In terms of racing bets, there is a large variety of markets to place bets on. Below you can find a description for Win, Place and Each Way bets.
Win Bets
A Win bet is placed on a horse or dog to finish the race in first position.
Place Bets
A Place Bet is placed on a horse or dog to finish the race in:
- The first, second or third position, if there are 8 runners or more in the race
- The first or second position, ff there are 7 runners or less in the race
- If there are fewer than 5 runners there will be no place bet offered
Each Way Bets
An Each Way bet is two bets in one: a Win bet and a Place bet. Your total stake is split equally between them. For example, a $20 Each Way bet is $10 on the Win and $10 on the Place.
Each portion is paid at its own odds:
- Win portion: Stake × Win odds
- Place portion: Stake × Place odds
What you receive depends on where your selection finishes, see below for a breakdown. For information on Each Way Multibets, check out our article here.
Scenario 1: Your selection comes 1st (Win and Place both pay)
If your selection wins, it has also placed, so both portions pay out.
Example: $20 Each Way bet ($10 Win, $10 Place). Odds: Win = 5.00, Place = 2.00.
- Win portion: $10.00 × 5.00 = $50.00
- Place portion: $10.00 × 2.00 = $20.00
- Total payout = $70.00 (a $50.00 profit on your $20 stake)
Scenario 2: Your selection places but doesn't win (only Place pays)
If your selection finishes in a paying place position but doesn't win, the Win portion loses. Only the Place portion pays out.
Example: $20 Each Way bet ($10 Win, $10 Place). Odds: Win = 5.00, Place = 2.00.
- Win portion: $10.00 × 5.00 = $0.00, because the selection did not win
- Place portion: $10.00 × 2.00 = $20.00
- Total payout = $20.00 (your $20 stake returned, with no profit)