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An each-way bet is two bets in one — half your stake on the win and half on the place — so you still collect if your runner just misses the win but fills a placing. It’s one of the most useful bets in Australian racing for backing big-priced runners with a safety net. This guide explains how each-way betting works, the place terms by field size, a worked example with a calculator, when to use it, and where to bet.
18+ T&C's Apply. What are you really gambling with? Chances are you're about to lose. Set a Deposit Limit For free and confidential support call 1800 858 858 or visit gamblinghelponline.org.au
18+ T&C's Apply. What are you really gambling with? Chances are you're about to lose. Set a Deposit Limit For free and confidential support call 1800 858 858 or visit gamblinghelponline.org.au
#AD 18+ T&Cs Apply Imagine what you could be buying instead. For free & confidential support call 180 0858 858 or visit gamblinghelponline.org.au
What Is an Each-Way Bet?
An each-way bet is really two equal bets: one on your selection to win and one on it to place. So a $10 each-way bet is a $5 win bet plus a $5 place bet — a $10 total outlay. If your runner wins, both the win and place portions pay. If it only places, the win half is lost but the place half pays out.
It’s most popular on longer-priced runners: you get a return if they win or run a place, which softens the risk of backing a roughie at big odds.
How Does an Each-Way Bet Work?
You stake the same amount on win and place. The win portion pays at the win odds; the place portion pays at the (shorter) place odds. How many placings count depends on the field size:
| Field size | Places paid |
|---|---|
| 8 or more runners | 1st, 2nd, 3rd |
| 5 to 7 runners | 1st, 2nd |
| Fewer than 5 runners | Win only (no place market) |
Each-Way Bet Calculator & Example
Say you back a runner at $6.00 to win with a $2.00 place price, each-way for $10 ($5 win + $5 place):
- If it wins: $5 Ă— $6.00 (win) + $5 Ă— $2.00 (place) = $40
- If it places only: $5 Ă— $2.00 = $10 (your win half is lost, so you break even)
When Should You Bet Each-Way?
Each-way shines on value runners at double-figure odds in big fields, where a placing is a realistic outcome and the place return alone can cover your outlay. It’s less useful on short-priced favourites, where the place odds are tiny — a straight win bet usually makes more sense there. Each-way is also common on futures and outrights (e.g. Melbourne Cup futures), where place terms can extend further.
Each-Way vs Win and Place
A win bet pays only if your runner wins. A place bet pays only if it runs a place (and nothing extra if it wins). Each-way combines both into one ticket — more outlay, but a return whether your runner wins or just places. For multi-runner exotics, step up to a quinella or trifecta.
Each-Way at the Melbourne Cup
The Melbourne Cup is the classic each-way race — a huge field of genuine winning chances at big odds, where backing a roughie each-way gives you a live return if it runs into the placings. For tips and runner-by-runner form, see our Melbourne Cup Carnival hub.
Best Bookmakers for Each-Way Betting
- Ladbrokes — strong fixed win and place markets across racing.
- Neds — easy each-way betting on racing and futures.
- bet365 — competitive place terms and live racing.
Compare the field in our best horse racing betting sites guide.
#AD 18+ T&Cs Apply Imagine what you could be buying instead. For free & confidential support call 180 0858 858 or visit gamblinghelponline.org.au
18+ T&C's Apply. What are you really gambling with? Chances are you're about to lose. Set a Deposit Limit For free and confidential support call 1800 858 858 or visit gamblinghelponline.org.au
18+ T&C's Apply. What are you really gambling with? Chances are you're about to lose. Set a Deposit Limit For free and confidential support call 1800 858 858 or visit gamblinghelponline.org.au
18+ T&C's Apply. What are you really gambling with? Chances are you're about to lose. Set a Deposit Limit For free and confidential support call 1800 858 858 or visit gamblinghelponline.org.au
#AD 18+ T&Cs Apply Imagine what you could be buying instead. For free & confidential support call 180 0858 858 or visit gamblinghelponline.org.au
18+ T&C's Apply. What are you really gambling with? Chances are you're about to lose. Set a Deposit Limit For free and confidential support call 1800 858 858 or visit gamblinghelponline.org.au
Exclusive 365AUCODE referral code: bet365 does not offer bonus codes in Australia and this referral code does not grant access to offers.18+ T&C's Apply. What are you really gambling with? Chances are you're about to lose. Set a Deposit Limit For free and confidential support call 1800 858 858 or visit gamblinghelponline.org.au
Each-Way Bet FAQs
What is an each-way bet?
An each-way bet is two equal bets in one — half on the win and half on the place. A $10 each-way is $5 to win and $5 to place, a $10 total outlay.
How does an each-way bet pay out?
If your runner wins, both the win and place portions pay. If it only places, the win half is lost and the place half pays at the place odds.
How many places does an each-way bet pay?
It depends on field size: 8 or more runners pays first, second and third; 5 to 7 runners pays first and second; fewer than five is win only.
When should you bet each-way?
Each-way is best on value runners at bigger odds in large fields, where a placing is realistic and the place return can cover your outlay. On short favourites a straight win bet is usually better.
More Betting Guides
- Quinella Betting Explained
- Trifecta & Box Trifecta Explained
- Line Betting Explained
- Horse Racing Tips & Hub
- Best Horse Racing Betting Sites in Australia
Responsible gambling: Gamble responsibly. For free and confidential support call Gambling Help on 1800 858 858 or visit gamblinghelponline.org.au. 18+ only. BettingPro.com.au may receive affiliate commissions from bookmakers listed on this page.