Each Way Calculator
The Each Way Calculator calculates the ideal stakes when laying each way bets.
Each way bets consist of two bets – A win part and a place part. Your total stake is split equally between these two bets. Therefore, if you are laying an each way bet, you need to lay both the win part and place part of your bet separately. The Each Way Calculator tool determines these stakes for you based on the back odds at the bookmaker, the lay odds at the betting exchange and the number of places offered.
The Each Way Calculator is extremely useful when bookmakers are offering extra places and will display your returns should your selection win, finish in a standard place position, finish in an extra place position or finish outside of the place positions.
Free Each Way Calculator
The tool below is the Each Way Matcher. You can access the Each Way Calculator by clicking the green arrow in the far right column for any list item. The Each Way Calculator will be pre-populated with the bet info of the item that you clicked on but if you wish to use it for another Each Way bet, simply replace the bet details.
Instead of manually searching for the best value each way matches, the Each Way Matcher finds these for you automatically by comparing the each way odds at dozens of bookmakers to the associated lay odds on various betting exchanges. There are numerous opportunities to lock in a profit from each way bets on a daily basis and the Each Way Matcher tool, along with the Each Way Calculator, helps you do just that.
How To Use The Each Way Calculator
- Enter the normal ‘Win’ odds for your horse in the ‘Bookmaker Win Odds’ field
- Enter Back commission as ‘0’ – more advanced bettors may make more use of this feature if backing horses on the exchange.
- Fill in the ‘Number of Places’ and ‘Place Payout’ field.
- Enter your back stake. This amount will be bet on both the win market and the place market, hence why you will see your total stake as double the amount you entered.
- Enter the lay odds for the selection to win
- Enter the lay odds for the selection to place
- Enter the commission rate for the betting exchange you are using
- Enter the number of places in the market you are laying (betting exchange places)
- Once you have completed the calculator, place your bet with the bookie.
- Then, using the lay stakes shown at the bottom of the exchange column in the calculator, place your lay bets on the ‘Win’ and the ‘Place’ market on the betting exchange.
Extra Place Strategy
How to Make a Profit from Extra Place Offers
Potential profit comes from the extra places that are offered by the bookmaker. If you follow the strategy and your horse finishes in one of the extra places then you should make a profit. The process of laying each way bets is slightly different to when you are laying a win bet but this article should help you understand the process.
What is an Each Way Bet?
An each way bet consists of two bets. A win bet and a place bet. For example, if you placed a £10 each way bet on Red Rum, you would actually be placing two £10 bets. One £10 bet on Red Rum to win the race and another £10 bet on Red Rum to finish in one of the places, which could be 2nd, 3rd, 4th or however many places the bookmaker if offering.
Red Rum is 8/1 to win the race and the bookmaker is offering 4 places for each way bets at 1/4 of the win odds.
You place a £10 each way bet on Red Rum and so your total stake is £20.
If Red Rum wins the race, your £10 win bet wins and you would receive back £90 (£10 @ 8/1). Your £10 place bet also wins as your horse finished in the top 4 and so you’d receive another £30 back (£10 @ 2/1). 2/1 is 1/4th of the 8/1 win odds which is what the bookmaker is offering on each way bets.
If Red Rum finishes 2nd, 3rd or 4th, your £10 win bet loses but your place bet wins and so you would receive back £30.
Extra Place Strategy
As mentioned, the profit from extra place offers comes from your horse finishing in one of the extra places. The strategy is to place an each way bet at the bookmaker and lay the bet at a betting exchange. When you lay an each way bet you will only be laying the standard number of places and not the extra places. For example, if the standard number of places offered by the bookmaker is 4 but they are offering 6 places on a selected race, we would only be laying 4 places on the betting exchange; if your horse finishes in either of the two extra places, you will return a profit.
Unlike laying win bets, laying each way bets consists of laying the win and the place separately as they are effectively two separate bets. The exchanges will have individual win and place markets and so it is just a case of calculating your lay stakes for the win part and the place part of your bet to cover your entire each way bet.
How to Calculate Place Odds
Using the example above, Red Rum is 8/1 to win the race. To calculate the place odds, simply divide the win odds by 4 (or whatever terms the bookmaker is offering). Therefore, the odds on Red Rum to place are 2/1.
If you are using decimal odds you can’t simply divide the win odds by 4 and you’ll need to take an additional step to calculate the place odds. When using decimal odds, first deduct 1 from the win odds, divide by four and add 1 back on.
For example, Red Rum is 8/1 to win which is 9.0 in decimal odds. Therefore, the place odds for Red Rum would be:
((9.0 – 1) ÷ 4) + 1 = 3.0
Using the Each Way Calculator will do this work for you.
Let’s say that the lay odds on Betfair Exchange for Red Rum to win are 9.0 and lay odds for Red Rum to place are 3.0. We simply input the odds and stakes into the Each Way Calculator
Laying the win part of your bet: The calculator below shows us that we need to place a £10.06 lay stake on Red Rum to win the race. This will incur a £0.48 qualifying loss.
Laying the place part of your bet: The calculator below shows us that we need to place a £10.17 lay stake on Red Run placing. This will incur a £0.34 qualifying loss.
We have now covered our bet. Let’s take a look at the possible outcomes:
Red Rum wins: Our qualifying losses will be £0.48 on our win bet and £0.34 on our place bet. Total loss = £0.82
Red Rum finishes 2nd, 3rd or 4th: Our qualifying losses will be £0.44 on our win bet and £0.34 on our place bet. Total loss = £0.78
Red Run finished 5th or 6th: Our place bet wins with the bookmaker as we have not laid these extra places. Therefore, we receive £30 in winnings. Total profit = £29.22
You can see that for a relatively small risk, we have the chance to generate a good profit. You won’t profit every time from Extra Place offers but they do have value and so you should return a profit on average over time.
Key Points to remember
- You will only profit from extra place offers if your horse finishes in one of the additional places offered by the bookmaker.
- It is important to check what terms the bookmaker is offering so that you can calculate your lay stakes accordingly. For example, the place odds vary depending on how many runners there are.
The standard each way terms with bookmakers and exchanges are as follows:
- 2-4 runners – win only
- 5-7 runners – 1/4 odds a place, 1st,2nd
- 8+ runners – 1/5 odds a place, 1st, 2nd, 3rd
- 16+ runners – 1/4 odds a place, 1st, 2nd, 3rd, 4th
- Try to limit your qualifying losses on matches. Ideally you should take 95%+ matches. If this is not possible anything above 90% is a good benchmark
- Concentrate on matching horses with shorter odds. These horses are more likely to contend for the extra places. By all means do not ignore a mid-field match if you can find a good one. Longer odds will also return more profit when they hit
- Use the #extra-place-matches channel to find the races to bet on. Races with the best EV will normally provide the best matches
- Races with 5-7 runners that have extra places will be difficult to find good matches for
- Start off with smaller stakes so you can get to grips with the process. Like anything, perfecting this strategy and finding good matches takes practice