An each-way accumulator runs two parallel accumulator bets on the same selections: one on all selections to win, and one on all selections to place. The cost is double your intended stake (as with any each-way bet). Both accumulators work independently — if a selection wins, it contributes the win odds to the win accumulator and the place odds to the place accumulator. If it only places, it drops out of the win accumulator but continues in the place accumulator.
The key appeal is coverage. In a standard accumulator, one selection failing to win means the entire bet loses. In an each-way accumulator, if selections merely place rather than win, the place accumulator can still return a profit — especially if multiple legs are at big prices.
Place accumulator calculation: each leg's place odds (typically 1/4 or 1/5 of the win odds) multiply together. Four legs at 10/1 each-way terms (1/4 odds): place odds per leg = 2.5/1 (3.5 decimal). Place accumulator combined = 3.5⁴ ≈ 150.06. On a £5 each-way stake (£5 on place accumulator), that returns £750.30 from all four legs placing — without any needing to win.
Golf tournaments are the primary use case. Picking four golfers each-way at a major, where fields are large and 1/5 odds for a top-5 are common, the each-way accumulator can deliver significant returns even from four players who contend but do not win.
Example
Four golfers at 20/1 each, 1/5 odds, top 5 paid. Win accumulator combined odds: 21⁴ = 194,481. Place odds per leg: 4/1 (5.0 decimal). Place accumulator: 5⁴ = 625. On a £5 each-way (£10 total): win accumulator stake = £5, place accumulator stake = £5. All four finish top 5 but none wins outright. Place accumulator returns: £5 × 625 = £3,125. Total return = £3,125 (minus the £5 win stake that loses).