An each-way bet contains a win part and a place part. A quoted stake of £5 each way usually means £5 on each component, costing £10 in total. Place settlement depends on the number of paid places and the fraction of win odds specified for that market.
The place fraction applies to fractional odds
At 10/1 win odds with one-fifth place terms, the place price is 2/1, equivalent to 3.00 decimal. Dividing the decimal win price of 11.00 by five would give the wrong answer. Convert the profit component first, then add the stake-return component where applicable.
The number of paid places and the odds fraction are separate conditions. Paying one extra place does not necessarily preserve the same place fraction. Record both terms at acceptance.
Worked example: placed, won or unplaced
Hypothetical £2 each-way bet at 10/1, one-fifth odds for three places. Total cost is £4. If the horse finishes second outright, the £2 win part loses and the place part returns £6. The overall profit is £2, not £6.
If the horse wins outright, the win part returns £22 and the place part £6: £28 total, giving £24 profit. If it finishes outside the paid places, both parts can lose and the return is zero. These examples exclude deductions and dead heats.
| Result | Total return | Net outcome against £4 cost |
|---|---|---|
| Wins outright | £28 | £24 profit |
| Second outright | £6 | £2 profit |
| Outside paid places | £0 | £4 loss |
Extra places change a condition, not the risk of all loss
An extra-place offer widens the finishing positions that can satisfy the place component. The selection can still finish outside them. Compare the actual place count, fraction and win price; an offer with more places cannot be evaluated from the place count alone.
Betfair Sportsbook explains that extra-place promotions can alter the standard place fraction. Its own example illustrates the need to check both dimensions, rather than treating an extra place as an unchanged ordinary each-way bet.
Source notes: 1.
Changes to the field and ties
Non-runners can change the number of actual participants and the place terms, subject to the operator rules and any concession preserving advertised places. A dead heat for the final paid place can reduce the portion of the place stake settled as a winner.
A promotional token may exclude each-way use or require enough credit for both parts. Before interpreting a qualifying-stake threshold, check whether it refers to the total stake or the amount on each component.
Common questions
Does £1 each way cost £1?
Usually it costs £2: one £1 win component and one £1 place component. The accepted total shown on the receipt is the key figure.
Does placing always mean an overall profit?
No. At short place odds, the winning place return can be less than the combined cost of the win and place components.
Sources and editorial notes
Official source material consulted for this edition. Operator examples are dated illustrations, not a guarantee of current terms or personal eligibility. Worked examples are hypothetical.
Published by eLand, Lda. See our editorial policy. Report a correction.
Reviewed racing promotions