What are each-way and place bets?

The simplest and arguably the most common type of bet placed on horse racing is a straight win bet, or win single. As the name suggests, a win single is a bet on just one horse, which must win to produce a return.

However, for punters who enjoy betting at long odds and/or in large fields, each-way and place bets may provide a ‘safety net’ in the event that a selection runs well, but not quite well enough to win.

A each-way, or win and place, bet is, as the name suggests, a two-part bet, or two bets in one. The first bet is a win bet and the second bet is a place bet, which produces a return if a selection finishes second, third or fourth, depending on the number of runners in the race. Indeed, in some of the major handicaps of the season, the Grand National being the prime example, some bookmakers may offer enhanced place terms and pay out on horses that finish fifth, sixth, seventh or further down the field. Of course, being effectively two bets, an each-way bet costs double the stake of a straight win bet.

Unlike an each-way bet, a place, or place only, bet is a straight single bet on a selection to finish in the first two, three or four, depending on the number of runners. Place betting odds are a fraction of the win odds, though, so can produce a disappointing outcome is a selection does actually prove good enough to win.