An each-way instruction creates two equal bets: one to win and one to place. A £5 each-way bet therefore costs £10. The win part uses the full fractional odds. The place part uses the advertised fraction of those profit odds, then adds the place stake back.
At 8/1 with one-fifth place terms, the place profit odds are 8/5. A £5 place stake therefore returns £13, including the £5 place stake.
| Result | Win-part return | Place-part return | Combined return | Profit or loss |
|---|---|---|---|---|
| Wins | £45 | £13 | £58 | £48 profit |
| Placed only | £0 | £13 | £13 | £3 profit |
| Unplaced | £0 | £0 | £0 | £10 loss |
How place fractions change the price
The fraction applies to the profit odds, not the returned stake. One-quarter terms are more generous than one-fifth terms at the same win price, but the number of paid places and the available win price must also be compared.
| Win odds | Place fraction | Place profit odds | £5 place return |
|---|---|---|---|
| 5/1 | 1/5 | Evens | £10 |
| 5/1 | 1/4 | 5/4 | £11.25 |
| 8/1 | 1/5 | 8/5 | £13 |
| 8/1 | 1/4 | 2/1 | £15 |
| 12/1 | 1/5 | 12/5 | £17 |
| 12/1 | 1/4 | 3/1 | £20 |
A placed selection can return less than the combined win and place stakes. Always compare the combined return with the full doubled outlay.
Settlement adjustments the basic calculator does not apply
This calculator reproduces the basic win and place arithmetic. If a horse is withdrawn or competitors share a qualifying position, use the relevant settlement tool as well.
Each-way calculator questions
How much does a £5 each-way bet cost?
It costs £10 because £5 is placed on the win and another £5 on the place.
How do I work out the place odds?
Apply the advertised fraction to the fractional profit odds. At 10/1 with one-fifth terms, the place profit odds are 2/1. Add the returned place stake after calculating the profit.
Does a placed horse always produce a profit?
No. The win stake loses when the selection only places. At shorter odds, the place return can be smaller than the total each-way outlay.
Does the calculator include Rule 4 and dead heats?
No. Use the dedicated Rule 4 and dead-heat calculators when those adjustments apply, and check the operator's rules and accepted bet receipt.