This calculator compares the potential payoffs for win, place and each-way wagers. This enables you to compare the risk-reward trade-offs for the three bet types.
All of the major odds formats are supported.
What is an each-way bet?
An each-way bet is a wager that actually consists of two separate bets: a win bet and a place bet. For the win portion of the bet to yield a return, the selection must win the event. For the place portion of the bet to yield a return, the selection must either win or finish in one of the predetermined places for the event, often second or third place for horse racing and second place for sports tournaments.
For Australian racing the place odds are typically stated in the betting menu (e.g. 8.50 decimal win odds and 3.50 decimal place odds). In contrast, for UK racing events the odds on the place portion of the bet are usually displayed as a fraction of the win odds. Common fraction values are 1/3 and 1/4 for horse racing and 1/2 for 2nd place in a sports tournament. This calculator supports both approaches.
With most bookmakers if you place a $5 each-way bet you are actually wagering $10: $5 on the selection to win and $5 for the selection to place. Some bookmakers enable you to enter the total stake amount instead, so if you place a $5 each-way bet you are actually wagering $2.50 on the selection to win and $2.50 for the selection to place.
How to use this calculator
Enter the win odds and the place odds (either directly (e.g. 3.50) or as a fraction of the win odds (e.g. 1/3). Enter any applicable deductions (leave as 0 if you are unsure) along with the total stake that will be applied for each bet.
The calculator will then output various potential results from your wagers.