An each way bet is a bet type that allows the bettor to back a runner for a win and a place in the same bet for the same amount. A $10 each way bet means that the bettor is placing a $20 bet, $10 for the win and $10 for the place. If the runner runs 2nd or 3rd the bettor will still receive a dividend. If the runner wins, they will receive both the win dividend and the place dividend.
Each way betting can be effective for value runners. If you believe the horse will run very well but you are not confident enough in it to win, you may consider backing it each way. Each way betting is also a fun way to bet for social racegoers. Instead of having all of your eggs in the one basket with a win bet, you are more likely to have some place collects, however you don’t rule yourself out of a good win if your runners wins.
The example shows how a $10 each way bet on Sepoy might payout. For starters the $10 each way bet costs $20 in total, $10 for the win and $10 for the place. If Sepoy runs 2nd or 3rd the bettor will receive the place dividend $21 ($10 x 2.10). If Sepoy wins, the bettor will receive the win dividend $86 ($10 x 8.60) PLUS the place dividend $21. The total payout if Sepoy wins the race would be $107.
All bookmakers offer each way betting. In any event, a bettor can always place an each way bet by putting on a win bet and aplace bet for the same amount.