Each-Way (bet)
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Each-Way (bet)
An each-way bet is a wager offered by Bookmakers consisting of two separate bets; a win bet and a place bet. For the win part of the bet to give a return the selection must win or finish first in the event. For the place part of the bet to give a return the selection must either win or finish in one of the predetermined 'places' for the event. The odds paid on the place part of the bet are usually a fraction (commonly 1/2, 1/3, 1/4 or 1/5) of the win odds. Examples are domestic football knockout competitions (e.g. FA Cup) where the quoted place terms may be 1/2 the odds a place 1,2 and horse racing where the quoted place terms may be 1/5 the odds a place 1,2,3.
To give an example:
Assume the race in question is a 12 runner handicap race and you wish to place a £10 each-way bet on a horse whose price is 8/1.
Remember, you are placing TWO £10 bets. The first is £10 at 8/1 that the horse will win the race and the second bet is £10 at 2/1 (being one quarter of 8/1) that your horse will finish either first, second or third.
If your horse wins the race then the Win part of your bet wins and you receive £80 plus your £10 stake back = £90 return.
Your place part of the bet also wins so you receive a further £20 plus your £10 stake = £30.
Your return on this bet for your £20 stake would therefore be £120 = £100 profit.
Now imagine your horse finishes second or third.
Your win part of the bet has lost so your £10 on that part of the bet has gone. However, your place part has won so your return = £30 (being £20 winnings and your £10 stake back).
Your overall profit on this example is £10 (you staked £20 and received £30 in return).
Obviously, if your horse finished fourth or worse in this race then you will have lost both parts of your bet and you would have lost the whole £20 of your bet.
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