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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, 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 trade-off 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 the odds a place 1st or 2nd and horse racing where the quoted place terms may be 1⁄5 the odds a place in 1st, 2nd, or 3rd.
Because an each-way wager comprises two bets, the total staked is twice the unit stake. For example, a £5 each-way single would cost £10, as indeed would a £5 each-way 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 each-way on a football team 'to win the cup' at 15-2 and 1⁄3 the odds a place 1 or 2 would cost £100.
A £10 each-way single on a 10-1 selection in a horse race and paying 1⁄4 the odds a place 1, 2, or 3 would cost £20.