By Niamh Gallagher · Last updated November 2026Why does a €10 bet cost you €20 the minute you tick the each-way box? It’s one of the most common questions in betting, and it catches out plenty of people the first time they tick that box.
The short answer is that an each-way bet is really two bets. Once that clicks, and you know how to read the place terms beside every race, the rest falls into place. This is each-way betting explained from the ground up, with every sum done in euro.
Two Bets Wearing One Coat: The Each-Way Bet Unpacked
An each way bet splits into two equal parts. The win part pays only if your selection wins. The place part pays if your selection finishes in one of the paid places, and winning counts as a place, so a winner collects on both.
Because there are two bets, you pay your stake twice. “€10 each-way” means €10 on the win and €10 on the place, so €20 in total. Some betslips show the €20, others show €10 with “E/W” beside it, which is where a lot of the confusion starts. If you’ve budgeted €10 for a race, you want €5 each-way.
The place part doesn’t pay at the full odds. It pays at a fraction of them, and that fraction is set out in the place terms.
Place Terms: The Fraction Printed Beside Every Race
Place terms tell you two things: how many places are paid, and what fraction of the win odds the place part pays at. You’ll see them written as “1/5 odds, 3 places” or “1/4 1-2-3-4”.
For horse racing in Ireland and Britain, the standard terms depend on the number of runners and the type of race:
| Runners | Race type | Places paid | Place odds |
|---|---|---|---|
| 2–4 | Any | Win only | No each-way |
| 5–7 | Any | 2 | 1/4 |
| 8 or more | Non-handicap | 3 | 1/5 |
| 8–11 | Handicap | 3 | 1/5 |
| 12–15 | Handicap | 3 | 1/4 |
| 16 or more | Handicap | 4 | 1/4 |
These are the usual industry terms, but bookies are free to offer more. Extra places are a common concession on big race days, where a bookie might pay five or six places on a large handicap. They vary from one bookie to the next and from race to race, so check before you bet.
When a withdrawal changes the terms
The terms are normally based on the number of runners that actually go to post, not the number declared. If eight are declared and one is withdrawn, a non-handicap drops from three places at 1/5 to two places at 1/4. Your horse finishing third would then pay nothing on the place part. It’s worth a quick look at the final field before the off, especially in races sitting right on a cut-off.
A 10/1 Shot, €10 Each-Way, Three Possible Endings
Let’s say you back a horse at 10/1, €10 each-way, so €20 total. It’s an eight-runner non-handicap, so the terms are 1/5 odds, three places. A fifth of 10/1 is 2/1, so that’s your place price.
| Result | Win part (€10 at 10/1) | Place part (€10 at 2/1) | Total return | Profit or loss |
|---|---|---|---|---|
| Wins | €110 | €30 | €140 | +€120 |
| Finishes 2nd or 3rd | €0 | €30 | €30 | +€10 |
| Unplaced | €0 | €0 | €0 | −€20 |
Each return includes the stake for that part. If the horse wins, both parts pay. If it’s placed, you lose the €10 win part but get the place part back with €20 profit, leaving you €10 up overall.
The same horse on quarter-odds terms
Now put the same bet in a 16-runner handicap at 1/4 odds, four places. The place price becomes 10/4, or 5/2, so the place part returns €35 instead of €30, and finishing fourth now counts too. A second or third place is worth €15 profit rather than €10. That small change in the fraction makes a real difference over a season.
Placing at 2/1 and still losing money
At short prices, the place part can return less than your total stake. Take a 2/1 shot, €10 each-way, at 1/5 odds. The place price is 2/5, so €10 on the place returns €14. If it finishes second, you get €14 back from a €20 outlay. Your horse “placed” and you’ve still lost €6.
That’s why each-way bets on fancied horses rarely make sense. The point where it starts to work depends on the terms, but at 1/5 odds a placed horse only shows a profit on the whole bet once its price is bigger than 5/1.
Golf, the Dogs and the GAA Outrights
Each-way isn’t just for horses. Golf is the other big one. Outright markets on the majors and the Irish Open often pay several places, and the number can change from week to week and bookie to bookie, which makes shopping around worth the effort. Greyhound races at places like Shelbourne Park usually have six runners and pay two places.
You’ll also find each-way on some football and GAA outrights, such as top goalscorer or to win a league, typically paying for finishing in the top two or more. The principle is identical every time: two equal bets, one for the win and one for the place, with the place part at a fraction of the odds.
Dead Heats and Non-Runners: The Settling Rules Nobody Reads
If your horse dead-heats for a paid place, your stake on that part is split. With two horses tied for third and only three places paid, half your place stake is paid at the place odds and the other half is lost. On the €10 each-way example at 10/1, a dead heat for third would pay €5 at 2/1, returning €15 instead of €30.
If your selection is a non-runner, both parts of the bet are usually refunded. Some bookies also offer Non-Runner No Bet on ante-post markets in the run-up to big meetings. These rules differ from bookie to bookie, so if this sort of detail matters to you, compare them on my page covering the best betting sites Ireland punters can choose from right now.
Where I Go Each-Way, and Where I Don’t Bother
I bet each-way more often than I bet to win, but only in certain spots.
- Big-field handicaps. Sixteen or more runners at 1/4 odds and four places is about as generous as standard terms get.
- Races that might lose a runner. An eight-runner race pays three places, but one withdrawal and it’s down to two. I’m wary of those.
- Not on short-priced horses. As the 2/1 example shows, the place part can’t cover the full stake.
- Extra places on festival days. The difference between three and five places on a big handicap is huge. Concessions change, so I check what’s on before every meeting.
- Budgeting for the full stake. €10 each-way is €20, every time.
FAQ
What does each-way mean in betting?
An each-way bet is two equal bets: one on your selection to win and one on it to place. It costs twice the unit stake.
How much does a €5 each-way bet cost?
It costs €10: €5 on the win and €5 on the place.
What are place terms?
Place terms show how many places a bookie pays and what fraction of the win odds the place part pays at, such as 1/5 odds for three places.
Is each-way betting worth it?
It can be in big fields with good terms and longer-priced selections. On short-priced horses or small fields, it often isn’t.
Keep your stakes sensible and take breaks. If betting is causing you any worry, visit gamblingcare.ie or ring Gambling Care free and in confidence on 1800 753 753.