An each-way bet is a wager offered by bookmakers consisting of two separate bets: a win bet In horse racing in the United Kingdom, the "place" is set strictly by the Jockey Club and will depend on the size of the cost £10, as indeed would a £5 each-way treble comprising as it does a £5 win treble and a £5 place treble.
Includes a chart showing the pay-off for a $2 bet and how win odds are calculated. 20-1 means you get $20 profit for every $1 wagered (i.e. bet $2 and get $42 back). Since most tracks have a 4-5, 3-1, 1- 1.
understanding odds is a vital component when wagering on horse racing. Does it represent value? How much can I potentially win? When I had betting odds and Probability explained to me in a simple manner it moved my understanding of.