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How each-way bets settle
An each-way bet is a win bet and a place bet of equal stakes, settled separately. The win part needs the horse to win. The place part pays at a fraction of the odds if the horse finishes anywhere in the places, including first.
To check a single bet quickly, use the each-way bet calculator. This guide goes through how bookmakers settle each-way multiples, which is where most settlement questions come from.
The place part on its own
The place part pays at the win odds multiplied by the place fraction. At 20/1 with 1/5 odds, the place part pays 4/1. So £5 each way at 20/1 costs £10, and a placed finish returns £25.00: the £5 place stake plus £20 winnings. That is why each-way betting is most popular on bigger-priced horses in big fields.
At short odds the place part can return less than the whole bet cost. At 2/1 with 1/5 odds, the place part pays only 2/5.
Each-way doubles
An each-way double is two doubles: a win double and a place double. The win double needs both horses to win. The place double needs both to win or place, and uses each horse’s own place terms.
Example: £5 each-way double, 4/1 (1/5 odds) and 6/1 (1/4 odds)
The bet costs £10. The place odds are 4/5 for the first horse and 6/4 for the second.
| Results | Win double | Place double | Total |
|---|---|---|---|
| Both win | £5 × 5 × 7 = £175.00 | £5 × 1.8 × 2.5 = £22.50 | £197.50 |
| First wins, second places | Lost | £5 × 1.8 × 2.5 = £22.50 | £22.50 |
| First places, second unplaced | Lost | Lost | £0.00 |
A winner counts as placed for the place double, so its place odds are used there, not its win odds.
Each-way trebles and accumulators
The same rule extends to any number of legs. The win accumulator needs every horse to win, and the place accumulator needs every horse to finish in the places. One unplaced horse loses both halves.
Because place odds are small, an each-way accumulator’s place part often pays far less than people expect. Four placed horses at 4/1 with 1/5 odds pay 4/5 each, so the place fourfold returns about 10.5 times its stake. You can check any combination in the horse racing bet calculator.
Each-way full-cover bets
A Trixie, Yankee or Lucky 15 placed each way is the same set of lines twice: once to win and once to place. A £1 each-way Yankee is 22 bets and costs £22. Each line is settled on its own, with each horse paid at its win odds in the win lines and its place odds in the place lines. The Lucky 15 calculator shows every paying line.
Extra places, non-runners and Rule 4
- When a bookmaker pays an extra place, a horse finishing in that position counts as placed. The place fraction stays the same unless the offer says otherwise.
- A non-runner’s stakes are returned on a single. In a multiple it counts as odds of 1.0 in both the win and place lines. A late withdrawal can also cut the number of places paid if the field drops below a threshold, such as from eight runners to seven.
- A Rule 4 deduction comes off the winnings of both the win and place parts.
The usual place terms by field size and the full Rule 4 table are on the each-way bet calculator page.
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