When you back a horse eachway you’re betting it will finish in either 1st, 2nd, 3rd or 4th positions. (BETFAIR usually payout on eachway bets to 5 places in the Grand National – please check before betting.)
If you make a £10 Eachway bet the total cost will be £20, that’s because you’re actually making two bets with the bookmaker, one bet that the horse will finish 1st and another that it will place in either 2nd, 3rd or 4th position (and 5th with Betfair). Of course you can lower your stake to ‘£5 eachway’ and then the total cost of the bet will be reduced to just £10.
Lets say you’ve had a £10 eachway (£20 total cost) at odds of 10/1 and your horse romps home in first place – how much do you win? Well, you’ve got £10 @ 10/1 = £100, PLUS you also get 1/4th the quoted odds on the place part of the bet, which is £10 @ 2.5/1 = £25 giving you a total of £125 and don’t forget you also get your original £20 stake returned too.
Should your horse finish in either 2nd, 3rd or 4th position, known as a ‘place’ you will win £25 plus the £10 ‘place’ part of your original £20 stake will be returned. You might be wondering why you only get £25 back in winnings if the odds are 10/1 and your bet was £10, shouldn’t that be £100! Well no, the bookmakers only pay out a 1/4th of the quoted odds on horses that finish 2nd, 3rd or 4th and because your horse didn’t finish 1st you will lose the win portion of the original stake.