What’s the difference between a win bet and an each-way bet?

A single win bet or, in other words, a win bet on just one horse, is the simplest and, often, most profitable bet that you can place. If your selection wins the race in question, you can expect a return equivalent to your original stake multiplied by the odds at which your selection was returned, a.k.a. ‘starting price’, or the odds offered before the race, if you took an ‘early’ or ‘board’ price, plus your original stake. For example, if place a £10 win bet on a selection at 10/1, you can expect a return of (10 x £10) +£100 = £110. Of course, if your selection does not win, your win bet is a loser.

By contrast, an each-way bet, a.k.a. a ‘win and place’ bet, is effectively two bets in one and therefore necessitates halving your stake, or doubling your outlay, when compared with a win bet. The first bet is a win bet, as above, while the second bet is a place bet, intended to provide a return if your selection fails to win, but finishes in the first two, three or possibly four, depending on the place terms offered on the race in question. It is possible to win both bets, lose the win bet, but win the place bet, or lose both bets. If your selection finishes in the prescribed places, including first place, your place bet returns your place stake multiplied by a fraction of the win odds, usually one-quarter or one-fifth, plus your original place stake.