Calculator - each-way
Each-way calculator: win part, place part and place terms
An each-way bet is two bets of equal stake: one on the horse to win, one on it to place. Enter the stake, odds and place terms in the calculator to see the return for a win, a place or a loss.
checked by Casinos Geek editorial team
Two bets, one slip
A €10 each-way bet costs €20: €10 on the win and €10 on the place. If the horse wins, both parts pay. If it finishes in the places without winning, only the place part pays. If it finishes outside the places, both are lost.
The place part pays at a fraction of the win odds, set by the place terms, for example 1/4 or 1/5 of the odds.
Worked examples: €10 each-way at 8/1, 1/4 odds, 3 places
- Place odds = 8/1 x 1/4 = 2/1.
- Wins: win part €10 x 8 + €10 stake = €90. Place part €10 x 2 + €10 = €30. Total return €120, profit €100.
- Finishes 2nd or 3rd: win part lost. Place part returns €30. Profit €10 on the €20 outlay.
- Finishes 4th or worse: both parts lost. Loss €20.
Same bet at 1/5 odds
- Place odds = 8/1 x 1/5 = 8/5 (decimal 2.60).
- Wins: €90 + €26 = €116 returned, profit €96.
- Places: €26 returned, profit €6.
The same sums in decimal odds
With decimal win odds D and place fraction t:
Place odds (decimal) = 1 + (D - 1) x t
Return if the horse wins = S x D + S x (1 + (D - 1) x t)
Return if it only places = S x (1 + (D - 1) x t)
Check: 8/1 is 9.00 decimal. At 1/4: place odds 1 + 8 x 0.25 = 3.00. Win return €10 x 9 + €10 x 3 = €120, as above.
Where each-way breaks even
When the horse only places, you lose the win half and collect the place half. The bet breaks even when the place odds are exactly evens.
Place-only profit = S x (F x t) - S, where S is the stake per part, F the fractional win odds and t the place fraction.
Break-even: F x t = 1. At 1/4 odds that is 4/1; at 1/5 odds, 5/1. Below those prices a placed horse returns less than your total outlay.
Place terms: what is common, and who sets them
Place terms are set by each bookmaker for each race, and many offer more generous terms than the standard ones. One published reference is the guide from Great British Racing (read 11.11.2026), which lists these terms:
| Race | Runners | Places paid | Fraction |
|---|---|---|---|
| Any | Fewer than 3 | Win only | - |
| All races | 3-4 | 2nd | 1/5 |
| All races | 5-7 | 1st, 2nd | 1/4 |
| All races | 8 or more | 1st, 2nd, 3rd | 1/5 |
| Handicap | 12-15 | 1st, 2nd, 3rd | 1/4 |
| Handicap | 16-21 | 1st to 4th | 1/5 |
| Handicap | 22 or more | 1st to 4th | 1/4 |
This is a UK reference, and Irish bookmakers set their own terms per race. Read the terms on your bet slip before you place the bet; they are what your bet is settled on. Extra places are often offered as promotions. Offers like this are legal in Ireland today, but the ban on inducements in the Gambling Regulation Act 2024 has not been commenced yet.
Each-way doubles and accumulators
An each-way double is two separate doubles: one on both horses to win, one on both to place. A €5 each-way double costs €10. If both win, both doubles pay. If one wins and the other only places, the win double loses and the place double pays at the place odds of each horse multiplied together. The accumulator page covers the multiplication.
Dead heats
When horses tie for a paying position, the stake on that part is divided by the number of horses sharing it, and the divided stake is paid at full odds. The rest is lost.
Settled stake = stake x (paying places left / horses tied)
Our 8/1 horse dead-heats for 3rd with one other, 3 places at 1/4: place stake becomes €10 x 1/2 = €5, returned at 2/1 = €15. Win part lost. Net loss €5.
Rule 4
If a horse is withdrawn after you bet, Rule 4 of the Tattersalls betting rules reduces winnings on the remaining runners. The Racing Post explains it as a set deduction in pence out of every pound of winnings, ranging from 90p at 1-9 or shorter to 5p at 10-1 to 14-1 for the withdrawn horse. Stakes are not reduced.
Return = stake + winnings x (1 - R), where R is the deduction per €1.
Our win example with a 7-4 non-runner (35p in the pound, as in the Racing Post example): winnings €80 + €20 = €100 become €65. Return = €20 stakes + €65 = €85.
For a single price in any format, use the odds calculator. For several horses in one bet, see the accumulator calculator.
Questions
Does a €10 each-way bet cost €10 or €20?
€20: €10 on the win and €10 on the place.
What are 1/4 odds, 3 places?
The place part pays a quarter of the win odds if the horse finishes 1st, 2nd or 3rd. At 8/1 that is 2/1.
Is each-way worth it on a 3/1 shot?
At 1/4 odds a placed 3/1 horse pays 3/4 on the place part, so you lose money on the total outlay. The break-even is 4/1 at 1/4 odds and 5/1 at 1/5.
Who decides the place terms?
Each bookmaker, per race. The table on this page is one published reference; your bet slip shows the terms you are settled on.
Does Rule 4 reduce my stake?
No. Rule 4 deducts from winnings only, in pence per pound, depending on the price of the withdrawn horse.
next
- /calculatorsOdds calculator and converter: decimal, fractional, American, probabilityEnter a price in any format and the calculator gives the other two formats, the implied…
- /calculators/accumulatorAccumulator calculator: multiplied odds, void legs and compounding marginAn accumulator pays the product of every leg's decimal odds, and only if every leg wins.…
refs
changelog
- First published.