Horse Racing EACH WAY Bets
An Each-Way bet combines two kinds of bets; the Win bet and the Place bet. In an Each-Way you must bet the same amount of money twice, once on the horse winning the race and once on the horse ‘placing’ - coming either first, second or third.
When placing an Each-Way you must consider two separate odds: the individual odds for the horse applying to the Win bet, and the normed odds applying to the Place bet. For example: the odds for DangerousDuckling are 12/1 according to the race card; the odds for the Place bet, which you find at the bottom of your race card, are 1/4.
How to place an Each-Way bet:
If you stake a £2 Each-Way on DangerousDuckling you must invest not £2 but £4 in the bet. You stake £2 on DangerousDuckling winning the race, and £2 on DangerousDuckling placing first, second or third. However, all you have to tell your bookmaker is that you are placing a £2 Each-Way, and he will automatically place the £4 bet for you.
Outcomes of an Each-Way bet:
You have made your bet - DangerousDuckling comes first. You now get not one but two pay-offs; one pay-off from the Win bet, staked 12/1 – in case of your £2 wager a profit of £24 plus your £2 back -, and another pay-off from the Place bet, staked 1/4 - meaning with a £2 bet a profit of 50 cents plus your £2 back. Altogether, you walk away from your winning Each-Way with £24.50 plus your £4 wager.
If DangerousDuckling fails to win, you have lost the £2 of your wager placed as a Win bet. However, you still have a chance of winning your Place bet, if the horse comes in second or third. In this case you will receive the pay-off from the Place bet, odds 1/4, and the £2 staked on the place bet. So you may still walk away with at least a little pay-off even if your horse doesn’t come first.
If DangerousDuckling neither wins nor places, your entire wager is lost.