Each-way calculator

Two bets, not one

An each-way bet is two bets of equal stake: one on the selection winning, one on it finishing in the places. A £10 each-way bet costs £20. That doubling is where most confusion starts.

The place part settles at the win odds reduced by the place fraction — applied to the profit, not the whole price. At 5.0 with 1/5 terms, the place part pays 1 + (5 − 1) ÷ 5 = 1.8.

Which leads to the result people find surprising: back a 3.0 shot each way at 1/5 terms, and a placed finish returns £14 on a £20 outlay. The horse ran well and you are still £6 down, because the win half of the bet is gone. Each-way is generally poor value at short prices for exactly this reason.

Questions

How does an each-way bet work?

An each-way bet is two separate bets of equal stake: one on the selection winning, one on it finishing in the places. A £10 each-way bet costs £20, not £10 — the most common misunderstanding, and the reason returns often look smaller than expected.

Can a placed horse still lose me money?

Yes, and at short prices it usually does. If you back a 3.0 shot each way at 1/5 terms, the place part returns £14 on a £20 outlay — so a placed finish is a £6 loss. The win half of the bet is gone, and the place return has to cover both stakes before you are level.

What odds does the place part settle at?

The win odds reduced by the place fraction, applied to the profit rather than the whole price. At 5.0 with 1/5 terms the place part settles at 1 + (5 − 1) ÷ 5 = 1.8, not 1.0.

How many places are paid?

It depends on the race. Typically two places in 5–7 runner races, three in 8+ runner races, and four in handicaps of 16 or more. Bookmakers frequently offer extra places on big races, which changes the value of the bet considerably.

When is an each-way bet good value?

Generally at longer prices, where the place part can return a profit on its own, and where the place terms are generous relative to the true chance of placing. At short odds each-way is usually poor value, because the place return cannot cover the doubled outlay.

Does Rule 4 apply to each-way bets?

Yes. A Rule 4 deduction applies to the winning parts of the bet, so it reduces the win return, the place return, or both depending on how the selection finished.