Your stake: £1 win
Horse wins: £5 profit
2/3 place: No pay-out

Your stake: £1 e/w (£2 bet)
Horse wins: £6.25 profit
2/3 place: 25p profit

(Based on a handicap with more than 16 runners, such as the Grand National. Each-way payouts can vary depending on the size of field and type of race)