Win and each-way betting explained ahead of Cheltenham 2025
Win and each-way bets are the most common types of wager placed on sporting events. This article explains in easy-to-understand terms how both work.
Win betting
Here you are backing a selection – Liverpool to win the league, Galopin Des Champs to win the Gold Cup – to win outright. Any other outcome and your stake will be lost, except for events in which the possible outcomes include a dead heat, when your return will usually be calculated at half the odds.
An example of win betting
Arsenal are 2/1 to beat Barcelona in the Champions League and you fancy them to win. Their price means that, for every £1 you bet, you will win £2. You stake £5 and Arsenal win, so your winnings will be £10 (£5 x 2) and, as your stake is returned when you place a winning bet, your total return is £15.
Win betting and dead heats
You place £5 on Kandoo Kid to win the Grand National at 20/1 and he dead-heats for first with Iroko. Because the bookmakers will be paying out on two winners, they halve the price on both, so 20/1 becomes 10/1 and your winnings will be £50 (£5 x 10), for a total return of £55 including your stake.
What is each-way betting?
Backing an outcome each-way means you place two bets in one on a selection: one for it to win and one for it to finish among a specified number of places. For all events on which each-way betting is possible, bookmakers will state in advance how many places they will pay out on.
The place odds are a fraction of the win odds (usually one-fifth or one-quarter) so each-way betting often appeals if you think your selection will place and has an outside chance of winning, or if it has a sufficiently long price. For example, a 40/1 shot would generally pay 8/1 or 10/1 for placing.
There are three factors to consider when placing an each-way bet: the win odds, the fractional odds for placing and the number of places being paid out. The last may vary from operator to operator and, if the fractional odds are 1/1 or greater, you will not lose money as long as your selection places.
Once you are aware of these, you can tick the each-way (e/w) box after adding your selection to your bet slip and place your each-way bet. Remember that your stake is doubled for an each-way bet.
An example of each-way betting
Kandoo Kid is 20/1 to win the Grand National and you think he will definitely place and may even win. You place £5 each-way on him, a total outlay of £10, with a bookmaker who is paying a quarter of the odds for first, second, third and fourth places. Effectively you are staking £5 at 20/1 on Twain to win and £5 at 5/1 (one-quarter of 20/1) on him to finish in the first four.
This is how the two parts of the bet work:
Win bet: If Twain wins you win £100 (20 x £5) and get your £5 win stake back for a return of £105.
Place bet: If Twain places you win £25 (5 x £5) and get your £5 place stake back for a return of £30.
If your selection wins both the win and place parts of your each-way bet pay a return, here £135.
If your selection places only the place part of the each-way bet pays a return, so £30 in this case.
How many places are paid on an each-way bet?
This can vary between operators but all will advertise the number. Generally, in horse racing betting, there is a minimum number of each-way places based on how many runners there are. However, in events such as golf, bookmakers may enhance the number of places to as many as 10 or 12.
Each-way betting: extra places and enhanced terms
Bookmakers often offer more than the standard number of each-way places or more generous each-way fractions on selected daily races in the form of an existing customer offer.
For specific races such as the Cheltenham Gold Cup or Grand National, bookmakers try to outdo each other by offering extra places, so it is always worth researching who is paying out on the most places.
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