How does and each way bet (place bet) work?

Question

i have put a quid on a 33 to 1 horse, but its a each way bet, how much do i win by doing this?? and what are the conditions behind it etc

Answer 1

Your return depends upon the number of runners assuming it is a horse race. How many runners?

Answer 2

An each way bet is really two bets - half the stake for the win, and half for the place.  In the Grand National the first 4 horses place.  The odds for the place are 1/4 of the odds for the win.

So your bet is 50p for the win and 50p for the place.  If your pony wins you get (50p x 33) + (50p x 8.25) = £20.63  You also get your £1 back.  If your horse comes 2nd - 4th you win £4.13 and get 50p back.

(A £1 each way bet usually means you have bet £2)