Each-way betting explained

An each-way bet can pay out even if your pick doesn't win. Here's how it works.
Each-way is really two bets of the same stake: a win bet and a place bet. So five pounds each way costs ten pounds in total.
The win part pays only if your selection wins. The place part pays if it finishes in one of the paid places, including first, at a fraction of the odds, usually a quarter or a fifth.
Place terms depend on the race and the number of runners. Five to seven runners pay two places at a quarter. Eight or more in a non-handicap pay three places at a fifth. Handicaps with twelve to fifteen runners pay three places at a quarter, and sixteen or more pay four places at a quarter.
Let's work one out. Five pounds each way at ten to one, with three places at a fifth of the odds. A fifth of ten to one is two to one. If the horse wins, the win part returns fifty-five pounds and the place part fifteen, so seventy pounds back from ten. If it only places, you get fifteen back, a five pound profit. Outside the places, neither part pays.
Bookmakers can change the terms for particular races, and some offer extra places on big race days. Always check the bet slip before you bet, and please bet responsibly.