Each-way bet
An each-way bet is two bets in one, a win part and a place part. It is common in racing and in large-field golf.
An each-way bet of 5 units costs 10 in total, one 5-unit bet on the win and one on the place. The place part pays at a fraction of the win price, such as one-quarter or one-fifth, if the selection finishes within the places paid. The bookmaker sets both terms for each race, usually from the size of the field and the type of race.
Back 5 units each way at 9.0 with one-quarter terms. The place part is a bet at 1 + (9.0 − 1) × 0.25 = 3.0. If the horse wins, both parts pay, 40 units on the win and 10 on the place. If it only places, the win part loses 5 and the place part pays 10, so the bet ends 5 units up. Unplaced, both parts lose.
Laying an each-way bet takes two lay stakes, one per part, each worked out like a qualifying bet at the customer's own commission. In the example, the win lay stake is 5 × 9.0 ÷ (win lay odds − commission) and the place lay stake is 5 × 3.0 ÷ (place lay odds − commission). When the bookmaker's places exceed the exchange's, the bet is an extra-place opportunity. Dead heats and non-runners change the settlement under each bookmaker's rules, which the feed does not carry.
In the OddsRelay feed
In the feed, each-way terms travel with the price. On GET /v2/odds/each-way and /v2/odds/extra-place, every back[] offer carries places and place_fraction, a decimal where 0.25 means one-quarter, so the place price above is one line per offer. lay is split into win and place arrays, since the exchange runs them as separate markets, and lay.place[].places says how many places that exchange market settles on.
The sample each-way reply in the API reference shows the pairing: a back offer with places 3 and place_fraction 0.2, one-fifth the odds a place, against a lay.place offer whose places is also 3. When the two counts match, the place lay covers exactly the positions the bookmaker pays.
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