Two bets, one selection
Each-Way Betting
An each-way bet backs something to win and to place, and costs double the stake you typed in. The terms decide the return far more than the headline price does, and dead heats reduce it further.
Each-way betting is the source of more confusion than any other mechanism in British betting, and nearly all of it comes from one fact that is easy to state and easy to skip past: an each-way bet is two bets. A tenner each way costs twenty pounds. It applies right across the LadBet coupon, from racing and golf to the season-long outrights.
The structure
One half of the stake goes on the selection to win. The other half goes on it to finish in a paying position. They settle independently.
What happens when it wins
Both halves pay. The win half settles at full odds, and the place half settles at the stated fraction of those odds. A winner at 8/1 with a tenner each way returns £90 on the win half and, at a fifth of the odds, £26 on the place half, for £116 in total from a £20 outlay.
What happens when it places
The win half is lost and the place half pays. That same 8/1 selection finishing third returns the £26 from the place half and nothing from the win half, so £26 back from £20 staked. A small profit, which is exactly what each-way is designed to produce.
Places and fractions
Both are set by the event and are printed on the coupon before you stake. They are not negotiable and they are not uniform.
| Event type | Places | Fraction | A 10/1 place pays like |
|---|---|---|---|
| Handicap, 16+ runners | 4 | 1/4 | 5/2 |
| Race, 8 to 15 runners | 3 | 1/5 | 2/1 |
| Race, 5 to 7 runners | 2 | 1/4 | 5/2 |
| Race, under 5 runners | win only | — | — |
| Golf tournament | 5 or more | 1/5 | 2/1 |
Why the terms matter more than the price
A 12/1 selection at four places and a quarter of the odds is a substantially better each-way proposition than the same 12/1 at three places and a fifth, and the headline price is identical. Anybody betting each-way regularly should be reading the terms before the price, because the terms are where the value lives.
Dead heats
The rule that catches most people, and one that applies far more often in golf than in racing.
How it works
Where more selections finish in a paying position than there are places, the stake on that selection is divided by the number tied and settled at full odds on the reduced portion. Two players tied for the last paying place means half the stake settles and half is lost.
Why it feels wrong and is not
Because the leaderboard says your selection finished in a paying position, and the return arrives smaller than expected. The alternative would be paying more place dividends than there are places, which no book could carry. Every bookmaker applies the same rule and it is printed with the terms.
Where each-way applies
Beyond racing, wherever there is a field rather than two sides.
Golf
The main each-way market outside racing, and the one where dead heats bite hardest because ties for a place are ordinary. The golf page works through it with the specific rules for missed cuts and play-offs.
Outrights
Tournament and competition winners — a league title, a Champions League, a darts major. Places and fractions are shown on the market, and the number of places usually reflects the size of the field rather than the prestige of the event.
Is each-way worth it?
It depends entirely on the price and the terms, and the general answer people want does not exist.
Each-way suits
- Mid-priced selections, roughly 6/1 to 20/1
- Big fields with generous place terms
- Golf, where placing is a realistic target
- A selection you expect to run well without necessarily winning
Each-way is poor value
- Short-priced favourites, where the place return barely covers the stake
- Very long shots that are unlikely to place either
- Small fields paying two places at a fifth
- Markets where a dead heat is likely and the terms are thin
There is a specific trap at the short end. Back a 6/4 shot each way at a fifth of the odds and the place half returns less than the two stakes cost you, so placing loses money even though the bet looked safe. That is the arithmetic working exactly as written, and it catches people every weekend.
Stake what sits comfortably inside a normal week and you will enjoy it more. Advice costs nothing and the number to ring for it is 0808 8020 133, at any hour of the day or night. Anyone under 18 is outside the rules here.
Common questions
How much does an each-way bet cost?
Double the unit stake. A tenner each way is £20 — £10 on the win and £10 on the place.
How many places are paid?
It depends on the event and is shown on the coupon before you stake. A large handicap often pays four, a small field two, and a golf tournament five or more.
What does a fifth of the odds mean?
The place half settles at a fifth of the win odds. A 10/1 selection placed pays the place half as though it were a 2/1 winner.
What is a dead heat?
More selections finishing in a paying position than there are places. The stake is divided by the number tied and settled at full odds on the reduced portion.
Can I bet each-way on football?
On outright markets such as a league title or a top scorer, yes. Not on a single match, which has no places.
Is each-way ever bad value?
On short-priced favourites, yes. At 6/4 with a fifth of the odds, placing returns less than the two stakes cost you.