# Each-way

> How an each-way bet is worked out: win and place parts, the formula, three worked €10 cases and where to find place terms.

Source: https://beforeyouinstall.com/guides/each-way-meaning/
Updated: 2026-11-07

An each-way bet is two equal bets on one horse: one to win and one to place. The total stake is double the unit stake. The operator sets the place fraction and the number of places for each race. This page gives the formula and three worked cases. Where each app shows the place terms is Not checked.

## What each-way means

Each-way splits your stake into a win bet and a place bet of the same size. A €10 each-way bet costs €20.

The place bet pays at a fraction of the win odds. The operator names that fraction and the number of places before the race.

**In short:** Two bets in one: win and place.

## The formula

- Total stake = 2 × unit stake.
- Win part return = unit stake × decimal odds.
- Place odds = 1 + (fractional odds × place fraction).
- Place part return = unit stake × place odds.

At 5/1 with a 1/4 fraction: place odds = 1 + (5 × 1/4) = 2.25.

**In short:** The place part uses a fraction of the odds; the win part uses all of them.

## Three worked cases

Example only. The place terms are invented.

**Example: €10 each-way (€20 total) at 5/1 (6.00), place terms 1/4 odds for 3 places. Source: our own calculation, invented place terms · checked 7 November 2026**

| Result | Win part | Place part | Total return | Profit or loss |
|---|---|---|---|---|
| Horse wins | €60.00 | €22.50 | €82.50 | +€62.50 |
| Horse places, does not win | €0.00 | €22.50 | €22.50 | +€2.50 |
| Horse unplaced | €0.00 | €0.00 | €0.00 | −€20.00 |

If the horse wins, both parts pay. If it only places, the place part pays and the win part is lost.

**In short:** A placed horse can still return a profit, but a small one.

## Place terms, extra places and dead heats

Place terms are the fraction and the number of places. The slip should show them before you confirm. Where each app shows them: Not checked.

Extra places means an operator pays more places than usual on a race. A dead heat is a tie for a position, and operators share the payout under their own rules. The exact reduction is in each operator's rules: Not checked.

Related reading: [odds formats](https://beforeyouinstall.com/guides/odds-formats-explained/), [starting price](https://beforeyouinstall.com/guides/starting-price-meaning/) and the [acca calculator](https://beforeyouinstall.com/tools/accumulator-calculator/).

**In short:** Read the place fraction and number of places on the slip before you confirm.

## How we checked

Checked on 7 November 2026: the formula and all three worked cases, recalculated by hand (6.00 × 10 = 60; 2.25 × 10 = 22.50).

Not checked: any operator's place terms or dead heat rules. We did not place bets or open accounts.

**In short:** Only the dated items above were checked; everything marked Not checked is still open.

## Related questions

### How much does an each-way bet cost?

Twice the unit stake. A €10 each-way bet is €20: €10 on the win and €10 on the place.

### Who sets the place fraction?

The operator, race by race. It is shown on the slip or in the operator's rules, which we have not read: Not checked.

### What is a dead heat?

A tie for a position. The operator's rules say how the payout is shared; the exact reduction is Not checked.

**In short:** Each answer here repeats the definition; operator rules stay Not checked.

## FAQ

**How much does an each-way bet cost?**

Twice the unit stake. A €10 each-way bet is €20: €10 on the win and €10 on the place.

**Who sets the place fraction?**

The operator, race by race. It is shown on the slip or in the operator's rules, which we have not read: Not checked.

**What is a dead heat?**

A tie for a position. The operator's rules say how the payout is shared; the exact reduction is Not checked.