Each-way betting explained.

An each-way bet is two bets in one. Half of your stake goes on the horse to win at the full price. The other half goes on the horse to place, meaning to finish inside the paid positions the bookmaker offers on that race. If you stake five pounds each-way, your total outlay is ten pounds. The place half settles at a fraction of the win odds, usually one quarter or one fifth, and pays out even if your horse is beaten.

Each-way is at its most useful in bigger fields at longer prices, where a placed return can cover most or all of the losing win half and still leave a profit. It works less well at short prices, because the place fraction can be small enough that a placed horse still returns less than your total stake. Before you back a horse each-way it is worth calculating the break-even, so you know exactly what a place is worth to you.