Originally Posted by SuperTed
I'm a bit new to horse racing, what does each way mean?
Sorry for the retarded question but it always seems like something you can make money off the occasional tip if you know what you're doing.
It means your horse just has to finish placed (what 'placed' means depend on the race, some are top 2, some are top 3 or 4 or even 5. Usually is determined by how many horses are in the field).
You only get a fraction of the winnings if its only placed (and doesnt win), again its usally 1/4 or 1/5th of the odds.
Horse is 10/1
Bookmaker is paying out on top 4 places at 1/4 odds.
You put €10 e/w, this total stake will cost you €20.(think of it as 2 bets, 1 tenner is going on the horse to win, the other is going on the horse to be placed)
If the horse wins you get the winning bet (so 10X10 =100), but you also get the placed bet as the horse has been placed also, (so thats, 1/4 of 10/1 = 2.5/1 @€10 = €25) So in total you win €125, plus your €20 stake back. So €145.
If the horse only gets placed, you only win the €25 and your €10 'placed stake back. So €35.