An each-way bet is two bets in one: half your stake on the horse to win, and half on it to place. It is one of the most useful tools in racing, particularly in big fields where the favourite is far from certain.

How it works

If you place a £10 each-way bet you are staking £20 in total: £10 to win and £10 to place. The win part pays at the full odds. The place part pays at a fraction of the odds, usually a quarter or a fifth, provided your horse finishes in the places the bookmaker offers for that race.

The number of places depends on the size of the field. A typical handicap might pay three places at a quarter of the odds, while the biggest fields can pay four, five or more. Always check the place terms before you bet, as they vary by race and by bookmaker. Our each-way calculator works out exactly what you stand to get back for any stake, odds and place terms.

When each-way makes sense

Each-way comes into its own at bigger prices and in competitive races. Backing a 10/1 runner each-way in a 16-runner handicap means you can still collect a place return even if it is just touched off. On a short-priced favourite the place part often pays very little, so a straight win bet usually makes more sense.

As a rough guide, each-way tends to suit prices from around 5/1 upwards in races with enough runners to earn the extra places. Below that, the place return rarely justifies doubling your stake.

Beyond the single

Each-way can also be applied to multiples and full-cover bets such as Lucky 15s and Yankees. If you are still getting to grips with the options, our guide to bet types explains each one in plain English.

Used in the right race, each-way is a sensible way to give a fancied outsider a longer rope. You will find each-way angles among our daily horse racing tips. Please gamble responsibly. 18+

Odds are the first thing you see on any racecard, and they tell you two things at once: what you stand to win, and what the bookmaker thinks a horse’s chance is. Read them properly and you will make calmer, better-informed bets.

Fractional and decimal odds

British racing traditionally uses fractional odds. A price of 5/1 means you win five pounds for every one you stake, plus your stake back, so a £10 bet returns £60 in total. Even money, written as evens or 1/1, doubles your stake. Odds-on prices such as 4/6 mean you risk more than you stand to win, which is common for strong favourites.

Decimal odds say the same thing in a single figure that already includes your stake. 5/1 becomes 6.0, evens becomes 2.0 and 4/6 becomes about 1.67. To switch between the two in a second, our odds converter does it for you, and there is more detail in our guide to betting odds explained.

What the price is really telling you

Every price carries an implied probability. A 3/1 shot is, in the bookmaker’s view, around a 25% chance, while an evens runner is about 50%. Add up the implied probabilities across a race and the total comes to more than 100%, and that margin is the bookmaker’s built-in edge. Understanding this is the first step to spotting when a price looks generous.

Finding value

Value is not about backing winners, it is about backing prices that are bigger than the true chance. If you believe a horse has a genuine one-in-three chance but it is trading at 4/1, that is a price worth taking, whatever happens on the day. Recent form, the going, course and distance suitability and a yard’s current strike rate all feed into your own estimate. Our guide to reading form covers how to weigh those clues.

None of this guarantees a return, and prices move for good reasons, so treat your own view as a guide rather than a certainty. Decide on a staking plan you are comfortable with and stick to it.

Putting it into practice

The best way to learn is on real races. Form your own view using today’s racecards, then see where our rated horse racing tips land on the same runners. Over time you will get a feel for when a price is fair and when it is worth a closer look.

Please gamble responsibly. 18+