Each-way betting combines two simultaneous bets on the same selection: one bet that the selection will win and another that it will finish in the advertised places. This approach increases the chance of some return through the place leg while splitting the total stake across two outcomes. This article explains the structure and settlement of each-way bets, shows how Tattersalls place terms commonly apply in horse racing, highlights sport-specific variations such as golf outrights, and gives step-by-step worked examples and checklists so you can compute EW payouts confidently before staking.

An each-way bet is two equal stakes, one on the win and one on the place, with returns calculated separately for each leg.

Tattersalls provides the standard place scale, but market-specific terms or promotions override the defaults for settlement.

To compute EW returns, split the stake, calculate the win-leg and place-leg separately, then add them if the selection wins.

What an each-way bet is: a clear definition

Two equal stakes explained (each way betting)

An each-way bet is two equal-stake bets placed together, one on the selection to win and one on the selection to place, so the total outlay is double the single-stake amount, and returns are calculated separately for each leg, which is the standard structure used across UK markets and explained in betting guides Racing Post each-way explainer.

How does an each-way bet pay out in different scenarios?

An each-way bet splits stake into win and place legs; if the selection wins both legs pay and you add their returns, if it places but does not win only the place-leg pays, and if it finishes outside the paid places both legs lose.

Where each-way bets are commonly used, the market types most associated with EW markets are horse racing and golf outrights, although some operators extend EW-style terms to other events, and in every case the specific place counts and place fractions can vary by sport and by the market's posted terms Investopedia each-way definition.

In practical language, the "win stake" is the half of your total bet that only pays if the selection finishes first, and the "place stake" is the other half that pays if the selection finishes in the qualifying places; if the selection wins, you receive returns from both legs including stake return on any winning leg Investopedia each-way definition.

How place terms are set: Tattersalls and bookmaker rules

Tattersalls standard place scale

Tattersalls maintains a standard place scale that many UK markets use by default; the scale specifies the number of paid places and the fraction applied to place payouts according to field size and race type, for example 5 to 7 runners pays 1st and 2nd at 1/4 odds, 8 or more runners normally pay 1st to 3rd at 1/5 odds, and specific handicap thresholds alter the qualifying places, as summarised in the rules of betting Tattersalls Rules of Betting.

Operators often publish market-specific place terms that can expand the number of paying places or use a different place fraction to the Tattersalls defaults; when a bookmaker advertises extra places or an alternative fraction for a given race or event, those advertised terms override the standard scale for settlement on that market bet365 help on each-way terms.

Because advertised places and fractions change the underlying payout math, the practical advice is to always check the market's posted place terms before calculating returns, and to capture or note the operator's settlement wording for later reference in case of queries Tattersalls Rules of Betting.

Follow this routine for a single selection: split your total stake into two equal parts, compute the full-odds return on the win stake (including returning that stake if the leg wins), compute the reduced-odds return on the place stake using the stated place fraction, then if the selection wins add both leg returns together, or if it places but does not win use only the place-leg return; this routine mirrors standard EW settlement practice Racing Post each-way explainer.

Key points to include in the calculation are that stake is returned on any winning leg, the place-leg uses the operator's stated fraction (commonly 1/5 or 1/4 under standard terms), and that the place-leg can pay even when the win-leg loses if the selection finishes in one of the advertised places Investopedia each-way definition.

Explore FundedPlays challenge options for structured prediction practice

Try the worked examples below to apply the steps with your own numbers and confirm how the split-stake routine changes the total payout.

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Before the numeric example, remember to confirm whether the market offers extra places or a non-standard fraction, because those terms change the place-leg calculation and the eventual combined return if the selection wins Investopedia each-way definition. (Funded Plays)

Minimal annotated screenshot style graphic showing each way betting two leg calculation with total stake split win leg math place leg math and final sum on Funded Plays dark branded background

When you compute the returns, treat the win-leg as full odds with stake returned on success, and treat the place-leg as reduced by the published fraction; numerically, the place return equals the place stake multiplied by the decimal odds and by the place fraction, and any stake return on that leg is included in the payout rules the operator uses Racing Post each-way explainer.

To avoid common errors, label the two legs clearly in your working and keep the stake return separate when summing totals so you do not accidentally double-count the original stake in the final payout calculation Investopedia each-way definition.

Horse racing markets most commonly use the Tattersalls place scale as a baseline, which ties the number of paid places and the place fraction to field size and race type, but many high-profile races or big-field handicaps may attract bespoke place terms or promotional extra places that deviate from the default scale Tattersalls Rules of Betting.

Golf outrights commonly advertise each-way terms framed around a 1/5 place fraction and a fixed number of finishing places, often paying to the top 5 to top 8 depending on the event, but exact place counts and fractions vary between events and operators so you must check the market terms to settle returns accurately Oddschecker guide on extra places.

Other sports rarely offer classic each-way markets in the same structured way, and when they do the operator will post bespoke settlement rules that you must follow for correct payout math Investopedia each-way definition.

Extra places, promotions and when market rules change the maths

Extra places explained

Bookmakers frequently advertise extra places or temporary changes to the place fraction for specific events to attract interest; when those promotions are active the market-specific terms override the Tattersalls defaults and the settled place-leg will use the advertised number of places and the advertised fraction for that market Oddschecker guide on extra places. Tools such as the AIPROFIT extra place calculator can help illustrate the effect of extra places on lay stakes and implied odds AIPROFIT extra place calculator.

The practical effect of extra places is a higher probability that the place-leg will return something, but value depends on how the fraction and the odds interact; more paid places at a generous fraction can make EW more attractive, whereas tiny fractions or very short odds may reduce the expected payoff despite extra places being available Racing Post each-way explainer.

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When comparing markets, always use the market's posted terms in your calculations rather than assuming the default scale; capture the market wording or take a screenshot if you need proof of the advertised places in a later settlement query Tattersalls Rules of Betting.

Dead-heat, rounding and settlement details to watch

How dead-heats affect EW legs

Dead-heats reduce the effective win or place return for the affected leg because operators apply a dead-heat formula when two or more selections tie for a position; the result is that the stake or payout is divided proportionally according to the dead-heat calculation specified in the operator's settlement rules bet365 help on settlement.

Rounding and stake treatment

Operators may apply rounding rules or minimum payout units that can alter small place returns, and that treatment is defined in the operator's settlement terms, so small fractional amounts on place-leg returns can be rounded up or down according to the posted rules Tattersalls Rules of Betting.

If a settlement involves a dead-heat or small fractions, check the operator help page for the precise approach and retain any evidence of the advertised terms to support an appeal if you think a calculation has been applied incorrectly bet365 help on settlement.

When an each-way bet pays out: all settlement scenarios

Winner and place finishes

There are three core outcomes to understand: the selection wins (both win-leg and place-leg pay), the selection places but does not win (only the place-leg pays), and the selection finishes outside the paid places (both legs lose), and these outcomes map directly to which leg returns a payout under the market terms Racing Post each-way explainer.

When the selection wins, the win-leg pays full odds and the place-leg pays at the stated fraction, with stake return included on any winning leg, and you sum the two leg returns for the total payout under the market's settlement rules Investopedia each-way definition.

quick each-way payout estimate for a single selection

Assumes stake split and decimal odds

If a selection places without winning, the practical settlement is simply the place-leg return calculated using the place stake and the place fraction; the win-leg stake and return are lost in that scenario and the place payout is the only return to the bettor Investopedia each-way definition.

For clarity, always present your calculation as two lines in any dispute: win-leg calculation and place-leg calculation, and quote the market's posted place fraction when you show the place-leg math to the operator Tattersalls Rules of Betting.

Decision checklist: when to use an each-way bet

Assessing value and field size

Use this quick checklist before choosing EW: confirm the number of places and the place fraction, estimate the selection's probability of placing, compare the win-only odds versus the combined EW return, and remember that EW doubles the stake so bankroll implications are material Racing Post each-way explainer. Read more on the Funded Plays blog Funded Plays blog.

Comparing win only versus each-way

The trade-off is straightforward: each-way improves the chance of some return via the place-leg but reduces the effective leverage of a win because your capital is split, so favour EW when the place probability looks credible and the advertised places and fraction provide acceptable value Oddschecker guide on extra places.

Checklist itemise: number of places, fraction, implied place value at current odds, stake doubling effect, and whether promotions or extra places apply to the market in question Tattersalls Rules of Betting.

Common mistakes and how to avoid them

Assuming standard terms without checking

A common error is assuming the Tattersalls defaults always apply; because operators can publish different place counts or fractions for a market, always check the posted market terms before you place an EW bet Tattersalls Rules of Betting.

Miscomputing stake returns

Another frequent mistake is forgetting to include returned stake on a winning leg or misapplying the fraction to the place stake; keep the two leg calculations separate and explicitly add any returned stake when you sum totals to avoid arithmetic errors Investopedia each-way definition.

Also remember to factor the doubled total stake into bankroll planning so EW exposure is visible and controlled rather than implicit Racing Post each-way explainer.

Worked examples: calculating payouts step by step

Horse racing example with Tattersalls terms

Example 1: Horse racing under standard Tattersalls terms. Suppose you place a 10 unit each-way bet at 6.0 decimal odds in a race that pays 1st to 3rd at 1/5 for the place leg. Split the total stake into two 5 unit legs. The win-leg return if the selection wins equals 5 units times 6.0 which is 30 units returned including stake. The place-leg return on a winning or placing finish equals 5 units times 6.0 times 1/5 which equals 6 units returned. If the selection wins, total payout equals 30 plus 6 which is 36 units. If the selection places but does not win, the payout equals the place-leg only which is 6 units Tattersalls Rules of Betting.

Note what changes if a bookmaker offers extra places: if the market instead paid four places at 1/4 you would recalculate the place-leg using 1/4 and the placing threshold might be larger, which usually increases the chance of a place return but may change the value equation at specific odds Oddschecker guide on extra places.

Golf outright example with 1/5 place fraction

Example 2: Golf outright with a 1/5 place fraction. Place a 20 unit each-way (total stake 40 units) at decimal odds 25.0, with the market paying top 6 places at 1/5. Split the stake into two 20 unit legs. The win-leg return if the player wins equals 20 times 25.0 which is 500 units. The place-leg return if the player finishes in the paid places equals 20 times 25.0 times 1/5 which is 100 units. If the player wins, total payout is 600 units. If the player simply finishes in the top 6 but does not win, the payout is 100 units Oddschecker guide on extra places.

If a bookmaker offered extra places for that event, say top 8 instead of top 6, you would keep the 1/5 fraction in this example but broaden the set of finishing positions that trigger the 100 unit place-leg return, which affects the practical probability of collecting the place return but not the arithmetic of the place-leg calculation itself Investopedia each-way definition.

Quick logic for building a simple each-way calculator

Input fields you need

Minimal inputs for a spreadsheet or simple tool: total stake, decimal odds, place fraction, and number of places (for checking qualification), and an optional flag for whether the selection actually won or only placed; these inputs give you everything required to compute the two leg returns and the total payout Racing Post each-way explainer. Online each-way calculators such as GotTheOdds and Matched Betting Blog can automate those steps. See a technical example on how our process evaluates markets how Funded Plays evaluations work.

Basic algorithm outline

Algorithm sketch: split stake in two, compute win_return = (total stake/2) * odds, compute place_return = (total stake/2) * odds * place_fraction, if win then total = win_return + place_return else if placed then total = place_return else total = 0; include checks to use market-specific place counts and fractions as inputs so the tool mirrors operator overrides Investopedia each-way definition.

Including a small validation step in the spreadsheet to confirm whether the event used Tattersalls defaults or operator-specific terms will reduce disputes when checking settlements Tattersalls Rules of Betting.

Strategy tips and bankroll notes for using EW bets

Bankroll impact of doubled stakes

Each-way betting doubles the nominal stake compared with a single win-only bet, so bankroll allocation should reflect that increased exposure and account for the frequency of place returns you expect based on your assessment of the selection and the posted places and fraction Racing Post each-way explainer.

When EW supports longer-term strategy

EW bets suit a patient, value-focused approach where you favour selections with credible place probability at reasonable odds, such as value contenders in big-field handicaps or golfers in large-field outrights with extra places, but never assume promotions or extra places guarantee value without performing the arithmetic first Oddschecker guide on extra places.

Manage stake sizing so that doubling exposure for EW is a considered choice in your staking plan rather than an ad-hoc decision on each selection Racing Post each-way explainer.

What to check on the operator page before you place an EW bet

Settlement terms and advertised places

Before placing an EW, confirm the exact number of places, the place fraction, dead-heat rules, and any event-specific promotion terms on the operator's market page, because these published items determine settlement on that market and can differ from the Tattersalls scale bet365 help on settlement.

Promotions and special-event terms

If a promotion or special-event term applies, save or screenshot the market wording for later reference and perform your EW math using the advertised fraction and place count to avoid surprises at settlement Oddschecker guide on extra places.

Keeping a short checklist of those operator-page items will reduce errors and simplify any later queries with the operator's support team Tattersalls Rules of Betting.

Conclusion: practical next steps and safe habits

Recap and quick reference

Recap the essentials: an each-way bet is two equal stakes with separate win and place legs, Tattersalls sets standard place scales but operator market rules can and do override those defaults, and always compute the EW payout using the market's posted place fraction and place count before staking Tattersalls Rules of Betting.

Where to learn more

Immediate actions: check the market's place terms, run the split-stake EW math with your own numbers, and size your stake to reflect the doubled exposure; consult operator help pages or the official Tattersalls guidelines for settlement questions Racing Post each-way explainer. Visit our homepage for tools and resources Funded Plays.

What is the basic structure of an each-way bet?

An each-way bet is two equal stakes, one on the selection to win and one on the selection to place; returns are calculated separately for each leg.

Do Tattersalls rules always determine place payouts?

Tattersalls provides the standard place scale, but operator-published market terms, such as extra places or alternative fractions, take precedence for settlement on that market.

How does a dead-heat affect an each-way bet?

A dead-heat divides the affected leg's payout according to the operator's dead-heat formula, reducing the effective return for that leg.

Use the worked examples and the decision checklist to test EW calculations with your own numbers before placing a bet. Always check the market's posted place terms and any promotions so you are using the correct place fraction and number of paid places when you compute returns. Practise the split-stake routine in a spreadsheet or simple calculator so the arithmetic becomes routine; consistent, cautious checks of terms and sensible bankroll sizing are the most reliable habits when using each-way bets.