This Each Way Level staking plan is the most basic Each Way Staking Plan equivalent to using level stakes. It is an excellent benchmark to check against other Each Way Staking Plans. EW Betting Explained in Simple Terms - What does £5 EW mean ? This is two bets of £5. Bet 1 equates to bettig £5 on the outright winner. Bet 2 equates to betting £5 on being placed which is usually finishing 2, 3 or 4. If bet 1 is successuful the bet is treated as a normal win bet. If bet 2 is successful the odds are usually divided by 4 and any payout is calculated using this divisor. Clearly if Bet 1 is successful then Bet 2 is also successful and your payout includes both Bet 1 and Bet 2. In the example below our bet has odds of 9 and the horse concerned finished 1st. The calculations are : Bet 1 Stake * Odds - Stake = Profit 5 * (9-1) = 40 Bet 2 Stake * (Odds/4) - Stake = Profit 5 * ((9-1)/4) - 5 = 10 Bet 1 Profit + Bet 2 Profit = Total Profit Bet 1 Profit + Bet 2 Profit = 50 The example bet has now been changed below so that the horse was placed 2nd. This means that Bet 1 lost but Bet 2 still won. The Calculations are : Stake * (Odds/4) - Stake = Profit Profit - Bet 1 Stake = Total Profit 10 - 5 = 5 The example below shows how a run of real bets look in TSM. The settings used in TSM to produce the above results are shown below. If you are new to TSM these are the Win/Lose Strings that tell TSM what to treat as an outright winner and what to treat as being placed. These can be edited and saved in TSM to match your own preferences to the way you record your bets.