- Bookie Ledger
- Betting terms and conditions explained
- What does each-way mean, and how are the returns calculated?
Term
What does each-way mean, and how are the returns calculated?
An each-way bet is two equal bets on one selection: one to win and one to place. The operator sets the place fraction of the odds and the number of places for each race. With the example figures here, €10 each way at 5/1 (6.00) costs €20 and returns €82.50 if the horse wins.
What does each-way mean?
Each-way describes a bet made of two parts of equal size. The win part pays only if the selection finishes first. The place part pays if it finishes in the places the operator names for that race.
The total stake is double the amount written on the slip, so a €10 each-way bet costs €20.
Place terms are the two settings that define the place part: the fraction of the odds paid and the number of places. The operator sets both for each race and shows them in its rules or on the bet slip.
Bottom line: an each-way bet is a win bet plus a place bet, so it costs twice the unit stake.
How are the returns worked out?
Win part return = unit stake × decimal odds.
Place part return = unit stake × (1 + (decimal odds − 1) × place fraction).
Round to two decimals, half up, then add the parts that win. The figures below are examples, not prices from any operator. The bet-slip simulator uses the same formulas.
| Selection and result | Win part | Place part | Total return | Against €20.00 staked |
|---|---|---|---|---|
| 5/1 (6.00), won | €60.00 | €22.50 | €82.50 | +€62.50 |
| 5/1 (6.00), placed only | €0.00 | €22.50 | €22.50 | +€2.50 |
| 1/2 (1.50), won | €15.00 | €11.25 | €26.25 | +€6.25 |
| 1/2 (1.50), placed only | €0.00 | €11.25 | €11.25 | −€8.75 |
| Either, unplaced | €0.00 | €0.00 | €0.00 | −€20.00 |
Bottom line: the place part pays at a fraction of the winning profit, plus the stake back.
What do operators publish on it?
We did not record each-way terms from any operator on 7 November 2026. The table shows the layout we will fill from the rules pages of three candidate operators once each licence is confirmed on the GRAI register.
| Operator (candidate, licence to be confirmed) | Place fraction and number of places | Source | Checked |
|---|---|---|---|
| bet365 | Could not be verified on 7 November 2026 | Operator rules page, URL to be recorded | 7 November 2026 |
| Paddy Power | Could not be verified on 7 November 2026 | Operator rules page, URL to be recorded | 7 November 2026 |
| BOYLE Sports | Could not be verified on 7 November 2026 | Operator rules page, URL to be recorded | 7 November 2026 |
Until the table is filled, read the terms on your own bet slip. Terms for one race do not carry over to another.
Bottom line: place terms differ by race, and we have not yet recorded any operator's figures.
When does each-way return less than you staked?
In the example above, the 1/2 selection placed but did not win. The place part returned €11.25 and the win part lost, so the bet returned less than the €20.00 stake.
If the selection is unplaced, both parts lose. We did not test any operator's settlement, and real results depend on the race and the rules in force.
Bottom line: a place-only result at short odds can return less than the total stake.
Where to go next
- Run your own figures in the bet-slip simulator.
- Read how prices are set at the off in starting price.
- Convert prices with odds formats.
- See horse racing and the other terms explained.
Bottom line: each link stays inside this site.
What changed?
No changes recorded since first publication on 7 November 2026.
Bottom line: this is the first version of the page.