An each-way calculator shows the exact lay stakes you need for both the win market and the place market, and tells you your qualifying loss across every outcome. Enter your each-way stake, back odds, each-way fraction (1/4 or 1/5), and the lay prices from your exchange.
An each-way bet is two bets: a win bet and a place bet, each for the stated stake. If your selection wins, both parts pay. If it places but does not win, only the place part pays at a fraction of the win odds.
How to Use the Each-Way Matched Betting Calculator
- 1Enter your each-way stake. A £10 each-way bet costs £20 total (£10 win + £10 place).
- 2Enter the back win odds. The decimal odds offered by the bookmaker for your selection to win.
- 3Set the each-way fraction. Usually 1/4 for horse racing (top 3-4 places) or 1/5 for larger fields. Golf majors commonly use 1/5.
- 4Enter both lay prices from the exchange. Look up the win market and the place market separately and enter each lay price.
- 5Enter your commission rate. Betfair charges 5% by default; Smarkets 2%.
- 6Read the lay stakes and outcomes. Place the two lay bets at the amounts shown. The qualifying loss column shows your cost to unlock a bonus.
Each-Way Return Formula: A Worked Example
Setup: £10 each-way at 8.0, terms 1/4, 3 places. Total outlay: £20.
Place odds: (8.0 - 1) x 0.25 + 1 = 2.75
If selection wins
Win: £10 x 8.0 = £80. Place: £10 x 2.75 = £27.50. Total: £107.50. Profit (before lay): £87.50.
If selection places only
Win: £0. Place: £27.50. Total: £27.50. Loss on outlay: £7.50.
If selection loses
Both bets lose. Total: £0. Loss: £20.00. Offset by lay profits from the exchange.
Each-Way Fractions Explained
| Fraction | Typical use | Places paid |
|---|---|---|
| 1/4 | 4-7 runners, tennis "reach the final" offers | 2-3 |
| 1/5 | 8-15 runners, golf majors, most common for larger fields | 4-6 |
| 1/6 | 16+ runners, very large fields | 6-8 |
Common Mistakes with Each-Way Matched Betting
- xMisreading the stake. "£10 each-way" costs £20. Many bettors enter the total cost and halve their actual each-way stake without realising.
- xIgnoring place market liquidity. Place markets on exchanges can be thin, especially for smaller races. Always check there is enough liquidity to get your lay bet matched at your price.
- xWrong each-way fraction. Bookmakers vary by race and field size. Always check the specific terms for that race before entering odds.
- xBacking short-priced favourites each-way. At odds of 2.0-3.0, the place return barely covers the double stake. Each-way value improves significantly with bigger prices.
Frequently Asked Questions
What does each-way mean in betting?
An each-way bet is two bets: one for the selection to win, one for it to place. Total cost is double the stated stake. The place part pays a fraction of the win odds, set by the bookmaker's each-way terms.
What is the each-way fraction?
The portion of win odds applied to the place bet. A 1/4 fraction at 9.0 gives place odds of (9.0 - 1) x 0.25 + 1 = 3.0. Common fractions are 1/4 and 1/5; some markets use 1/3 for very small fields.
How many places are paid each-way?
Typically: 5-7 runners = 2 places, 8-11 runners = 3 places, 12-15 runners = 4 places. Large-field handicaps often pay 5-7 places. Always check the specific terms for each race.
Can each-way bets be used in matched betting?
Yes. Each-way matched betting involves laying both the win part and the place part separately on an exchange. You need two separate lay bets: one on the win market and one on the place market. This calculator computes the exact stake for each.
What is a qualifying loss on an each-way bet?
The qualifying loss is the worst-case outcome across all three scenarios (selection wins, places, or loses). It represents the cost to unlock a free bet or bonus via the each-way route. A smaller qualifying loss means the each-way offer is better value.