Updated
An each-way bet is two equal bets stacked into one: half of your stake goes on the horse to win, half goes on it to place (finish in the top 2, 3, 4 or 5 depending on field size and race type). If your horse wins, both halves pay out; if it only places, the place half pays at a fraction of the win odds — usually 1/4 or 1/5 — and the win half is lost.
Say you bet £10 each-way at 8/1 with 1/4 odds the first three places. Your total stake is £20. If the horse wins, you collect: £10 × 8 + £10 + (£10 × 8/4 + £10) = £100 returned. If it places (finishes 2nd or 3rd), the win half loses but the place half returns £10 × 2 + £10 = £30. If it finishes 4th or worse, you lose all £20.
Each-way starts to look attractive when (a) the horse is a longer price (8/1+) where the place return alone is meaningful, (b) the field is large enough that 4 or 5 places are paid, and (c) the place fraction is generous — 1/4 is much better than 1/5. Short-priced favourites usually offer poor each-way value because the place dividend is tiny.
Standard rules: handicaps with 16+ runners pay 4 places at 1/4 odds; handicaps with 12-15 pay 3 places at 1/4; non-handicaps with 8+ runners pay 3 places at 1/5; 5-7 runners pay 2 places at 1/4. Many bookmakers offer 'extra places' on big races (e.g. 5 or 6 places for the Grand National).
No — place-only (or 'place' on the exchanges) is a single bet on the horse to finish in the placings, with no win component. Each-way is half-win + half-place stacked together. Place-only is usually only available via Betfair / Smarkets exchanges, not high-street bookmakers.
Racing Alpha is for information and entertainment for adults aged 18 and over. We do not accept bets. Past performance does not predict future results. BeGambleAware.org