Win, place and each way are the most common bet types in Australian racing. Here is how each one works.
Win bets
A win bet is successful only if your selection finishes first.
Place bets
A place bet is successful if your selection finishes in one of the paid places. Place prices are lower than win prices because there is more than one way to collect.
On the tote, place betting generally pays the first three finishers when there are eight or more runners, the first two with five to seven runners, and is not offered with four or fewer runners. Fixed odds place terms can differ between bookmakers, so check the rules before you bet.
Each way bets
An each way bet is two bets of the same amount on the same runner: one to win and one to place. A $10 each way bet costs $20 in total. If the horse wins, both bets collect. If it places but does not win, only the place bet collects.
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