Each Way (bet)
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An Each Way bet is the collective bookmaker name for two bets covering one selection. The first bet is for the selection to win. If the selection does not come first this part of the bet is lost. The second bet is for the selection to be "placed". A selection is placed if it comes within the top "X" number of places. The amount of places paid out on depends on many different factors and is predetermined before the event begins. If the selection is placed but does not come first, the place section of the bet is still a winner. The odds on a placed bet are paid out at a fraction of the winning odds.
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[edit] Staking
Because an Each Way bet comprises two bets the total staked is twice the unit stake. For example, a £5 each way single would cost £10.
[edit] Multiple Bets
Each Way bets can also be placed over multiple selections, examples of these include Each Way Doubles for two selections, Each Way Trebles for three selections and so on. Again, these consist of two bets - in the case of an Each Way Double the two bets are a win double and a place double.
[edit] Example
An £10 Each Way Single on a 10/1 selection paying at 1/4 of the odds for a place would cost £20.
- If the selection came first the returns would be: £10 x ((10/1)+1) = £110
- Place odds at 1/4 would be: £10 x ((10/4)+1) = £35
- Therefore total returns would be £110 + £35 = £145
(Note "+1" is included in the equation for working out returns because the initial stake is also returned in a winning bet.)
