An each-way bet is a bet where most of the horse racing bets are placed and is also available in the US sportsbooks. There are two parts for this bet to be placed, one for the horse to win and one for the horse to place. When you make an each-way bet, you are essentially betting half of your total stake on the horse to place.
The number of places a horse can finish in to qualify for a place bet depends on the race type and the number of runners. For place bets, the payout is typically a fraction of the win odds, which can vary. For example, imagine you place an each-way bet on a horse priced at 8/1. You decide to bet $20 each way, so your total stake is $40.
This means you are putting $20 on the horse to win and $20 on the horse to place. Assume the place terms are set at ¼ of the win odds and the race pays four places. Therefore, the place odds would be 2/1 (one-quarter of 8/1). If the horse wins the race, you receive payouts for both the win and place parts of your bet. If the horse finishes 5th or after, you lose both parts of the bet that you placed.
Show betThe show bet is a continuation of the place bet, offering an additional position to win. Instead of only covering the top two places, a show bet pays out on the top three positions. As a result, the odds are shorter, reflecting the indeed chance of winning. What makes this different is that regardless of the position, whether your horse finishes in first, second, or third, the payout remains the same.
