Each-Way Bets Explained: Win, Place and Tote Betting in SA
An each-way bet is two bets of equal stake on the same horse: one to win and one to place, meaning to finish in the first few. If the horse wins, both parts pay. If it only places, the place part pays at a fraction of the win odds. Because it is two bets, an each-way bet costs double the unit stake.
What is an each-way bet?
"Each way" (often written E/W) is a horse racing bet built for runners you think could run well without being certain they will win. You place one stake on the win and an equal stake on the place.
If you ask for "10 each way", you are placing two bets of 10, so the total cost is 20. This catches out many first-timers: the slip shows the unit stake, but your balance is charged for both parts.
This guide explains how the bet works and settles. It contains no racing tips or selections, and we never publish them.
Place terms: how many places and what fraction
The place part of an each-way bet is settled on the bookmaker's place terms, shown on the race card or bet slip. They have two parts:
- Number of places paid — for example the first two, three or four finishers. Bigger fields usually pay more places; very small fields may not offer each way at all.
- The fraction of the win odds — typically a quarter or a fifth of the win odds for the place part.
Terms depend on the number of runners, the type of race (handicaps often pay more places) and the bookmaker. They are set per race, so read them on each card rather than assuming a standard.
Each-way bet worked example
You back a horse each way at win odds of 9.00 (8/1 in fractional odds) with a stake of 10 units each way, so 20 units in total. The place terms are a quarter of the odds for the first three.
The place odds are worked out on the profit part of the price: a quarter of 8 is 2, plus the stake back, gives place odds of 3.00.
| Horse finishes | Win part (10 at 9.00) | Place part (10 at 3.00) | Total returned | Result on 20 staked |
|---|---|---|---|---|
| 1st | 90 | 30 | 120 | Profit of 100 |
| 2nd or 3rd | 0 | 30 | 30 | Profit of 10 |
| 4th or worse | 0 | 0 | 0 | Loss of 20 |
Two lessons sit in that table. First, a place on a horse at short odds can still lose you money overall, because the place return may not cover the losing win stake. Second, each way reduces the size of the loss when the horse places, but it does not reduce the loss when it runs out of the places.
Place bet meaning
A place bet is just the second half of an each-way bet on its own: you back a horse to finish within the places, with no win part. It pays the same whether the horse finishes first or last of the placed positions.
Place bets are common in tote (pool) betting, where the place pool has its own dividend. At fixed odds, some bookmakers show a separate "place" or "top 3 finish" market with its own price instead of a fraction of the win odds.
Tote betting explained
Much South African horse racing betting runs on the tote (totalisator), a pool system rather than fixed odds.
- Everyone's stakes on a bet type go into one pool.
- The operator takes a deduction from the pool.
- The rest is shared among the winning tickets as a dividend.
Because the dividend depends on how much was bet and on what, you do not know your exact payout until the race is official. The screen shows approximate dividends before the off, but they can move right up to the start.
| Fixed odds | Tote (pool) | |
|---|---|---|
| Price known when you bet | Yes, locked in | No, declared after the race |
| Who sets the return | The bookmaker | The size of the pool and the number of winners |
| Each way | Win and place at a fraction of the odds | Separate win and place pools |
| Exotic bets | Limited | Exactas, trifectas, jackpots, Pick 6 and others |
Tote exotic bets let you pick several finishing positions or several races in one ticket, with correspondingly long odds. The dividends can be large because they are hard to land.
Dead heats, non-runners and other settlement rules
Dead heats
If two horses tie for a position, the stake on that position is usually divided: half your stake is settled at full odds and the other half is lost. The exact method is in the bookmaker's racing rules.
Non-runners and withdrawals
If your horse is withdrawn before the race, the stake on it is normally returned. If another horse is withdrawn late, fixed-odds bookmakers may apply a deduction to the winnings on the remaining runners, because the field is now easier. A withdrawal can also change the number of places paid if the field drops below a threshold.
Official results
Bets are settled on the official result declared by the racing authority. A later objection or inquiry can change that result, and the bookmaker's rules say which declaration counts.
When people use each way (and the catch)
Punters tend to use each way on longer-priced runners in bigger fields, where the place part can still return something. On short-priced horses the place fraction is small, so the place part often returns less than the full each-way stake.
The catch is the price of the cover: you pay double stake, and the bookmaker's margin applies to both the win and the place parts. Each way is a way of shaping risk, not reducing it overall.
Where to bet on horse racing in South Africa
Betting on horse racing with a provincially licensed bookmaker is legal. These bookmakers on our list offer horse racing; open each review for payment methods and licence details:
| Bookmaker | Our rating |
|---|---|
| Hollywoodbets | 9.4 |
| Gbets | 9.2 |
| 10bet | 9.1 |
| Playabets | 8.9 |
| World Sports Betting | 8.8 |
| Sunbet | 8.4 |
| Betshezi | 8.3 |
Racing depth, tote access and each-way terms differ between them; Hollywoodbets, for example, is known for its local and international racing coverage. Check the racing rules before your first bet, and see our comparison page for the full picture. Unfamiliar racing terms are covered in our betting terms glossary.
If you also bet on football, our guide to accumulator and multi bets explains how combined bets settle. You must be 18 or older to open an account.
FAQ
How much does an each-way bet cost?
Twice the unit stake. "10 each way" is two bets of 10, costing 20 in total.
What happens if my each-way horse wins?
Both parts pay: the win part at the full odds and the place part at the place fraction. A horse that wins has also placed.
Can I lose money on an each-way bet even if my horse places?
Yes. If the horse places but does not win, you lose the win stake, and at short odds the place return may be less than the total you staked.
What is the difference between tote and fixed odds?
Fixed odds lock in your price when you bet. Tote bets go into a pool and the dividend is only known after the race, based on how much was bet and how many winning tickets there are.
Is each-way betting a safe bet?
No bet is safe. Each way changes how you win or lose, not the fact that you can lose. Bet only what you can afford, and see our responsible gambling page or call the NRGP free on 0800 006 008 if you need help.
More on this topic: Betting basics.
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