Not quite sure what “EW” means on your betting slip or why so many horse racing fans mention “each way” bets? You’re definitely not alone. Each way betting is a common option in UK horse racing, but the details can be confusing if you haven’t come across it before.
You might have noticed that an each way bet seems to involve more than a simple pick for a winner. You may also have seen payout details for “places,” and wondered how it all works. These details are important, especially if you want to understand where your stake goes and what your potential winnings could look like.
If you want a clear explanation, without the jargon, of what an each way bet actually means, when bookies offer it, and exactly how your bet is settled, keep reading. This guide breaks things down clearly so that by the end the whole concept of EW betting in horse racing will make sense.
What Does Each Way Mean In Practice?
When you place an each way bet on a horse, you’re actually putting down two separate bets at the same time: one for your horse to win, and one for it to finish in one of the “places.” A “place” can mean second or third, and in some races, even fourth or fifth, depending on how many runners there are.
Picture it like this: if you stake £5 each way, that means you’re betting £5 on the horse to win and another £5 on it to place. So your total stake on that horse is £10.
The payout for the win part is straightforward. If your chosen horse comes first, that half settles at the full odds. For the place part, if the horse finishes within the specified places, you’re paid at a set fraction of the win odds. Bookmakers commonly use one quarter or one fifth for this part.
If the horse wins, you collect on both halves. If it only places, you receive the place payout but the win half loses. Your betting slip will show both stakes, which makes it easy to see exactly what is at play. With that in mind, it helps to look at how those two halves sit on your slip and how the stake is applied.
How Does An Each Way Bet Break Down?
As above, an each way bet is two linked parts. What you enter as your stake is applied to both halves separately. So if you place £2 each way, you’re wagering £4 in total: £2 on the win and £2 on the place.
Settlement mirrors that split. A winning selection returns on both halves, with the win at full odds and the place at the stated fraction. If your horse finishes in a place without winning, only the place half returns. Bookmakers typically set the place fraction at one quarter or one fifth, and the number of places covered depends on the field size, which is shown with the race terms.
Your slip will list the selection, the odds, and the place terms, along with your total outlay across the two parts. Once you know this structure, the next piece of the puzzle is how those place terms are decided.
How Do Bookmakers Decide Place Terms?
Place terms describe how many finishing positions count as a “place” and what fraction of the odds you’ll receive for that part of your each way bet. These terms are set by individual bookmakers, but they follow UK industry practice.
The main factor is the number of runners:
- Very small fields, usually with four or fewer runners: only win bets are offered, with no place payout.
- Races with 5 to 7 runners: first and second typically count as places, often at one quarter of the odds.
- Races with 8 or more runners: the first three usually count, commonly at one quarter.
- Large handicaps with 16 or more runners: the first four often count, and some promotions may extend this further.
The fraction paid on the place part is usually one quarter or one fifth, depending on race type and field size. You’ll see the exact terms for each race on the racecard or betting slip before you decide to take part. Once those are clear, working out potential returns becomes much simpler.
How Are Each Way Returns Calculated?
Each way returns depend on two separate outcomes: whether your horse wins or finishes in one of the specified places. Your stake is split equally between the win and the place. The win part pays out at the full odds if your horse comes first. The place part pays at the stated fraction of those odds if your horse finishes within the covered positions.
If your horse wins, both halves return. If it only places, the win half loses and the place half returns based on the fraction and the original place stake. Here is how that looks with real numbers.
Worked Example: Single Each Way Payout
Imagine you place a £5 each way bet (so £10 total) at odds of 8/1. The bookmaker pays one fifth of the odds for a place, with the top three positions counting as a place.
If your horse wins:
Win part: £5 at 8/1 = £40 winnings plus your £5 stake back (£45 total).
Place part: £5 using one fifth of the 8/1 odds (8/5 = 1.6). £5 at 1.6/1 = £8 winnings plus your £5 stake back (£13 total).
Combined, you’d receive £58.
If your horse only places:
The win part loses.
Place part: £5 at 1.6/1 = £8 winnings plus £5 stake back (£13 total).
Worked Example: Each Way Accumulator Payout
With an each way accumulator, you select horses in two or more races. The win and place parts roll forward separately, and each part continues only if the previous leg meets the same outcome type.
Suppose you place a £2 each way double on Horse A at 6/1 in the first race, and Horse B at 10/1 in the second, with place terms set at one quarter.
If both horses win:
Win part:
First leg: £2 at 6/1 = £12 winnings (plus £2 stake = £14 goes to the next leg)
Second leg: £14 at 10/1 = £140 winnings plus £14 stake (£154 total win return)
Place part:
First leg: one quarter of 6/1 = 1.5/1. £2 at 1.5/1 = £3 winnings plus £2 stake (£5 goes to the next leg)
Second leg: one quarter of 10/1 = 2.5/1. £5 at 2.5/1 = £12.50 winnings plus £5 stake (£17.50 total place return)
Add win and place sections: £154 + £17.50 = £171.50.
If both horses only place:
Only the place section continues:
First leg: £2 at 1.5/1 = £3 winnings plus £2 stake (£5 to the next leg)
Second leg: £5 at 2.5/1 = £12.50 winnings plus £5 stake (£17.50 payout)
The win section would not return anything if neither horse wins, even if they both place. That leads neatly into how multi-race each way bets are structured more generally.
How Do Each Way Bets Work In Doubles, Trebles And Accumulators?
Each way doubles, trebles, and accumulators combine selections from several races into one bet. When you place an each way double, you create two doubles: a win double and a place double. Trebles and larger accumulators work the same way across three or more races.
For the win part, all your horses must finish first in their races for that half to pay. For the place part, every horse must finish within the covered places. If one selection wins and another only places, the win section falls at the leg that did not win, while the place section can still pay if every selection placed. Your original stake is split between these two sections, and bookmakers show the total before you confirm so you know your full outlay.
What Happens With Non-Runners And Dead Heats?
When a horse you’ve backed is declared a non-runner, single each way bets on that horse are usually voided and both halves of the stake are returned. In a double, treble, or accumulator, the non-runner is generally treated as though it was never part of the bet and the remaining legs continue on the original terms.
A dead heat occurs when two or more horses finish in exactly the same position and the photo finish cannot separate them. Payouts are then proportioned. If two horses tie for first, your win stake is divided in half and each half is settled at the full odds. The same approach applies to the place part if the tie is for a placed position. Bookmakers settle these scenarios using official results and standard methods, and your revised return is shown on your slip or account statement.
Before you place anything, it helps to know how your bet slip presents these details so you can see at a glance what is covered.
How To Read An Each Way Bet Slip
An each way bet slip shows that your overall stake is split into two parts: one backing your horse to win, and one backing it to finish in a placed position.
You’ll usually see a box or tick next to “E/W” or “Each Way.” When this is selected, the slip displays double your entered stake, with half allocated to the win and half to the place. The slip also shows the race, the selection, the odds, and the place terms, including how many positions are paid and the fraction used for the place return, such as 1/4 or 1/5.
Most slips summarise the total cost and the potential returns for both halves, which makes it easy to understand where your money is going and how the bet could be settled. On many online sites, tapping the information icon or the E/W box reveals a short note explaining the exact terms for that race. Once you can read those details at a glance, you’ll find each way betting far simpler to follow from selection through to settlement.
