This page explains the mechanics. To work out a specific stake and price, use the each-way calculator; the figures below use the same underlying model.
What £5 each way actually costs
“£5.00 each way” means £5.00 on the win part and £5.00 on the place part — two separate parts of one bet, not a single £5.00 stake. The amount taken from your balance is both parts added together, so £5.00 each way costs £10.00 in total, not £5.00.
Equal parts, and two different numbers on the receipt
Both parts normally use the same stake. The place part is priced using a fraction of the win odds, agreed at the time of the bet and printed on the receipt. That place fraction is a separate figure from the number of places being paid on the event. Read both from the actual receipt; neither should be guessed from the size of the field, assumed to be a standard figure, or inferred from the other.
Four outcomes at £5 per part, 8/1, one-fifth terms
With a £5.00 part, 8/1 odds and one-fifth place terms, the result depends on which parts pay out:
Scroll across the table to see all columns.
| Outcome | Total return | Net result |
|---|---|---|
| Wins (both parts pay) | £58.00 | +£48.00 |
| Places only | £13.00 | +£3.00 |
| Loses / does not place | £0.00 | −£10.00 |
| Both parts void (cash returned) | £10.00 | £0.00 |
A win pays both parts. A place-only result pays only the place part, and because the losing win-part stake is still counted in the total staked, a placed result can still show a net loss once that stake is included.
Decimal odds and the place part
Decimal odds already include the stake, so the place fraction is not applied to the decimal figure directly. At 8/1 the decimal price is 9. The one-fifth fraction is applied to 9 minus 1 (giving 8), the result is 1.6, and the stake is added back to reach 2.6. Applying the fraction to 9 directly gives 1.8 — a different, incorrect figure.
When placing still loses money
At £5 per part, 3/1 odds and one-fifth terms, a place-only result returns £8.00. The total staked across both parts was £10.00, so the net result is −£2.00 even though the selection placed — the losing win part's stake is not ignored.
What this page doesn't cover
This page does not cover Rule 4 deductions, dead heats, promotional or free-bet terms, or multiples and accumulators. None of those are inferred here from the odds or the size of the field; check the actual receipt and the operator's terms, or work through the settlement checklist.
The two-part structure and doubled stake are described in Sky Bet's explanation of each-way bets. Separate win/place calculation and the stake-inclusive return are described in Sky Bet's explanation of calculating winnings.
Sources checked . These references describe the general mechanics referred to above; they do not establish the terms of any individual bet, and this page cites no current prices, fees or promotions. See our methodology for calculation assumptions, or use contact to report an error, including the page address and a non-personal example.