What is an Each Way Bet?
An each way bet is 2 part bet. We are betting on the win and the place as 2 separate bets. For example:
A £10 each way bet on a horse is £10 on the win and £10 on the place. For a total of a £20 bet.
This means the horse doesn’t have to win for us to get a return. It just has to finish in the top 3. Sometimes bookies pay more than 3 places but standard terms are 3 places. Depending on the odds we may finish at a loss on our bet even if the horse does place. Each way terms are usually 1/4 of the win odds. Meaning that our returns might be very small if the favourite places. If it’s a long odds horse we can still make a good profit just from the place.
If the horse wins the race then we win both parts of the bet, the win and the place.
For a full explanation on what is a lay bet, please click here.