An each-way bet (E/W) is essentially two bets in one. It involves splitting your bet amount between a win bet and a place bet on the same horse selection.

This provides two chances to get a return. For example, if you place a $10 each-way bet, $5 would go on the horse to win, and $5 would go on it to place. The place terms vary based on the race and the number of runners.

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A Practical Example of An Each Way Bet on an Australian Horse Race

Let’s look at an example of an each-way bet:

Say you’re placing a bet on a horse race at Flemington with eight runners. You place a $5 each-way bet on horse #3 at fixed odds of 5-1.

A $5 each-way bet means you have $5 on the win and $5 on the place for a total bet cost of $10.

If #3 wins the race, the $5 win bet pays out at 5-1 odds:
$5 x 5 = $25 winnings
The $5 place bet is also paid out at around 1/4 of the win odds.
$5 x 1.25 = $6.25 place return
Total return from the $10 bet is $31.25

If #3 runs 2nd, the win bet loses as it didn’t win.
But the $5 place bet pays out at around 1/4 odds:
$5 x 1.25 = $6.25 place return

Each Way Place Terms

The number of places paid depends on the race:

Races with 4-7 runners pays the 1st two places
Races with 8+ runners pays the 1st three places
Some races only pay 1st place for each-way bets

Always check the terms and conditions before betting, as they can vary.

Each-way betting is a simple option that gives you two chances for a return. Just split your bet between a win and a place, and wager on one horse to cover both outcomes.

How Odds Are Calculated For Each Way Bets

The place odds in an each-way bet are calculated based on a fraction of the win odds. The exact fraction used depends on the number of runners in the race and the number of placegetters paid by the bookmaker.

Some key points:

In races with 5-7 runners, place bets are generally paid at 1/4 of the win odds. So if a horse is 10-1 to win, the place odds would be 10-1 x 1/4 = 2.5-1.
For races with eight or more runners, place bets are commonly paid at 1/5 of the win odds. So if win odds are 10-1, the place odds are 10-1 x 1/5 = 3-1.
In handicap races or races with 16+ runners, each-way betting may pay down to 1/4 of the win odds for the first three placings.
Bookmakers can also offer enhanced each-way terms for certain races, so it’s always a good idea to check the details.
If the number of runners changes, resulting in fewer placings, the place portion of the bet can be voided or subject to reduced odds.

Each Way Bet Costs

An each-way bet costs double the stake of a regular win bet.
For example, a $10 win bet would cost $10. But a $10 each-way bet costs $20 – $10 on the win and $10 on the place.
So if you want to place a total $10 bet each way, your stake would be $5 for the win and $5 for the place, totaling $10.
This means your potential returns are spread across two outcomes (win and place) for the same horse.
If you placed a $10 win bet and a $10 place bet separately, the total cost would be $20.
However, each way of betting allows you to combine them for half the outlay of $10.
The trade-off is that your win and place bets are coupled, so returns are lower, but you only pay for one bet.

Each-way bets can seem complicated at first, but essentially it’s just two connected bets – a win and a place – for the cost of one.

Each Way Multi Bets Explained

An each-way multi bet (or each-way accumulator bet) combines multiple each-way bet selections into one bet. This allows the punter to include several choices in a multi while getting a return if any of the selections place.

Here’s an overview of how it works:

An each-way multi requires all bets to be placed each way, rather than win bets.
For example, a $1 each way multi with three selections would include $0.50 each way on each selection, so $3 total stake.
If any of the selections win, the full win odds are paid out for that leg.
If selections run 2nd or 3rd, you get a fraction of the win odds for those placegetters.
You can receive multiple returns as long as some of your selections win or place.
An each-way multi offers more chances of a return but at a lower cost than individual each-way bets.
However, all selections must be placed in some form to receive a full payout, making it harder than a regular multi.

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About Ben Leighton

Ben has been an avid horse racing, AFL, NRL, NBA and EPL fan for as long as he can remember. Born and bred in Melbourne, Ben loves nothing more than getting along to the footy to cheer on his beloved North Melbourne Kangaroos and getting trackside for as many Flemington and Caulfield horse racing meets at possible. Ben is our head writer at Betting Sites Australia.