Cheltenham Festival
What is the difference between a win or each way bet?
The Differences Between a Win and Each-Way Bet
As I prepare for the Cheltenham Festival, one of the most common questions among newer bettors is the difference between a straight win bet and an each way bet.
Both remain staples of horse racing betting, but they offer very different types of returns.
A win bet is the simplest wager in racing. The punter backs a horse to win its race, and the bet only pays out if that horse passes the post first.
For example, £10 on a horse at 5/1 will return £60 in total (£50 profit plus the £10 stake) if the selection wins, but nothing at all if it finishes second or third.
An each-way bet, by contrast, is essentially two bets in one: one part on the horse to win and one part on the horse to place.
This means a £10 each-way bet costs £20 in total, £10 on the win, and £10 on the place. If the horse wins, both parts of the bet are settled, often leading to significant returns.
If the horse finishes placed second, third, or sometimes fourth or fifth depending on the size of the field and bookmaker terms only the place portion pays out, usually at a fraction of the win odds (commonly one quarter or one fifth).
At Cheltenham, where many races feature large fields, each-way betting becomes especially attractive.
Big handicaps such as the County Hurdle or the Coral Cup often see bookmakers paying extra places, giving punters a better chance of a return even if their horse doesn’t win. That makes each-way betting a popular option for those seeking value in competitive races.
The choice between the two often comes down to risk and reward. A straight win bet offers higher profits if the horse is successful but carries the risk of a total loss if it fails to win. Each-way betting costs more up front but provides insurance if the horse runs well without winning.
Understanding this difference is key to any Cheltenham betting strategy. With races often decided by fine margins, the safety net of an each-way bet can prove the difference between walking away empty-handed and collecting a return.
