Each-Way Betting Explained: How to Calculate Your Potential Return
Each-way betting is commonly used in horse racing and other markets where a selection can finish in a qualifying position without necessarily winning.
An each-way bet is effectively made up of two separate bets: a win bet and a place bet. An each-way calculator can help you work out the potential return from both parts of the wager.
What Is an Each-Way Bet?
An each-way bet consists of two equal stakes. One stake is placed on the selection to win, while the other is placed on the selection to finish in a qualifying place.
For example, if you place a $10 each-way bet, your total stake is normally $20:
- $10 on the selection to win.
- $10 on the selection to place.
How Place Odds Work
The place portion normally uses a fraction of the original win odds. For example, a bookmaker may offer place terms of 1/4 of the win odds.
If the win odds are 6/1 and the place terms are 1/4, the place odds would be:
6/1 × 1/4 = 1.5/1
Example of an Each-Way Bet
Suppose you place a $10 each-way bet at 6/1 with place terms of 1/4 odds.
Your total stake is $20.
If the selection wins, both the win and place portions can return a profit, subject to the bookmaker's terms.
If the selection finishes in a qualifying place but does not win, the win portion loses while the place portion can still return a profit.
Each-Way Terms Matter
The number of qualifying places and the fraction of the win odds used for the place portion can vary between bookmakers, events, and markets.
Always check the specific each-way terms before placing a bet.
Why Use an Each-Way Calculator?
An each-way calculator can quickly calculate the potential returns from the win and place portions of a bet. It is especially useful when comparing different odds and place terms.