Guide · 7 min read
Each-way betting explained
An each-way bet is two bets in one: one on your selection to win and one on it to finish in the places. It comes from British and Irish horse racing and is also used in golf and some outright markets. This guide explains how each-way bets pay, what the terms mean and how each-way arbitrage and extra-place offers work in numbers.
Updated 22 October 2026
Contents
Win part and place part
A "€10 each-way" bet costs €20: €10 on the win and €10 on the place. The place part is paid at a fraction of the win odds, set by the bookmaker's each-way terms.
Place odds: 1 + (10.00 − 1) / 5 = 2.80. In fractional odds this is 9/1, and one fifth of 9/1 is 9/5.
Your horse wins: win part 10 × 10.00 = €100, place part 10 × 2.80 = €28. You get €128 back, a profit of €108.
It finishes 2nd or 3rd: the win part loses, the place part returns €28. Profit €8.
It finishes 4th or worse: both parts lose, −€20.
Note the second line: at short odds, a placed horse can return less than the total stake. At 4.00 with 1/5 terms the place odds are 1 + 3/5 = 1.60, so a €10 each-way bet that only places returns €16 for a €20 stake. Converting between decimal and fractional odds is covered in odds formats.
Each-way terms
The terms say what fraction of the odds the place part gets and how many places are paid. Many British and Irish bookmakers use these typical terms for horse racing, although each bookmaker sets its own:
| Race | Fraction | Places paid |
|---|---|---|
| 2-4 runners | Win only | – |
| 5-7 runners | 1/4 | 2 |
| 8 or more runners | 1/5 | 3 |
| Handicap, 12-15 runners | 1/4 | 3 |
| Handicap, 16 or more runners | 1/4 | 4 |
In golf, bookmakers commonly pay five to ten places at 1/4 or 1/5 of the odds. The terms are fixed when you place the bet, so always check them on the bet slip.
Dead heats and non-runners
If your selection ties for the last paid place, dead-heat rules apply to the place part: the stake is divided by the number of tied runners.
Your €10 place part at 2.80 ties for third with one other horse. Half the stake (€5) is paid at 2.80 = €14, the other half is lost. Instead of €28 you get €14 back.
Non-runners matter too. If horses are withdrawn and the field shrinks, for example from 8 to 7 runners, the terms can change from 1/5 three places to 1/4 two places. In British racing, a withdrawn horse can also trigger a Rule 4 deduction from winnings, because the remaining runners now had a better chance. Outright tie rules in other sports are discussed in outright betting.
Each-way arbitrage
Each-way arbitrage compares the bookmaker's each-way bet with two lay bets on a betting exchange: one in the win market and one in the place market. It works when the bookmaker's place part is priced generously compared with the exchange. If back and lay bets are new to you, read that guide first.
Bookmaker: place odds 1 + 8/4 = 3.00.
Lay win: stake 10 × 9.00 / 9.20 = €9.78, liability 9.78 × 8.20 = €80.22. Lay place: stake 10 × 3.00 / 2.70 = €11.11, liability 11.11 × 1.70 = €18.89.
Horse wins: bookmaker +€80 (win) +€20 (place) = +€100; lay bets −€80.22 −€18.89. Net +€0.89.
Horse places 2nd or 3rd: bookmaker −€10 +€20 = +€10; lay win +€9.78; lay place −€18.89. Net +€0.89.
Horse unplaced: bookmaker −€20; lay win +€9.78; lay place +€11.11. Net +€0.89.
This ignores exchange commission. At 2% commission on winning lay bets, the three results become about +€0.89, +€0.70 and +€0.48. At 5% the unplaced case turns into about −€0.15, so the arb is gone. Small each-way arbs are very sensitive to commission and to how much money is available at the lay price.
Extra places
Some bookmakers pay an extra place on big races, for example four places when the exchange place market pays three. Bettors then accept a small loss on most results in exchange for a large win if the horse finishes in the extra place.
Place odds 1 + 10/5 = 3.00. Lay win: stake €9.57, liability €100.43. Lay place: stake €9.09, liability €20.91.
Wins: +€120 − €100.43 − €20.91 = −€1.34. 2nd or 3rd: +€10 + €9.57 − €20.91 = −€1.34. Unplaced: −€20 + €9.57 + €9.09 = −€1.34.
4th (the extra place): bookmaker pays the place part (+€10 net), and both lay bets win: +€10 + €9.57 + €9.09 = +€28.66.
This is not a sure bet: most of the time you lose a little, and the profit depends on how often horses finish exactly in the extra place. It is closer to the promotional methods used in matched betting. Bookmakers also restrict accounts that take mainly these offers.
Availability in Austria and Slovakia
Each-way is a British and Irish tradition. Bookmakers serving Austria offer it mainly on UK and Irish horse racing and sometimes on golf, and many do not offer it at all. In Slovakia it is uncommon. Betting exchanges, which you need for the lay side of each-way arbitrage, are generally not open to residents of Austria and Slovakia. ArbVantage focuses on sure bets and middles in match markets and does not scan each-way offers.
Frequently asked questions
How much does a €10 each-way bet cost?
It costs €20 in total: €10 on the selection to win and €10 on it to place. If it wins, both parts pay. If it only places, only the place part pays, at a fraction of the win odds.
What do 1/4 and 1/5 each-way terms mean?
They show what fraction of the win odds is used for the place part. At decimal odds of 9.00 the profit part is 8, so 1/4 terms give place odds of 1 + 8/4 = 3.00 and 1/5 terms give 1 + 8/5 = 2.60.
What happens with a dead heat in an each-way bet?
If your selection ties for the last paid place, the place stake is divided by the number of tied runners and full place odds are paid on that part. With two tied runners you get half the normal place return.
Is each-way arbitrage possible in Austria or Slovakia?
It is difficult. Each-way markets are offered mainly on UK and Irish racing, and the lay side needs a betting exchange, which is generally not open to residents of Austria and Slovakia. Exchange commission also removes many small arbs.
Sources
- Wikipedia: Each-way (betting)
- Wikipedia: Dead heat
- Tattersalls' Committee: Rules on Betting (each-way, dead heats and Rule 4 deductions)
- Wikipedia: Mathematics of bookmaking
As of October 2026. Each-way terms differ between bookmakers and races and can change; the terms on your bet slip are what counts. All figures are worked examples with the stated odds.
Not betting, legal or tax advice. 18+. Betting involves risk and no profit is guaranteed: odds change, bets get voided and accounts get limited. Only bet money you can afford to lose. Our responsible gambling page lists free help, and the disclaimer applies.