: that is your win stake and your place stake.
- Work out the win return at the full odds (if your horse won).
- Divide the odds by the place fraction — 4 or 5 — and work out the place return at those odds (if it won or was placed).
- Add them together.
Or let the bet calculator do it: tick “each-way”, pick the place terms and enter the result.
Today’s each-way example, worked out live
The calculation below uses a live race from today’s cards: the place terms for the field size and the returns on a £5 each-way bet at the best price available now.
Live example · Today
2:47 Bath — Big Stage Hire Handicap Stakes
- Runners8
- RaceHandicap
- Each-way terms1/5 odds, 3 places
- HorseAn Outlaw's Grace 4/1
| £5 each-way (£10) | Win part | Place part | Total return | Profit |
|---|---|---|---|---|
| If it wins | £25.00 | £9.00 | £34.00 | +£24.00 |
| If it is placed (2nd–3rd) | £0.00 | £9.00 | £9.00 | −£1.00 |
| If it finishes out of the places | £0.00 | £0.00 | £0.00 | −£10.00 |
Best price 4/1 with bet365. The place part pays at 1/5 of the odds. Standard terms are shown; some bookmakers pay extra places. Racecard and every price →
Prices from The Racing API, checked 13:45. Odds change; this is an illustration, not a tip. 18+.
When to bet each-way
Bigger prices in bigger fields. At 8/1 or more in a race of eight or more runners, a place alone usually returns a profit. That is where each-way earns its keep.
Eight-runner races with a weak favourite. With eight runners you get three places at a fifth of the odds. If the field has no standout, three places in eight is generous.
Big-field handicaps with extra places. When a bookmaker pays five or six places on a 20-runner handicap, each-way bets on outsiders become far more attractive.
When an each-way bet is poor value
Short prices. At 2/1 a placed horse at a fifth of the odds returns £7 from a £10 each-way bet. You are paying £5 for very little.
Five, six and seven-runner races with an odds-on favourite. Only two places are paid. If the favourite is likely to take one of them, you are betting on finishing second — at a quarter of your odds.
Eight runners that become seven. One non-runner and the third place disappears. Check the declarations before you bet, and again before the off.
Each-way doubles, trebles and Lucky 15s
You can back an each-way double, treble or Lucky 15. The bet becomes two multiples: one on all your horses to win, and one on all of them to be placed. The place part can return a decent sum even when none of your horses wins — which is why each-way Lucky 15s are popular on big Saturdays.
Each-way bets with Best Odds Guaranteed
At most bookmakers, Best Odds Guaranteed applies to both parts of an each-way bet. Take 8/1 in the morning, see the horse start at 12/1 and finish third, and the place part is paid at a fifth of 12/1. See our guide to Best Odds Guaranteed betting sites for start times and terms.
Each-way betting: your questions answered
How much does a £5 each-way bet cost?
£10 — £5 on the win and £5 on the place.
What does a quarter the odds a place mean?
The place part pays a quarter of the win odds. At 12/1, the place pays 3/1.
How many places are paid in an each-way bet?
It depends on the field size and the type of race: two places with five to seven runners, three with eight or more, and up to four in big-field handicaps. Races with four or fewer runners are win only.
Do I win anything if my horse wins an each-way bet?
Yes — both parts pay. The win part at full odds and the place part at the place fraction.
Can you lose money on an each-way bet even if the horse places?
Yes. At short prices the place return can be less than the total stake. Scoville finished fourth at 4/1 in the Balmoral Handicap and a £10 each-way bet returned £9.
What happens to an each-way bet if there are non-runners?
If the field falls below a threshold — from eight to seven runners, say — the places paid can drop. A Rule 4 deduction may also apply if a horse is withdrawn late. See our guide to Rule 4 deductions.
What are extra places?
A bookmaker promotion that pays more places than the standard terms, usually on big handicaps and festival races. Check our free bets and promotions guide for current offers.
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