Betting calculator
Each-Way Calculator
Use this each-way calculator to work out your total stake, place odds, possible return and profit if your selection wins, places or loses.
Enter your each-way bet
Add the stake per part, win odds and place terms to calculate the possible outcomes.
A £10.00 each-way bet costs £20.00 in total. If the selection wins, the profit would be £96.00.
What is an each-way bet?
An each-way bet is two bets in one: a win bet and a place bet. The win part pays if your selection wins. The place part pays if your selection finishes in one of the specified place positions.
Each-way betting is common in horse racing, golf and some large-field outright markets. It can reduce the chance of losing the whole stake, but the total stake is twice the amount entered.
How each-way stakes work
If you place £10 each-way, you are really placing two £10 bets:
Win stake = £10
Place stake = £10
Total stake = £20
This is one of the most common misunderstandings with each-way betting. The displayed stake is usually the stake per part, not the total cost.
Each-way place terms explained
The place part of an each-way bet is paid at a fraction of the win odds. Common place terms include 1/4 odds and 1/5 odds.
Place decimal odds = 1 + ((win decimal odds − 1) × place fraction)
For example, decimal odds of 9.00 are equivalent to 8/1. If the place terms are 1/5 odds, the place profit odds are 8/5. In decimal format, that gives place odds of 2.60.
| Win odds | Place terms | Place odds |
|---|---|---|
| 9.00 | 1/5 | 2.60 |
| 9.00 | 1/4 | 3.00 |
| 5.00 | 1/5 | 1.80 |
Each-way example
Suppose you place £10 each-way on a horse at decimal odds of 9.00, with place terms of 1/5 odds.
| Outcome | What happens? | Profit / loss |
|---|---|---|
| Selection wins | Win part pays and place part pays. | £96.00 profit |
| Selection places only | Win part loses, place part pays. | £6.00 profit |
| Selection loses | Both parts lose. | £20.00 loss |
The exact result depends on the stake, win odds, place terms and whether the selection wins, places or finishes outside the places.
Each-way betting in horse racing
Each-way betting is especially common in horse racing because races often have several runners and bookmakers may offer place terms based on the number of runners and the type of race.
The number of places paid can vary. For example, some races may pay three places, four places or more. Promotional offers may also change place terms, but the calculation still depends on the place fraction and the odds.
Each-way vs win-only betting
| Bet type | How it works | Main trade-off |
|---|---|---|
| Win-only | The selection must win. | Lower total stake, but no place return. |
| Each-way | The selection can win or place. | Total stake is doubled, and place odds are reduced. |
Each-way betting can be useful for understanding different possible outcomes, but it is not automatically better value than a win-only bet.
Common each-way mistakes
Forgetting the stake is doubled
A £10 each-way bet usually costs £20 in total: £10 on the win part and £10 on the place part.
Ignoring the place terms
The place return depends on the fraction of the odds being paid. 1/4 odds pays more than 1/5 odds, assuming the same win odds.
Assuming a place always means profit
A place-only result can still be a loss if the place odds are too short compared with the total stake.
Not checking the number of places
The number of places paid matters. Finishing fifth might pay in one market but lose in another, depending on the terms.
Related betting calculators
Each-way calculator FAQs
What does an each-way calculator do?
An each-way calculator works out the total stake, place odds, possible return and profit or loss for win, place-only and losing outcomes.
Does each-way stake mean total stake?
Usually no. A £10 each-way bet normally means £10 on the win part and £10 on the place part, making £20 total.
How are each-way place odds calculated?
Place odds are calculated by applying the place fraction to the profit part of the win odds, then adding the stake back in decimal format.
Can an each-way place still lose money?
Yes. If the place return is less than the total each-way stake, a place-only result can still produce a loss.
Are each-way bets good value?
Not automatically. Each-way value depends on the win odds, place terms, number of places, market margin and the true chance of the selection winning or placing.