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Horse Racing Betting Calculator: Each-Way, Win, Place and Show

Fractional 8/1, decimal 9.0 or American +800. An each-way bet is two equal stakes: £10 each-way costs £20.

If it wins, total return £116.00

Profit if it wins
£96.00win part £90.00 + place part £26.00
If it places only (return)
£26.00profit £6.00: win part loses £10.00, place part pays £16.00
If it loses
-£20.00both stakes lost

Terms: 1/5 odds, 3 places (8 or more runners, non-handicap). Place part is settled at 8/5.

Informational only; not betting advice. Bookmakers may show different terms on a race; the terms next to the market apply.

Sources: Tattersalls Committee Rules on Betting, Rule 3 and G9 (each-way place terms); Laurel Park, Beginner's Guide to Pari-Mutuel Wagering ($2 payoff table, win/place/show); 9 NYCRR 4009.6 ($2.10 minimum payoff); Minnesota Statutes 240.13 subd. 4 (breakage to $0.10 per $1); COMAR 09.10.02.02 (breakage to $0.10); BloodHorse and DRF (penny breakage in Kentucky and New York).

How It Works

An each-way bet is two bets of equal stake: one on the horse to win, one on it to place. £10 each-way costs £20. The win part pays the full odds. The place part pays a fraction of the win odds, set by the place terms. Under the Tattersalls Committee Rules on Betting (Rule 3), the standard terms follow the number of starters: fewer than 5 runners, all to win; 5 to 7 runners, 1/4 odds for 2 places; 8 or more, 1/5 odds for 3 places; handicaps with 12 to 15 runners, 1/4 odds for 3 places; handicaps with 16 or more, 1/4 odds for 4 places. The calculator applies those from the runners and race type you enter, or you can pick the terms your bookmaker shows.

The three outcomes are worked separately. If the horse wins, both parts pay. If it finishes in the places but does not win, the win stake is lost and only the place part pays, so a placed each-way bet at short odds can still lose money overall. If it finishes outside the places, both stakes are lost.

US win, place and show bets are pari-mutuel: the price is set by the final pool after takeout, not by a bookmaker’s odds. Prices are quoted per $2 and rounded down by “breakage”. Minnesota’s statute rounds to the next lowest ten cents per $1 (twenty cents per $2); Maryland’s regulation defines breakage against the lowest multiple of ten cents; Kentucky (2022) and New York (2025) now pay to the penny. New York’s rule also sets a minimum payoff of $2.10 per winning $2 wager. The calculator turns the odds you enter into a $2 price using the breakage option you choose, then scales it to your stake. Treat the place and show figures as “at the odds you enter”: the real place and show pools usually pay less than the win odds imply.

Worked Example

£10 each-way at 8/1 in a 10-runner non-handicap. Standard terms are 1/5 odds for 3 places, so the place part is settled at 8/5. If the horse wins: win part £10 × 9 = £90 back, place part £10 × (1 + 8/5) = £26 back, total £116, profit £96 on the £20 outlay. If it finishes second or third: the win part loses £10, the place part pays £16 profit, so £26 comes back and the net profit is £6. If it finishes fourth or worse: both stakes are lost, minus £20.

FAQ

What does “1/5 odds” mean on the place part?

The place part pays one fifth of the win odds. At 8/1 that is 8/5; at 10/1 it is 2/1. At 1/4 odds, 8/1 becomes 2/1 and 9/2 becomes 9/8.

Why did my placed each-way bet lose money?

The win stake is lost when the horse does not win. At 8/1 with 1/5 odds the place part returns £26 on a £10 stake, which covers the £20 outlay. At 1/5 odds the place part must be evens to cover the £20 outlay, so below 5/1 a placed horse loses money overall; at 1/4 odds the break-even is 4/1.

Do bookmakers always use these terms?

No. The Tattersalls rules give the standard terms “unless clearly displayed otherwise”. Bookmakers often pay extra places on big handicaps; the terms shown next to the market are the ones that settle the bet. Enter them with the “Place terms” menu.

Why are US payouts shown per $2?

US tracks quote prices on a $2 base: a horse at 5-1 “pays $12.00” (the $2 stake plus $10 profit). The Laurel Park guide’s table lists 8-5 at $5.20 and 1-9 at $2.20, the second one showing breakage: $2 × 10/9 = $2.22 rounds down to $2.20.

Why can’t the calculator give the exact place or show price?

Place and show pools are shared among the money bet on every horse that finishes in the paid positions, so the price depends on which other horses fill those spots. It is only known once the race is official. The figures here apply the win odds you enter to the place or show bet, which is an upper bound in most races.

Sources