Each Way


This describes a transaction that is effectively two bets in which equal stakes are laid: i) on the selection coming first, and ii) the selection being placed; i.e. coming first, second, third or fourth, depending on the terms. When the punter asks for '£10 each way' this is actually two bets, at ten pound stakes each, totalling £20.

If the selection wins, the return is:
total stake + (stake x win odds) + (stake x place odds (usually 1/4 or 1/5 of win odds))

If the selection is placed but does not win, the return is:
place stake + (stake x place odds)

Early prices


Prices offered on selected races that day in advance of racecourse betting. Some bookmakers will offer early prices on every race every day.

Evens/Even Money


Odds which indicate that winnings will be the same as the amount staked. Is sometimes displayed as 1/1.

Exacta


See forecast.

Exchanges


Websites that enable users to back and lay selections by offering and requesting prices directly from other punters. The transactions happen in a secure environment and can be traded once placed to take advantage of any moves in the market.

Exposure


The amount of money a bookmaker will risk losing on an event.