Horse racing accumulator bets A typical win or each-way accumulator, which combines the odds on each horse to win into an overall combined price, can also be placed. The term "each-way" means that the bettor wins if any number of horses finish first or second; otherwise, they lose their money. For example, an each-way accumulator on four horses at 10/1 odds would pay $110 if two of the horses finished first or second and $10 if all four finished in the middle. The win-or-leave type of accumulator is similar to an each-way accumulator except that it pays off whether one or more horses finish first. So, for example, an accumulator wagering $100 on four horses that costs $20 to place has a return of $240 ($100 win bonus + $140 profit) if one of the horses finishes first or second; it would only return $80 ($40 win bonus + $40 profit) if none of the horses win. A pick 'em accumulator picks each horse to win. There are no restrictions on how many horses may be chosen, nor does it have to be different horses each time. It's possible to choose the same horse over and over again until all available entries have been selected.