Bet types - Each way bets

An each way bet is a great way to bet, as it allows you to still make a profit even if your selection doesn’t win, but also rewards you even more if it does. An each way is in fact two bets - a bet to come first, and a bet for a place.

The number of valid places (also known as the 'range') is specified by the bookmaker for each event or fixture; if three places are specified, for example, this means that there will be a payout for 1st, 2nd and 3rd place competitors.

If you bet £1 each way, you are betting £1 to win and £1 for a place, meaning this bet will cost you £2. If your selection comes first, both parts of your bet will win. If your selection gets a place only (e.g. 2nd or 3rd), the win part of your bet will lose, but the place part will still win.

The payout for the win part of the bet is based on the full price quoted, while the amount paid out for a place is determined by the 'split', which is specified by the bookmaker. The split is the fraction by which the full odds are multiplied in order to determine the payout for a place. This is usually a quarter or a fifth of the payout odds, but may be higher or lower depending on how many participants there are in the competition and how wide the range is.

You should remember that if your selection wins, you will still get the same amount for the place part of your bet as you would have done if the selection had finished in one of the lower place positions.

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