An each way bet is in fact two separate bets rolled into one. One part of the bet is for the horse to win, the other is for the horse to place (including 1st). Should the horse win, you will win both parts of the bet. If the horse places, you will lose the win part of your bet and win the place part. The number of places offered by the bookmaker depends on the number of runners and the type of race. It's worth noting that bookies may offer extra places on certain races. Each way terms are generally 2 place at 1/4 of the odds for fields of between 5 and 7 runners. Fields of 8 runners and above generally 3 places at 1/5 of the odds, unless it's a handicap race (see table below). As a general rule of thumb, it's generally best to avoid each way bets in handicap races.