The bet consists of two parts: the’Win’ and also the’Place’. Every part of the bet has to be an equivalent stake, e.g. a #5 each way bet will have #5 to the’Win’ and #5 to the’Place’ creating 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 places, e.g. 2nd, 3rd, 4th (5th or even 6th with selected bookmakers).
If your horse comes home first (wins), both the’Win’ and’Place’ parts of your bet will pay out. However, if your horse just puts, you will lose the’Win’ part of your wager but you will still collect on the’Place’ 2nd, 3rd, 4th and 5th or 6th*.
The sum won depends on number of variables. Most importantly, was the race won by your horse or was he just placed? And what?
Let us assume that your horse wins (1st) at 50/1 and you’ve backed him #10 each way. The #5’win’ part of your bet overlooks #250 (#5??50/1) and also the original #5’win’ stake is returned, giving you #255, you will also receive paid on the’place’ part of this bet also! But, bookmakers will typically pay out 1/4 of the chances that are quoted on’location’ part of the bet. The #5’place’ portion of your bet overlooks #67.50. Worked out like this — a quarter of 50/1 is 12.5/1, #5@12.5/1 = #62.50 and your original #5 stake is returned, providing you #67.50. Add it to the #255’win’ part and you have #322.50 in winnings.
Now let’s assume that your horse came , bear in mind that it doesn’t make any difference to the payout when your horse finishes 2nd, 3rd or 4th. As your horse did not win, you eliminate the’win’ part of # 5 and the wager. However, you amass #67.50 about the’place’ portion of the wager. 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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