Both commonly used terms in betting for horse racing, but what is the difference between a win and an each-way bet?
Two of the most common bets placed within horse racing and the Cheltenham Festival are a win bet and an each-way bet. Most punters use these two formats when placing a bet on horse racing, but what do they mean? Let’s explain.
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What does win and each-way mean in betting on horse racing?
The most straightforward and common type of betting term is a win bet, in which you bet on a horse to win any horse racing event. By contrast, an each-way bet consists of two bets in one. Half of the bet is for the horse to win and the other half is for the horse to place.
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For an example of a win bet, a successful £10 win bet on a horse priced up at 7/4 such as Ballyburn for the Brown Advisory on Day 2 at the Cheltenham Festival, you would see you return a payout of £27.50, which is £17.50 for the 7/4 plus your £10 stake back.
Let’s instead look at an example for an each-way bet. If you were to place a £5 each-way bet (£10 total) on a horse in a race at the Cheltenham Festival with seven runners or less offering 1/4 odds at 10/1 for three places, £5 would be for the win and £5 would be for the place. You would be paid out for the win £55 and £17.50 for the each-way place.
If the horse was to only place, you would receive your place return of £17.50. The each-way term can be determined by the number of horses in the race. A full breakdown on the win and each-way terms can be found below.
- 1-4 runners in a race: win only
- 5-7 runners in a race: two places, 1/4 odds
- Eight or more runners in a race: three places 1/5 odds
- 12-15 runners (handicap): three places, 1/4 odds
- 16 runners or more (handicap): four places, 1/4 odds
