Each Way Bet Explained
An each way bet is a useful option for anyone that enjoys wagering on horse racing. This page explains what an each way bet entails, how to place an each way bet, and the place terms that you need to bear in mind.
What is an Each Way Bet?
An each way bet is actually two separate wagers – one on the win and another on the place. For that reason, a $10 each way bet requires a total stake of $20.
Each way bets are generally placed on horses with relatively long odds. For example, let’s say you like the look of a horse priced at 12.00 to win the Melbourne Cup. You think it has the potential to win, or at least to finish in the top three.
In that case, you might decide to place an each way bet on that horse. If you place a $10 each way bet, $10 will go on the horse to win the Melbourne Cup, and $10 will go on the horse to place.
What Does “Place” Mean in an Each Way Bet?
If you bet on a horse to place, you are predicting that it will be one of the first few runners to finish the race.
If there are eight or more horses in a race, a horse is deemed to have “placed” if it finishes first, second or third. If there are between five and seven runners in the race, a “place” bet only applies to the first and second horses.
When there are four runners or less in a race, you cannot bet on the place, and all betting is win only.
Most big races have at least eight runners, so you are normally betting on a horse to finish in the top three.
The odds on a horse winning a race are a lot more attractive than the odds on a horse placing. It is harder to predict which horse will win as opposed to predicting that a horse will finish in the top three, so you are rewarded with a larger payout on the win portion of an each way bet.
Each Way Bet Example
Let’s say you wanted to bet on Verry Elleegant to win the 2021 Melbourne Cup after watching her storm to victory in the Chipping Norton Stakes, the Ranvet Stakes, and the George Main Stakes. She was expected to have odds of around 18.00 for the ultra-competitive race that stops a nation.
However, you might have been concerned that Verry Elleegant would lose out to a superstar stayer like Incentivize. After all, Incentivize was one of the shortest-priced Cup favourites of all-time. He was on a nine-race winning streak before the Melbourne Cup, and he had demolished his rivals in the Caulfield Cup.
There were lots of other talented runners set to take part, including Spanish Mission, Away He Goes, and defending champion Spanish Mission. You might therefore have deemed it prudent to bet on Verry Elleegant each way instead of as a straight win.
If you had $40 to spend, you could have placed a $20 each way bet. In that case $20 would have gone on her to win the Melbourne Cup, and $20 would have gone on her to place.
In the end, Verry Elleegant delivered another magnificent performance to overhaul Incentivize on the home straight at Flemington and win the race by three and a half lengths, sparking jubilation for anyone that bet on her.
A win bet on Verry Elleegant ultimately paid out $16.50 on the local Victorian tote (STAB), $14.50 (NSW) and $15.50 (UTAB) elsewhere. TopSport pays a dividend 5% higher than the Victorian TAB (STAB), which pushed it to $17.33 for anyone that bet on her to win.
A place bet on Verry Elleegant also paid out $4.50, which is around a quarter of the win payout.
Both parts of your $20 each way bet would therefore have paid off:
- A $20 win bet at $16.50 would have returned you $330.
- A $20 place bet at $4.50 would have returned you $90.
That means your total returns would have been $420, plus the extra 5% we pay on top.
Had Verry Elleegant finished second or third, the win part of your bet would have lost, leaving you down $20. However, the place part of your bet would have paid off, meaning you would have been in profit overall.
Incentivize finished second and paid a flat $2 on the place across all three totes. Spanish Mission finished third, paying $3.30 for the place.
If you had opted for a $20 each way bet on Incentivize, the win part of your bet would have lost, leaving you down $20. The place part of your bet would have won, resulting in a $20 profit. That profit would have wiped out the loss you incurred from the win part of the bet, ensuring you broke even. It shows that you can even go each way on a heavy favourite sometimes.
If you had placed a $20 each way bet on Spanish Mission, the place part would have paid $66, leaving you $26 in profit from your original $40 stake. The 5% extra we pay would have further boosted your profit.
This example illustrates the power of each way betting on a horse race. It gives you two bites of the cherry, ensuring you receive a payout if your horse finishes second or third.
Each Way Betting on Other Sports
Each way bets are generally placed on horse racing. However, you may find each way betting options on other sports at certain times.
If that is the case, the concept remains the same – you are betting half your total stake on the win, and the other half on the place.
For example, if a golfer was priced at 26.00 to win a major tournament, you might be able to place an each-way bet. In that case, you might expect odds of 26.00 on the win and 6.50 on the place if he were to finish second or third.
Formula 1 is another sport in which you might find each way betting, with the win part of the bet going on the driver to take the chequered flag and the place part of the bet going on the driver to secure a podium finish.
Alternatives to Each Way Betting
You may be extremely bullish on a horse’s chance of winning a race, and decide to simply bet on the win. However, you would then be kicking yourself if the horse finished second.
You could avoid the win part of the bet and simply bet on a horse to place, but then you would miss a larger payout if the horse won. For that reason, many punters stick to each way bets on big races.
Another option is to skew your bet a little differently. For example, you might decide to bet $10 on the win and $5 on the place if you think a horse has a great chance of success. Alternatively, you might decide to bet $5 on the win and $20 on the place if you like the look of an unloved roughie.
If you want to try for a larger payout, you can consider an exotic bet like an exacta, which requires you to pick the winner and the runner up, in that precise order. A trifecta requires you to select 3 runners to place 1st, 2nd and 3rd in correct order. There are also quinellas, First Four bets, box trifectas, standout trifectas, daily doubles, trebles, quaddies, and many more options to consider.
Each Way Bet FAQs
How many places are there in an each way bet?
That depends upon the number of runners that are taking part in the race. If there are eight or more horses, place terms will apply to the winner, the runner-up and the third-place horses. If there are between five and seven horses in the race, only the first and second horses will count as places, and if there are four or fewer runners, each way betting will not be possible.
What happens if my each way bet wins the race?
If the horse you bet each way on wins the race, both parts of your bet pay out. This is the ideal situation. The win part of your bet will pay out at higher odds, and you will also receive a dividend from the place part of your bet, resulting in the maximum total payout.
What odds will I get if my each way bet places?
Dividends on the win and the place parts of your each way bet will be determined on a parimutuel basis. All the money that goes on the win will be divided among the punters that guess correctly, weighted based on the amount you wagered. An identical process takes place for the place part of the bet, which is also determined on a parimutuel basis, known as the tote or the TAB. TopSport pays a 5% higher dividend than the Victoria TAB on successful bets.
