What Is EW in Horse Racing? Each Way Meaning & Betting Explained

Each way betting is a popular choice for those placing wagers on horse racing, but the details behind it are not always clear at first glance. Many might see the abbreviation ‘EW’ or ‘E/W’ on a betting slip or website and wonder exactly what it means for their bet. It is a type of bet that comes up frequently, both online and at the racecourse.

This blog post explores every aspect of each way betting, from a clear explanation of what it involves and how it works, to the calculations behind returns. It also covers common place terms, how withdrawals and non-runners are handled, and what happens in the case of a dead heat.

For those interested in more complex bets, there is information about each way bets in doubles, trebles, and accumulators, as well as worked examples to show the calculations in action. Key terminology is also explained in simple terms.

Read on to learn more.

What Does Each Way Mean And How Does It Work?

An each way bet is actually two bets in one. When a player chooses an each way bet in horse racing, their total stake is split in half. One half goes on their horse to win the race. The other half goes on their horse to finish in a place, such as second, third, or sometimes fourth, depending on the rules for that race.

For example, if someone places a £1 each way bet, their overall stake is £2: £1 on the win, and £1 on the place. If the horse wins, both parts of the bet will return winnings. If the horse does not win but finishes in one of the places covered by the bookmaker’s terms, only the place part of the bet may pay out.

The place payout is calculated at a fraction of the horse’s odds, which varies by race and bookmaker. The exact number of places that count, and what that fraction is, will be shown in the place terms.

With that in mind, the next step is understanding how the returns are worked out.

How Are Each Way Returns Calculated?

Each way returns are worked out by adding together the winnings from both parts of the bet: the win and the place.

If the horse finishes first, both the win and place parts are paid out. The win part uses the full odds, while the place part uses a fraction of those odds. That fraction is set by the bookmaker and may depend on the race, often being 1/5 or 1/4.

If the horse only places, only the place part of the bet pays out. The place winnings are worked out as the place stake multiplied by the fraction of the odds.

For example, if a £1 each way bet is placed at odds of 10/1, and the race pays 1/5 odds for a place, then if the horse comes third, the place part pays out at 10/1 divided by 5 (2/1). The original £1 stake on the place part would return £3 (£2 winnings plus the £1 stake).

The total return is the sum of any winnings from both parts of the bet, plus the original stakes for each part that is successful. Those fractions and the number of places come from the place terms for that race.

What Are Common Place Terms And Fractions?

Place terms in horse racing set out which finishing positions will count as a place for an each way bet. These terms differ based on the type and size of the race.

For most horse races, bookmakers usually pay out on the top two, three, or four finishers. For example, a race with up to seven runners may only pay for the first two places. Races with eight or more runners may cover the first three places, while big handicap races with lots of entries could offer place payouts for the first four or even five positions.

The fraction relates to how much of the horse’s odds will be used for the place part of an each way bet. The most common fractions are 1/4 and 1/5 of the odds. This fraction is stated in the place terms and is applied to the original odds to work out place winnings.

Field sizes can change close to the off, and with them the place terms. That leads neatly to withdrawals and non-runners.

How Are Each Way Bets Settled For Non-Runners And Withdrawals?

If a horse is withdrawn from a race before it starts and is officially declared a non-runner, any each way bet placed on that horse is usually refunded in full. This means both the win and place parts of the bet are returned to the player.

When the number of runners in a race changes due to withdrawals, the bookmaker may adjust the place terms. For example, if a race drops below a certain number of runners, the number of places paid out may decrease. This change is generally based on official rules and is applied equally to all bets.

If a withdrawal happens after prices are taken, returns on the remaining runners may be subject to a Rule 4 deduction. This reduces winnings by a set amount to reflect the shorter field. If a horse is withdrawn after the race has started, bets are usually settled as losing bets, but this is rare and depends on race conditions and bookmaker rules.

Another situation that can affect settlement is a dead heat.

How Do Dead Heats Affect Each Way Bets?

A dead heat happens in horse racing when two or more horses finish exactly level and cannot be separated by a photo finish. In these situations, the way bets are settled changes a little.

If a horse is involved in a dead heat for a win or a place, the number of available places is shared between the horses. For each way bets, the stake for the relevant part of the bet is divided by the number of horses sharing the position. The winnings are then worked out using the reduced stake.

For example, if two horses tie for second place, and a player had £1 each way on one of them, only half (50p) of the place stake will count for a payout. The same rule applies if the dead heat is for the win part, where the win stake is split and settled at the full odds on the reduced amount.

So far, this has focused on single races. You can also back each way in multiples.

Each Way Bets In Doubles, Trebles And Accumulators

Each way bets are not limited to single races. They may also be combined across more than one race, often in the form of doubles, trebles, or accumulators.

With an each way multiple, the total stake is doubled because you are placing two lines: one win accumulator and one place accumulator. For an each way double at £1 each way, the total stake is £2, made up of a £1 win double and a £1 place double. The same idea scales up for trebles and accumulators.

Returns on these types of bets are only given if all selections meet the relevant criteria on their respective lines. For example, in an each way double, both horses would need to place for the place double to generate a return. If one wins and the other does not place, the win double and the place double both lose.

Because the total stake increases with multiples, it is sensible to check the place terms for every race included. To see how the numbers add up in practice, here is a simple worked example.

Examples Of Each Way Calculations

Understanding how each way returns are calculated helps make it clear how much might be won or received back from an each way bet. Below is a breakdown of a single each way calculation, using figures that are easy to follow.

Single Each Way Calculation Example

Imagine a player places a £5 each way bet on a horse at odds of 8/1. The total stake is £10: £5 for the horse to win, and £5 for the horse to place. The bookmaker is paying 1/5 odds for a place, with the first three finishers counting as a place.

If the horse wins:
Both the win and place parts pay out.
Win part: £5 at 8/1 returns £45 (£40 winnings plus the £5 stake).
Place part: £5 at 8/1 at 1/5 odds = 8/1 divided by 5 = 1.6/1. £5 at 1.6/1 returns £13 (£8 winnings plus £5 stake).
Total return: £58 (£45 + £13).

If the horse places (second or third):
Only the place part pays.
£5 at 1.6/1 returns £13 (£8 winnings plus £5 stake).

Common Each Way Terms Explained

Understanding each way bets is easier with a few key terms made clear:

• Each Way (EW/E/W): This means placing two bets, one for a horse to win and one for it to finish in a place. The total stake is split in half for these two bets.
• Win: A bet on the selection to finish first in the race.
• Place: A bet on the selection to finish in one of the top places, usually second, third, or fourth, depending on the race and the bookmaker’s terms.
• Place Terms: The specific positions that count as a place for a given race, set by the bookmaker. For example, 1-2-3 means payouts for first, second, or third.
• Fractional Odds: These describe the potential winnings from a bet, for example, 5/1 (read as five to one).
• Place Fraction: The fraction of the win odds paid out if the horse places. This is usually 1/4 or 1/5, depending on the place terms.
• Non-Runner: A horse that has been withdrawn from the race before it starts. Bets on non-runners are generally refunded.

If you choose to place any bets, do so with responsible gambling practices in mind and never wager more than you are willing to lose. Set personal limits that suit your circumstances, take regular breaks, and keep betting as an occasional form of entertainment rather than something that dominates your time.

If gambling starts to affect your well-being or your finances, seek support early. Independent organisations such as GamCare and GambleAware offer free, confidential help for anyone who needs it. Used with clear terms in mind, each way betting is straightforward and can be approached in a measured way.