Each Way

An each way bet gives you two chances to win: your selection can win outright or simply place in the top positions. You're betting twice—once on the win, once on the place—at different odds. It's insurance for when you like a selection but aren't confident it will win. Most popular in horse racing and golf, where fields are large and upsets common.

Table of Contents

• How Each Way Works
• Each Way Terms Explained
• Calculating Each Way Returns
• Finding Each Way Value
• Each Way Strategy
• Each Way Accumulators

How Each Way Works {#how-it-works}

An each way bet is two separate bets packaged together:

The Two Components

Important: Your stake is doubled. A "$10 each way" costs$20 total.

Example: Horse Racing

Bet: $10 each way on "Lucky Star" at 10/1 (11.00 decimal) Place terms: 1/4 odds, places 1-3

Breakdown:

• Win stake: $10 at 10/1
• Place stake: $10 at 10/4 (2.5/1 or 3.50 decimal)

Outcomes:

Why Bet Each Way?

Each Way Terms Explained {#terms}

Standard Place Terms by Sport

Horse Racing (UK/Ireland):

Golf:

Enhanced Each Way:

Some bookmakers offer enhanced terms as promotions:

• Extra places (top 6 instead of top 4)
• Better fractions (1/3 instead of 1/4)

Always compare terms—they directly impact value.

Understanding Odds Fractions

Calculating Each Way Returns {#calculation}

Each Way Return Formula

If selection wins:

If selection places (but doesn't win):

Step-by-Step Calculation

Example: $20 each way at 12/1 (13.00), 1/4 odds, 3 places

Step 1: Calculate place odds

Step 2: Calculate returns for each outcome

Total stake: $40 **Maximum profit:**$300 (win) Place profit: $40 (2nd/3rd) **Maximum loss:**$40 (unplaced)

Each Way at Short Odds

Each way becomes problematic at short odds:

$10 each way at 2/1 (3.00), 1/4 odds:

• Win odds: 3.00
• Place odds: (2/4) + 1 = 1.50
• Win return: $30 +$15 = $45 (profit:$25)
• Place return: $15 (loss:$5)

At short odds, placing still loses money. Each way works best for longer shots.

Finding Each Way Value {#value}

The Value Equation

Each way bet has value when:

Calculate each component separately:

When Each Way Beats Win Only

Place Probability Estimation

For each way value, estimate place probability:

Rough formula for horse racing:

Example: Horse at 10/1 in 12-horse field, 3 places

• Implied win prob: 1/11 = 9.1%
• Estimated place prob: 9.1% × 12 / 3 = 36.4%
• Place odds: 3.50 (implied: 28.6%)

Place probability (36.4%) > Implied (28.6%) = Value on place component

Each Way Value Sweet Spots

Each Way Strategy {#strategy}

Strategy 1: Big Field Hunting

Large fields = more place opportunities. Target:

• Horse racing handicaps (20+ runners)
• Golf majors (150+ players)
• Mass participation events

Strategy 2: Enhanced Place Terms

Compare bookmakers for:

• Extra places promotions
• Better fractions (1/3 vs 1/4)
• Non-runner money back on place bet

Enhanced terms can flip -EV to +EV.

Strategy 3: Place-Only Betting

Some situations favor place-only bets (no win component):

Strategy 4: Each Way Doubles/Trebles

Combine selections with each way terms:

• Both must win for win double to pay
• Both must place for place double to pay
• Mixed results (one wins, one places) still returns

More complex but higher upside.

Each Way Accumulators {#accumulators}

How Each Way Accas Work

Two parallel accumulators run simultaneously:

Example: Each Way Treble

Selections:

• Horse A: 8/1, places
• Horse B: 10/1, wins
• Horse C: 6/1, wins

Win treble: FAILS (A only placed)

Place treble (1/4 odds):

• A: 2/1 + 1 = 3.00
• B: 5/2 + 1 = 3.50
• C: 3/2 + 1 = 2.50

Place treble odds: 3.00 × 3.50 × 2.50 = 26.25

$5 each way ($10 total):

• Win treble: $0
• Place treble: $5 × 26.25 =$131.25
• Profit: $121.25

Each Way Acca Considerations

Common Mistakes {#mistakes}

Mistake 1: Each Way on Short Prices

At odds below 3/1, the place component often shows a loss even when placing. Avoid each way under 4/1.

Mistake 2: Ignoring Place Terms

Not all 1/4 odds are equal—3 places vs 4 places is a massive difference.

Mistake 3: Forgetting Double Stake

"$10 each way" =$20 bet. Bankroll accordingly.

Mistake 4: Assuming Fixed Place Probability

Place probability isn't just a fraction of win probability—field composition matters.

Related Calculators

• Each Way Calculator - Calculate each way returns
• Parlay Calculator - For each way accumulators
• Value Bet Calculator - Find each way value