Each Way Calculator: See Both Halves of the Bet

The formula for place odds

The place part is paid at a fraction of the win odds. In fractional odds the sum is the odds multiplied by the fraction: 12/1 at 1/5 becomes 12/5, and 8/1 at 1/4 becomes 2/1. In decimal odds the stake comes back too, so the fraction applies only to the profit part of the price:

Place odds (decimal) = 1 + (win odds − 1) × place fraction

A price of 13.00 at 1/5 terms gives 1 + 12 × 0.2 = 3.40. That 3.40 is the decimal form of 12/5. Either method lands on the same number; the each way calculator uses the decimal one internally whatever format you choose on screen.

Worked example: £10 each way at 12/1, 1/5 terms

The bet is two £10 bets, so the slip costs £20. The win part is priced at 12/1 (13.00 decimal); the place part at 12/5 (3.40 decimal).

A winner pays both parts, because finishing first also counts as finishing in the places. A placed horse at 12/1 still shows a £14 profit on the whole bet, which is why each way works best on prices around this level and above.

Standard place terms in UK racing

How many places are paid and at what fraction depends on the number of runners and the type of race. These are the standard terms most UK sites start from:

Terms are fixed by the runners at the off, not when you bet. A field of eight that loses a non-runner drops to seven, and the bet is then settled on two places. The horse racing betting guide covers non-runners in more detail.

Extra places

On big handicaps many sites pay more places than the standard table, for example five or six places in a large field instead of four. The fraction usually stays the same, so the bet is worth more: a horse finishing fifth in a race paying five places is a placed result, and in the standard terms it would be a loser.

The each way calculator does not need a separate setting for this. Choose the fraction the site offers and mark the selection “Placed” if it finished inside the places the site paid on your bet. Extra places are offered per race and per site, so read the terms on your bet slip.

Golf each way

Golf outrights are where each way earns its keep. Fields are large, winners are often long prices, and sites commonly pay five or more places at a quarter or a fifth of the odds, with extra places on the biggest events. A player at 40/1 with 1/5 terms pays 8/1 for a place, and a finish near the top of the leaderboard returns a profit on the whole bet without a win.

Golf also produces more ties than any other sport, which matters for the last paid place. The rule is the same as in racing and is set out below. The golf betting guide explains the markets around the outright.

Dead heats, including the last place

When your selection ties for first, the win part is paid on the stake divided by the number tied, at full odds. Pick “Won, dead heat of 2” or “of 3” and the calculator does this. The place part is not affected, because both runners are well inside the places. Using the 12/1 example with a dead heat of 2 for first: the win part returns £5 × 13.00 = £65.00, the place part £34.00, total £99.00.

A dead heat for the last paid place works differently: here it is the place part that is reduced. The place stake is divided by the number tied and multiplied by the number of places they share. Two runners tied for third in a race paying three places share one place, so half the place stake wins and half loses. In the 12/1 example that is £5 × 3.40 = £17.00 back from a £20 bet, a loss of £3.00. In golf, four players tied for fifth with one place left would each be paid on a quarter of the place stake.

The calculator's dead heat setting divides the win part only. For a tie on the last place, a workaround is to halve the stake (or divide it by the number tied) and mark the selection “Placed”: the return shown is then correct, though the total stake shown is not.

When each way is poor value

Each way suits longer prices. On a short-priced favourite the place part pays so little that a placed result still loses money overall.

Take a 2/1 favourite in an eight-runner race at 1/5 terms. The place price is 2/5, or 1.40 decimal. £10 each way costs £20; if the favourite runs second, the place part returns £14.00 and the bet is £6.00 down. Even at 1/4 terms the place price is 1/2, a return of £15.00. In fractional terms, the place part only covers the whole each-way stake when the place price is at least evens: at 1/5 terms that means win odds of 5/1 or longer, at 1/4 terms 4/1 or longer.

That does not make each way on a favourite wrong in every case, but it changes what the bet is. On a short price it is mostly a win bet with a little insurance attached, and the insurance is expensive.

Each way multiples

In a double or accumulator each way, the win part is one multiple of the win prices and the place part is a separate multiple of the place prices. Every selection must win for the win part to pay, and every selection must at least place for the place part. A Lucky 15 each way is thirty bets, and the Lucky 15 calculator lays out each of them. For accumulators and full-cover bets without each way, the bet calculator opens in that mode.

What the each way calculator does not include

• Rule 4. A withdrawal after the market has formed reduces winnings on fixed-odds bets. The figures here are before any deduction.
• Changes to the terms. Non-runners can change the number of places; the calculator settles on the fraction you choose and the result you enter.
• Dead heats for the last place, which need the workaround above.
• Bonuses and payout limits. Full-cover bonuses, extra-place offers and each site's maximum payout are set in its own terms.

Which sites let you bet on this before any document check is set out in our guide to no verification betting sites.

Also on this site: Odds calculator, Arbitrage calculator and all betting calculators.

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