Horse racing can feel packed with jargon, especially when you get to the nuts and bolts of placing a bet. If you have seen “EW” or “each way” on a slip and wondered what it means, you are not alone. It is a common term that often gets misunderstood.
You might be weighing up an each way bet versus a straight win and feeling unsure about the difference. Once you know how it works, the race card and the small print become much easier to read.
This blog post explains each way betting in clear terms. By the end, you will understand how it is set up, how returns are calculated, and when it is worth considering. Always set a limit and never bet more than you can afford to lose. For support, visit GambleAware.org or call 0808 8020 133.
What Does Each Way Mean In Horse Racing?
An each way bet is two bets on the same horse: one to win and one to place. If you stake £1 each way, that is £1 on the win and £1 on the place, so £2 in total. The win part pays if the horse finishes first. The place part pays if the horse finishes in one of the positions offered by the bookmaker for that race.
Those place positions depend on the field size and race type. Bigger fields tend to offer more places, while smaller fields offer fewer. The payout for the place element uses a fraction of the win odds, commonly one-quarter or one-fifth. For instance, if a horse is 12/1 and the place terms are one-quarter, the place part uses 3/1.
Because the two parts are settled separately, it is essential to check how many places are paid and what fraction applies before staking your money.
Curious how this looks when the bet is actually settled? That is where the next section comes in.
How Does An Each Way Bet Work?
As explained above, an each way is a pair of equal stakes, one on the win and one on the place. Both parts are settled on the result of the same race but in different ways.
If your horse wins, both halves of the bet return. If it finishes in a qualifying place but not first, only the place half pays. The place odds are the specified fraction of the advertised win odds for that race. Settlement always follows the terms shown when you place the bet, so they are worth a quick check.
Once that framework is clear, the calculations are straightforward.
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How Are Each Way Returns Calculated?
To work out potential returns, treat each part on its own. The win return uses the full odds. The place return uses the place fraction shown for that race. Your overall return is the sum of those two parts when the horse wins, or just the place part if the horse finishes in a place.
Worked Example: Calculating Returns On A £10 Each Way Bet
Imagine a £10 each way bet (£20 total stake) at 10/1 with place terms of one-fifth.
If your horse wins:
- Win part: £10 at 10/1 returns £100 winnings plus the £10 stake, so £110.
- Place part: £10 at 2/1 (10/1 divided by 5) returns £20 winnings plus the £10 stake, so £30.
- Total return: £110 + £30 = £140.
If your horse places but does not win:
- Win part: no return.
- Place part: £10 at 2/1 returns £20 winnings plus the £10 stake, so £30.
- Total return: £30.
How Do Bookmaker Place Terms And Fractions Work?
Place terms set two things: how many finishing positions count and what fraction of the win odds is used for the place payout. You might see something like “1/5 odds 1-2-3” beside a race. That means the place part pays at one-fifth of the win odds if the horse finishes first, second or third.
These terms vary by race. A small field might only pay two places, while a big handicap could pay four. During major meetings, some firms may offer extra places as a promotion. The fraction, such as 1/4 or 1/5, is applied to the win odds to create the place odds used in settlement.
Knowing the places and the fraction helps you judge whether an each way bet represents fair value for that race.
This naturally raises a common question: how many places does a race usually pay?
How Many Places Will A Race Usually Pay?
It mainly depends on the number of runners and the race type:
- Up to 4 runners: win only, no places.
- 5 to 7 runners: two places.
- 8 or more runners: three places in most cases.
- Handicaps with 16 or more runners: four places.
Large events can feature extra places as a special offer, which increases the number of finishing positions that count for the place part. Terms can vary between races, so it is worth double-checking the race card before you confirm your bet.
How Do Each Way Bets Work In Accumulators And Multiples?
Each way betting also applies to multiples. An each way accumulator is two bets running in parallel: one for all selections to win, and one for all selections to place. If any selection does not win, the win part of the accumulator is settled as a loss. If any selection fails to place, the place part is settled as a loss.
The total stake is doubled, because you are placing both a win accumulator and a place accumulator. The place part for each leg uses that race’s place terms, so the combined return reflects the specific fraction and number of places for every selection in the multiple.
How Should You Read Each Way Odds On A Bet Slip?
On a bet slip, “EW” or an each way toggle indicates you are backing both win and place. Selecting it doubles the stake you enter, because you are placing two equal bets on the same horse.
The odds shown beside your pick are the win odds. The place terms, such as “1/4 odds 1-2-3,” will usually appear nearby. Online slips often display estimated returns, but it is still worth confirming the number of places and the fraction, as those details determine the place payout if your horse does not win.
With that in mind, when does each way make sense?
When Is Each Way Worth Considering?
Each way is often considered when a horse looks a credible contender without being the strongest in the market. In bigger fields, where three or more places are paid, the place part can offer a measured way to support a selection you rate to run well.
It can also be relevant at longer odds. Expecting a win at a big price is a high bar, but if a solid finish in the paid places feels realistic, the place return may justify the approach. The key is weighing the place fraction, the number of places, the field size and the race type against how you think the race will unfold.
If you are using our site, check the place terms shown on the race card before you add a selection to your slip. And if you ever feel unsure about your betting, set clear limits and seek support at GambleAware.org or on 0808 8020 133.
