An each way bet is a popular wager comprised of win bet and place bet components. This bet type allows you to potentially win if your selected horse in a race finishes anywhere between first and third.

If your chosen horse wins, you will receive the dividend for both the win and place components of your bet. In the even the horse finishes second or third, you will win the place aspect of your bet.

Each way betting is generally used when you find a horse at generous odds which you believe can win however would like additional insurance in the event they only manage to finish second or third. The minimum cost of an each way bet is $1.00 with it necessary to have 50c for the win and 50c for the place.

If you have $10.00 each way on a horse at odds of $15.00 and it wins, your payout would look as follows. Win bet: $10.00 x $15.00 = $150.00 Place bet: $10.00 x $3.50 = $35.00 If the horse you have backed finishes second or third, you would receive solely the above place payout of $35.00.

This means even if your horse doesn't win but places, you still make a profit of $15.00 on your outlay.