The bet is made up of 2 components: the’Win’ and the’Location’. Each region of the bet must be an equal bet, e.g. a #5 each way bet will probably have #5 to the’Win’ and #5 on the’Place’ making a total of #10.
The’Win’ part of your wager is on your horse to complete, and the’Position’ part is on your horse to finish either first or in a few of the areas, e.g. 2nd, 3rd, 4th (5th or 6th with selected bookmakers).
If your horse comes home first (wins), both the’Win’ and’Place’ parts of your wager will cover. But if your horse just places, you’ll shed the’Win’ part of your wager but you’ll still collect on the’Place’ 2nd, 3rd, 4th and 5th or 6th*.
The amount won depends on number of variables. Most importantly, was the race won by your horse , or was he simply put? And what?
Let’s assume your horse wins (1st) at 50/1 and you’ve endorsed him for #10 each way. The #5’win’ part of your wager overlooks #250 (#5??50/1) and also the #5’win’ bet is returned, giving you #255, you’ll also get paid out on the’place’ portion of this bet also! Bookmakers will generally just pay out 1/4 of the chances that are quoted on’location’ part of this bet. The #5’place’ portion of your wager overlooks #67.50. Worked out like this — a quarter of 50/1 is 12.5/1, #5@12.5/1 = #62.50 along with your initial #5 bet is returned, giving you #67.50. Add it to the #255’win’ portion and you have #322.50 in winnings.
Now let us assume that your horse came third, keep in mind it doesn’t make any difference to the payout if your horse finishes 2nd, 3rd or 4th. As your horse did not win, you eliminate the’triumph’ part of # 5 and the bet. But you amass #67.50 about the’place’ portion of the bet. Worked out like this — a quarter of 50/1 is 12.5/1, #5@12.5/1 = #62.50 along with your original #5 bet is returned, giving you #67.50.

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