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An eachway 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, such as in first "place" or second "place". 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. The tradeoff being that one has a greater chance of making one's bet in trade for getting less payoff for doing so. Examples are domestic football knockout competitions (e.g., FA Cup) where the quoted place terms may be ^{1}⁄_{2}.
In horse racing in the United Kingdom, the "place" is set strictly by the Jockey Club and will depend on the size of the field (that is, how many horses are running) so that the "place" may be just 1st and 2nd, 1st 2nd and 3rd, or even 1st 2nd 3rd or 4th on a big race like the Grand National, and may pay ^{1}⁄_{4} or ^{1}⁄_{5} the odds.
Because an eachway wager comprises two bets, the total staked is twice the unit stake. For example, a £5 eachway single would cost £10, as indeed would a £5 eachway treble comprising as it does a £5 win treble and a £5 place treble.
Calculation of returns uses either decimal odds or (fractional odds + 1).
£50 eachway on a football team 'to win the cup' at 152 and ^{1}⁄_{3} the odds a place 1 or 2 would cost £100.
A £10 eachway single on a 101 selection in a horse race and paying ^{1}⁄_{4} the odds a place 1, 2, or 3 would cost £20.