Each Way Betting Explained – What it Means and How to Calculate Winnings An each way bet is a bet made up of two parts: a WIN bet and a PLACE bet. Two bets of equal amounts are made; the first on a selection (horse) to win and the second on the same selection to place. A ‘win’ obviously means that the horse finishes the race first. The first bet is on the horse to win – If the horse wins the race, this bet is won The second bet is on the horse to place – If the horse finishes in the top three (position may vary), this bet is won So if you were to bet £5 each way on a horse to win, your total stake would be £10. £5 would be on the horse to win, and then £5 would be on the horse to finish in the top three.