Quick answer: an each way bet is two bets of the same stake: one on your selection to win and one on it to place, so it costs double. £10 each way on a 10/1 horse with 1/5 place terms costs £20. It returns £140 if the horse wins and £30 if it only places. Enter your odds and place terms in the each way calculator below to see your returns, including dead heats and Rule 4 deductions.
Returns include your stake. An each way bet is two bets of the same stake, so it costs twice the stake per part. Rule 4 comes off the winnings of both parts, never the stake. Bookmakers’ own rules decide how non-runners, dead heats and place terms are settled.
How to use the each way calculator
- Enter the odds as fractional (10/1 or Evens), decimal or American odds.
- Type your stake per part. “£10 each way” means £10 on the win and £10 on the place, so £20 in total.
- Pick the place terms from your bet slip, usually 1/4 or 1/5 of the odds. Not sure? Enter the number of runners and the race type, and the calculator fills in the standard terms.
- Set the result once the race is over: won, placed, lost or non-runner, or a dead heat. Before the race, “Not run yet” shows what you get if it wins and if it only places.
- Add a Rule 4 deduction if another runner was withdrawn after you bet. The bookmaker shows it on the settled bet.
How is an each way bet calculated?
Work out the two parts separately. The win part is a normal win bet. The place part pays a fraction of the win odds: at 1/5 terms a 10/1 horse is 2/1 to place, and at 1/4 terms it is 5/2. Each part returns its own stake when it pays. Here is £10 each way at 10/1 with 1/5 odds for three places:
| Result | Win part (£10 at 10/1) | Place part (£10 at 2/1) | Total return from £20 |
|---|---|---|---|
| Wins | £110 | £30 | £140 |
| Finishes 2nd or 3rd | £0 | £30 | £30 |
| Finishes 4th or worse | £0 | £0 | £0 |
In other words, the place part only covers your whole stake when the place odds are above evens. At 10/1 and 1/5 terms the place part pays 2/1, so a place gives back £30 from £20. On a 4/1 shot it pays only 4/5, so a place returns £18 from your £20 and you still lose £2.
Each way place terms by number of runners
UK bookmakers use standard terms that depend on the number of runners and whether the race is a handicap:
| Race | Places paid | Place odds |
|---|---|---|
| Fewer than 5 runners | Win only | No each way |
| 5 to 7 runners | 1st and 2nd | 1/4 |
| 8 or more runners (non-handicap), and handicaps of 8 to 11 runners | 1st, 2nd and 3rd | 1/5 |
| Handicaps of 12 to 15 runners | 1st, 2nd and 3rd | 1/4 |
| Handicaps of 16 or more runners | 1st to 4th | 1/4 (some guides list 1/5) |
For big handicaps, most sources give 1/4 odds for four places, but some, including a racecourse betting guide, list 1/5, so check your bet slip. Many bookmakers also pay extra places on big races. That makes each way better value, because more finishing positions pay at the same fraction of the odds.
How do dead heats affect an each way bet?
When horses tie, your stake is divided by the number of runners in the dead heat and paid at full odds. If your 10/1 horse dead heats for first with one other, half your £10 win stake is paid at 10/1 and the other half is lost. The place part still pays in full, so £10 each way returns £85 instead of £140.
The same rule applies to the place part when horses tie for the last place paid. If three horses dead heat for third in a race paying three places, a third of your place stake is paid at the place odds. With £10 each way at 10/1 and 1/5 terms, you get £10 back from your £20.
How does Rule 4 work?
When a horse is withdrawn after you have bet, the bookmaker takes a deduction from your winnings, never from your stake, because the race is now easier to win. The size depends on the withdrawn horse’s odds, and several withdrawals add up. A runner priced longer than 14/1 triggers no deduction.
| Withdrawn horse’s odds | Deduction per £1 of winnings |
|---|---|
| 1/9 or shorter | 90p |
| 2/11 to 2/17 | 85p |
| 1/4 to 1/5 | 80p |
| 3/10 to 2/7 | 75p |
| 2/5 to 1/3 | 70p |
| 8/15 to 4/9 | 65p |
| 8/13 to 4/7 | 60p |
| 4/5 to 4/6 | 55p |
| 20/21 to 5/6 | 50p |
| Evens to 6/5 | 45p |
| 5/4 to 6/4 | 40p |
| 13/8 to 7/4 | 35p |
| 15/8 to 9/4 | 30p |
| 5/2 to 3/1 | 25p |
| 10/3 to 4/1 | 20p |
| 9/2 to 11/2 | 15p |
| 6/1 to 9/1 | 10p |
| 10/1 to 14/1 | 5p |
| Longer than 14/1 | None |
With a 25p deduction, £10 each way on a 10/1 winner returns £110 instead of £140. The calculator takes the deduction off the winnings of both parts.
What if my horse is a non-runner?
If your horse is withdrawn before the race, the bet is normally void and both stakes are returned. Ante-post bets, placed before the final declarations, are the exception: they usually lose unless the bookmaker offers non-runner no bet.
When is each way worth it?
Each way suits bigger prices in bigger fields. As the table above shows, the place part only returns more than your total stake when the place odds are above evens: that means longer than 5/1 at 1/5 terms, or longer than 4/1 at 1/4 terms. On a short-priced favourite, each way mostly doubles your stake for little extra protection. At 1/2 with 1/5 terms the place part pays 1/10, so a place returns £11 from £20. Extra-place offers raise the chance of a place return, so they are the best time to bet each way.
Backing several horses each way in one bet, such as an each-way double or Lucky 15? Use our accumulator calculator, which settles each-way multiples and full-cover bets. Our odds calculator converts single prices, the no vig calculator shows the bookmaker’s margin in a market, and the matched betting calculator works out lay stakes for free bets. Before you bet, set a limit with our gambling budget calculator, and check that online betting is legal where you live.
How we checked this
We built the calculator ourselves and tested it in a browser. It matches the worked examples published by Oddschecker, the Racing Post and Wikipedia to the penny. Every rule on this page is checked against at least two independent sources:
- Each way is two equal bets costing double, with the place part paid at a fraction of the win odds: Oddschecker, the Racing Post and Wikipedia.
- Standard place terms by runners and race type: Sporting Life and Wikipedia, with Oddschecker’s guide. The 1/5 terms for big handicaps come from Leicester Racecourse’s betting guide and Oddschecker’s each-way page.
- Extra places on big races: Sporting Life’s glossary and The Football Faithful.
- Dead heats, with the stake divided by the number tied and paid at full odds, including the last place: Sigma and Track360.
- Rule 4 table, deductions from winnings only, several withdrawals added together and no deduction above 14/1: Geegeez and Gambling.com; winnings only also on OLBG. Where the two tables name a band’s first price differently, we show Gambling.com’s.
- Non-runners refunded on the day: Oddschecker’s each-way page and Midnite’s help centre; ante-post bets lost without non-runner no bet: OLBG and The Football Faithful.
- The worked examples, the dead heat and Rule 4 figures and the “when is it worth it” prices are our own maths.
Last checked: 9 October 2026. Bookmakers set their own rules for place terms, non-runners, dead heats and Rule 4, so check them before you bet. If betting stops being fun, our responsible gambling guide lists ways to set limits.
Each way calculator FAQs
What does each way mean?
Two bets of the same stake on one selection: one to win and one to place. If it wins, both parts pay. If it only places, the place part pays at a fraction of the odds.
How much does a £10 each way bet cost?
£20: £10 on the win and £10 on the place.
How do I work out each way odds?
Multiply the fractional odds by the place terms. At 1/5 terms, 10/1 becomes 2/1 to place; at 1/4 terms, 8/1 becomes 2/1.
How many places are paid in an each way bet?
It depends on the field: two places for 5 to 7 runners, three for 8 or more, and four in handicaps of 16 or more runners. Races with fewer than 5 runners are usually win only.
Can you lose money on an each way bet if your horse places?
Yes, at short odds. If the place odds are below evens, a place returns less than your total stake. £10 each way at 4/1 with 1/5 terms returns £18 from £20 when the horse only places.
