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Each-way (bet)

An each-way bet is a wager offered by bookmakers consisting of two separate bets: a win bet and a place bet. For the win part of the bet to give a return, the selection must win, or finish first, in the event. For the place part of the bet to give a return, the selection must either win or finish in one of the predetermined 'places' for the event, such as in first "place" or second "place". The odds paid on the place part of the bet are usually a fraction (commonly 1⁄2, 1⁄3, 1⁄4 or 1⁄5) of the win odds. The trade-off being that one has a greater chance of making one's bet in trade for getting less payoff for doing so. Examples are domestic football knockout competitions (e.g. FA Cup) where the quoted place terms may be 1⁄2 the odds a place 1st or 2nd and horse racing where the quoted place terms may be 1⁄5 the odds a place in 1st, 2nd, or 3rd.

Staking

Because an each-way wager comprises two bets, the total staked is twice the unit stake. For example, a £5 each-way single would cost £10, as indeed would a £5 each-way treble comprising as it does a £5 win treble and a £5 place treble.
Settling the bets

Calculation of returns uses either decimal odds or (fractional odds + 1).
Example 1

£50 each-way on a football team 'to win the cup' at 15-2 and 1⁄3 the odds a place 1,2 would cost £100.

* Returns for the win part of the bet would be £50 × 7.5 = £375
* Returns for the place part of the bet would be £50 × 2.5 = £125
* If the team 'won the cup' the total returns would be £375 + £125 = £500 and if the team was beaten in the final the returns would be £125. If the team did not reach the final the wager would be lost.

Example 2

A £10 each-way single on a 10-1 selection in a horse race and paying 1⁄4 the odds a place 1,2,3 would cost £20.

* Returns on the win part of the bet would be £10 × (10/1 x 1) +stake = £110
* Returns on the place part of the bet would be £10 × (10/4 x 1) +stake = £35
* Total returns would be £110 + £35 = £145 if the horse won the race, but just £35 if the horse only finished second or third.