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An each way bet is two bets in one: a bet on the selection to win, and a separate bet on the selection to "place" — that is, to finish in one of the top number of places as defined by the bookmaker’s rules. At least part of the bet returns money if the selection finishes in a paying place.
How it Works
An each way bet is two equal stakes, so a €5 each way bet costs €10: €5 on the win and €5 on the place.
The place part pays a fraction of win odds, but only if the selected horse comes in the number of places the bookmaker pays on that race.
If your horse wins outright, you collect on both the win part of your stake and the place part. If it doesn't win but finishes in a place, you only get paid on the place part. If it doesn't even make a place, you lose both parts of the stake and aren't paid any return.
Place Terms and Field Size in Irish Horse Racing
Place terms at Irish bookmakers change based on the number of entrants and the type of racing.
In races with four or fewer runners, bookmakers usually accept win bets only. Anything with five to seven horses pays 1st and 2nd as "placing" spots, but the odds on the place part are one-quarter (or 1/4) of the odds on the win part.
In non-handicap races, eight or more runners widens the place spots to 1st, 2nd and 3rd, but cuts the fraction of win odds paid on the place part to 1/5.
Handicaps use more generous terms. A handicap with 12 to 15 runners pays 1st through 3rd as places at the 1/4 fraction, and handicaps with 16 or more runners usually pay four places at 1/4. Terms can vary and some bookmakers offer extra places, so check the bet slip.
When to Place an Each Way Bet
Each way bets are generally used when you're not confident your selection will win, but think it has a chance to place, especially in bigger fields where the place fraction is more generous.