When betting on horse racing, an each-way bet is when you back a selection for both a win and a place. Each-way betting is one of the most popular betting types. It lets you combine a win and place bet with a show bet into one bet.
The terms of an each-way bet are similar to those for a single bet. The ‘win’ part pays PS105, while the ‘place’ part pays PS25. For example, if you bet on PS5 at odds of 20/1, you will win PS105. Since the second selection places, your bet remains valid.
The first part of an each-way bet is called the win part, while the second part is called the place part. The win part of the bet must win, while the place part must finish in a predetermined position. The odds paid for each place part are usually less than the odds of the place bet. If the horse wins, you win both bets. Otherwise, you lose your win bet.
You can also place your money on non-runners. The odds of the non-runners are reduced by the place part of your bet. For example, if there are eight runners, there will be three places for all but one. This will reduce the number of places to two. If you choose the place part of your bet, you’ll pay the place side with PS5 odds, which are often one-quarter of SP odds.