Staking
Each-way calculator
An each-way bet is two bets, not one. Half backs the selection to win and half backs it to finish inside the paying places, each for the full stake you name. A "EUR 10 each-way" bet therefore costs EUR 20, which is the single most common misunderstanding this calculator exists to remove.
The place part settles at the win price reduced by the place terms. At 1/5 terms a 9.00 winner pays 2.60 on the place side. That reduction matters more than it looks: at short prices the place return can be less than the total outlay, so a selection can place and still lose you money.
Inputs
The total outlay is twice this figure — one stake on the win part, one on the place part.
Does not change the maths — it is what determines whether the place part wins at all.
Result
- Total outlayTwo bets of €10.00
- €20.00
- Place oddsWin price reduced by the place terms
- 2.600
- If it winsBoth parts pay
- €96.00
- If it places but does not winOnly the place part pays
- €6.00
- If it does neither
- -€20.00
Assumes the number of places paid is the number that actually pays out on the day. Non-runners can reduce the places offered and trigger a Rule 4 deduction, and a dead heat splits the place stake. Extra-place promotions change the place terms after the bet is struck.
How this is calculated
place odds = (win odds - 1) / fraction + 1 total outlay = 2 x stake
The place part is settled at a fraction of the win price applied to the NET odds, not the decimal price. At 1/5 terms and a win price of 9.00 the net odds are 8.00, a fifth of which is 1.60, giving place odds of 2.60. This is why converting decimal odds directly — dividing 9.00 by 5 — gives the wrong answer. Because both parts carry the full stake, the break-even point for a placed-but-not-won selection is place odds of exactly 2.00, which corresponds to a win price of 6.00 at 1/5 terms, 5.00 at 1/4, and 4.00 at 1/3.
Worked example
A EUR 10 each-way bet at 9.00 with 1/5 odds for four places.
- 01Total outlay: 2 x EUR 10 = EUR 20. The bet costs twenty euros, not ten.
- 02Place odds: (9.00 - 1) / 5 + 1 = 2.60.
- 03If it wins, the win part returns 10 x 9.00 = EUR 90 and the place part 10 x 2.60 = EUR 26, so EUR 116 back on EUR 20 staked — a profit of EUR 96.
- 04If it finishes second, third or fourth, only the place part pays: EUR 26 back on EUR 20 staked, a profit of EUR 6.
- 05If it finishes outside the places, both parts lose: EUR 20.
- 06Now the same bet at a win price of 3.00: place odds are (3.00 - 1) / 5 + 1 = 1.40, so placing returns EUR 14 against a EUR 20 outlay — a EUR 6 loss despite the selection running well.
Questions
Why does a EUR 10 each-way bet cost EUR 20?
Because it is two separate bets of EUR 10 — one on the win, one on the place — settled independently. The stake you name applies to each part. Bookmaker slips usually make this clear at the point of confirmation, but the shorthand "EUR 10 each-way" hides it.
How can my selection place and still lose me money?
The place part has to return more than the whole two-part outlay to break even. At 1/5 terms that needs a win price above 6.00. Below that, placing recovers only part of what you staked. Each-way betting at short prices is structurally poor value for this reason.
Does the number of places paid change the calculation?
Not the arithmetic — it changes whether the place part wins at all. More places paid means the place part is more likely to land, which is what makes extra-place promotions valuable, but the return when it does land is unchanged.
What can make the real result differ?
A non-runner can cut the number of places offered and apply a Rule 4 deduction to the odds already struck. A dead heat for the last paying place halves the place stake. Some bookmakers also settle extra-place offers as a bonus paid separately rather than as part of the bet.
Related calculators
These calculators are information tools. They describe the arithmetic of the prices you enter — they are not advice, and they do not predict outcomes. Betting involves risk. 18+ only. If gambling is causing you harm, support is available from Peluuri.