Free tool
Each-Way Matched Betting Calculator
Lay both halves of an each-way bet so the result is the same whether your horse wins, places or finishes nowhere.
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| Outcome | Bookmaker | Exchange | Net |
|---|---|---|---|
| Wins | |||
| Places only | |||
| Unplaced |
An each-way bet is two bets: the win part and the place part. Lay both on the exchange so that every result (win, place only, unplaced) lands within pennies of the same figure.
How each-way matched betting works
An each-way bet is really two bets of equal size: one on the selection to win and one on it to place, paid at a fraction of the win odds (usually 1/4 or 1/5 depending on the race). To match it, you lay the win part in the exchange’s win market and the place part in the place market. Two lay bets, two liabilities, one locked-in result.
Why bookmakers’ place terms matter
Bookmakers often pay more places or better fractions than the exchange offers, particularly on big handicaps and festival races. When the bookmaker’s place terms are more generous than the exchange’s, the place part of the bet has positive expected value on its own. This is the basis of extra-place offers, where a horse finishing in the bookmaker’s bonus place pays out at the bookmaker while your exchange lay also wins.
What an each-way bet actually pays
Before the matched version, it is worth being clear on what a plain each-way bet returns, because this is where most confusion starts.
Say £10 each way on a horse at 8/1, with the bookmaker paying a fifth of the odds on four places. That is £20 out of your account, not £10 — £10 on the win, £10 on the place. The place part settles at 8/5, which is 1.6/1, or 2.60 in decimal.
| Where it finishes | Win part | Place part | Total back | Profit |
|---|---|---|---|---|
| 1st | £90.00 | £26.00 | £116.00 | +£96.00 |
| 2nd, 3rd or 4th | Nothing | £26.00 | £26.00 | +£6.00 |
| 5th or worse | Nothing | Nothing | £0.00 | −£20.00 |
Note the middle row. Placing without winning returns £26 on a £20 outlay — a £6 profit, not the £26 “win” people sometimes expect. At shorter odds that row turns negative: at 3/1 with a fifth of the odds, a placed horse pays back less than you staked. An each-way bet at short odds loses money when the horse places, which is the single most useful thing to know about the bet.
Illustrative prices, not live odds. Place terms vary by race and bookmaker — check them before you stake.
Reading the results
The table shows your position for each of the three possible outcomes. On a good qualifying match all three sit within a few pence of each other; on a free bet they show your guaranteed profit. A large gap between the rows means the lay odds are not close enough to the back odds, so look for a tighter match before placing anything.
Frequently asked questions
Is a £10 each-way bet £10 or £20?
£20. An each-way bet is two bets of the stated stake: one on the win, one on the place. This catches people out constantly, and it is why the calculator above asks for the stake per part.
How many places does a bookmaker pay?
It depends on the race. Typically two places in a small field, three in a handicap of eight or more runners, four in a big handicap of sixteen or more — but every bookmaker sets its own terms and promotions change them. The fraction matters as much as the number: a fifth of the odds pays far less than a quarter. Check the terms on the race itself rather than assuming.
When is an each-way bet worth placing?
Broadly, at longer odds. The place part only returns more than its own stake when the win odds are long enough that a fifth or a quarter of them still beats evens — roughly 5/1 upwards at a fifth, or 3/1 upwards at a quarter. Below that you are paying for a place return that loses money.
Can I lay an each-way bet on an exchange?
Yes, but it takes two lays: one in the win market and one in the place market, each with its own liability. That is what the calculator above works out. Place markets are thinner than win markets, so check the lay actually matched in full before the race goes off.
Is this calculator free?
Yes. Every calculator on this site is free, runs in your browser, needs no account and stores nothing.
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Each-way sniping and extra places
Once you are comfortable with the calculator above, each-way bets stop being a way to hedge a punt and become one of the more reliable reload strategies in matched betting. The best-known version is the extra-place offer: the bookmaker pays four places where the exchange pays three, and if your horse lands in that extra place, both sides pay out.
It is worth doing properly, and it is not risk-free — it is positive expected value over a lot of bets rather than a locked result on any one of them. We have set the whole thing out, including the bankroll it needs and the tools that find the offers, in extra place matched betting.
Want the matches found for you?
Outplayed’s Oddsmatcher, Each Way Matcher and Dutching tools scan every UK bookmaker and exchange in real time and feed straight into their calculators. Try it free for 7 days.
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