Each-Way Calculator
An each-way bet is two bets in one: a win bet and a place bet on the same runner, for the same stake. Enter the stake per part, the win price and the place price to see your total outlay and what comes back if it wins, only places, or runs unplaced.
Published
How an each-way bet pays
$10 each way costs $20: $10 to win and $10 to place. If the runner wins, both parts pay, because a winner has also placed. If it runs a place, only the place part pays and the $10 on the win is lost. If it misses the places, both parts are lost. The number of places paid decides which finishes count as a place; it does not change what a place pays.
Place prices and place terms
Most Australian bookmakers quote a fixed place price next to the win price on racing, and that is the number to enter. Some markets, often futures and golf, pay the place part at a fraction of the win odds instead: 1/4 the odds on a 9.00 chance is a place price of 1 + 8 ÷ 4 = 3.00. Switch the calculator to fraction terms for those.
In Australian racing, three places are usually paid with eight or more runners, two with five to seven, and a field of four or fewer is usually win only. Late scratchings can change that, so check your bookmaker's rules for the race you are betting on.
When a placing still loses money
The place part has to cover both stakes. With a place price under 2.00 it cannot, so a runner that only places still loses you money. A favourite at 3.00 might place at 1.40: $10 each way returns $14 if it only places, a $6 loss on the $20 outlay. Each way suits longer prices, where the place part alone can pay for the whole bet.
The formula
P = 1 + (W − 1) × f (fraction terms)
wins: return = S × W + S × P
only places: return = S × P
unplaced: return = 0
where S = stake per part, W = decimal win price, P = decimal place price and f = the fraction of the odds (1/4 or 1/5).
Worked example
$10 each way on a runner at 8.00 to win and 2.60 to place costs $20. If it wins, $80 + $26 = $106 comes back, an $86 profit. If it runs second or third, $26 comes back, a $6 profit. Unplaced, the $20 is lost. At 1/4 the odds instead of a place price, the place part is 1 + 7 ÷ 4 = 2.75, so a win returns $107.50 and a placing $27.50.
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FAQ
What does each way mean?
An each-way bet is two equal bets on one selection: one to win and one to place. $10 each way costs $20. A winner collects both parts, a placed runner collects the place part only, and an unplaced runner loses both.
How is an each-way bet calculated?
If it wins: stake × win price + stake × place price. If it only places: stake × place price. Unplaced: nothing back. $10 each way at 8.00 to win and 2.60 to place returns $106 if it wins and $26 if it places.
How many places are paid in Australian racing?
Usually three places with eight or more runners, two with five to seven, and no place betting with four or fewer. Late scratchings can change the number of places, so check your bookmaker’s rules for the race.
What does 1/4 the odds mean?
The place part pays a quarter of the win price’s profit. At 9.00 to win, 1/4 the odds is 1 + 8 ÷ 4 = 3.00 to place. Terms of 1/4 or 1/5 the odds are common on futures and golf, often over more places.
What happens in a dead heat?
When runners dead-heat for a paying position, the stake on that part is usually divided by the number of runners in the dead heat and paid at full odds. Rules differ between bookmakers, so check yours.