In this guide
Quick answer
- An each-way bet is two equal bets, one to win and one to place.
- A $5 each-way bet costs $10 in total.
- The place part pays a fraction of the win odds, often 1/4 or 1/5.
Two bets in one
An each-way bet splits into:
- A win bet: pays if your selection wins.
- A place bet: pays if your selection finishes in the places, for example the top 3.
Both halves use the same stake, so a “$5 each-way” bet costs $10.
Worked example
You back a horse at 11.00 (10/1) for $5 each-way. The terms are 1/4 odds, 3 places.
Place odds are worked out from the fractional part: 10 × 1/4 = 2.5, so the place part pays at 3.50.
| Result | Win part | Place part | Total return | Profit |
|---|---|---|---|---|
| Wins | $55.00 | $17.50 | $72.50 | $62.50 |
| Finishes 2nd or 3rd | $0 | $17.50 | $17.50 | $7.50 |
| Unplaced | $0 | $0 | $0 | −$10.00 |
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