Each-Way Calculator

What is an Each-Way Bet?

An each-way bet is essentially two bets rolled into one: a win bet and a place bet. When you place an each-way wager, your stake is doubled because half goes on the selection to win outright and the other half goes on it to finish in one of the designated place positions. This means a $5 each-way bet actually costs $10 in total. Each-way bets are most commonly associated with horse racing and golf, but they can be used in any market where place terms are offered by the bookmaker.

How Each-Way Bets Work

The win portion pays out at the full advertised odds if your selection finishes first. The place portion pays out at a fraction of the odds (the place terms) if your selection finishes within the specified number of places. Common place terms are 1/4 of the odds for horse racing and 1/5 for large-field events like golf tournaments or handicap races with many runners. The number of places paid depends on the event: typically 2-3 places for horse races and up to 5 for golf or large handicaps.

Each-Way Calculation Example

Suppose you back a horse at 11.00 (10/1) for $5 each way with 1/4 odds for 3 places. Your total stake is $10. The place odds are calculated as (11.00 - 1) x 0.25 + 1 = 3.50. If the horse wins, you collect $55 (win) + $17.50 (place) = $72.50, giving a profit of $62.50. If it finishes 2nd or 3rd, you lose the $5 win bet but collect $17.50 from the place bet, netting $7.50 profit. If it finishes outside the places, you lose the full $10.

When to Use Each-Way Bets

Each-way bets work best with longer-priced selections where even the place portion provides a healthy return. Backing a short-priced favourite each-way is usually poor value because the place part returns very little. Look for selections at 8.00 or higher where the place terms offer genuine insurance. Large-field events with more places paid are particularly attractive for each-way betting.

Each-Way Value

Sometimes the place part of an each-way bet can offer value on its own. If you believe a selection has a strong chance of placing but not necessarily winning, the effective place odds might be better than anything else available in the market. Experienced bettors compare the implied place probability from the each-way terms against the actual place-only odds offered by exchanges to spot these opportunities.