If you’re unfamiliar with betting then it’s useful to know about the types of bets you can have on the Grand National. One of the most popular is the each-way bet.
An each-way basically consists of two separate bets; a win bet and a place bet. For the win part of the bet to give a return the selection must win or finish first in the event. For the place part of the bet to give a return the selection must either win or finish in one of the predetermined ‘places’ for the event. The odds paid on the place part of the bet are usually a fraction (commonly , , or ) of the win odds. In the Grand National most bookmakers go with place terms that are the odds if your horse finishes in the first 4 places, although many now pay out on the first 5.
Because an each-way wager comprises two bets, the total staked is twice the unit stake. For example, a £5 each-way single would cost £10.
Settling the bets
Calculation of returns uses either decimal odds or (fractional odds + 1).
Each Way Bet Example
£5 each-way on a horse ‘to win the Grand National’ at 20/1 and the odds a place 1, 2, 3 or 4th.
- Returns for the win part of the bet would be £5 × 20 = £100.00, plus your £5 stake = £105.00
- Returns for the place part of the bet would be £5 × 4 = £20.00, plus your £5 stake = £25.00
- If the horse ‘won the Grand National’ the total returns would be £105 + £25 = £130.00 and if the horse didn’t win the race but finished in the first 4 the returns would be £25. If the horse didn’t finish in the top 4 the wager would be lost.
It is advised that if you are betting on a horse in the Grand National that you should place your bet as an each-way bet. That means you will get a return should our horse finish among the place positions.