Each way calculator: returns if your horse wins or places

Each way calculator

Total outlay: -
If it wins: -
If it only places: -
If it misses: -

Key facts

An each way bet is two bets of the same size: one to win and one to place. A $5 each way bet costs $10.
If the runner wins, both parts pay. If it only places, only the place part pays.
The place part only covers your whole outlay when the place odds are $2.00 or more.
On the TAB, races with 8 or more starters pay 3 places, 5 to 7 starters pay 2, and place bets are refunded with 4 or fewer starters.

How to use the each way calculator

Enter the stake for each part, the win odds and the place odds. The calculator shows your total outlay and what you get back in each of the three outcomes. Australian bookmakers show a separate fixed place price, so you do not need to work out a fraction of the win odds.

What an each way bet is

An each way bet is a win bet and a place bet of equal size on the same runner. It suits punters who like a horse but are not sure it will win: if it runs second or third, you still collect something.

A worked example

You back a horse $5 each way at $9.00 to win and $2.60 to place. Your outlay is $10.

Result	Win part	Place part	Total back	Profit or loss
Wins	$45.00	$13.00	$58.00	+$48.00
Runs 2nd or 3rd	$0	$13.00	$13.00	+$3.00
Misses the places	$0	$0	$0	-$10.00

Because the place odds are above $2.00, a placing alone still turns a small profit. At place odds of $1.40, a placing would return only $7 from your $10, a $3 loss.

How many places are paid

The number of places paid depends on the number of starters. These are the TAB's tote rules; fixed odds bookmakers usually follow the same pattern, but check the terms shown on your bet slip.

Starters	Places paid on the TAB
4 or fewer	No place betting (place bets refunded)
5 to 7	1st and 2nd
8 to 15	1st, 2nd and 3rd
16 or more	1st to 4th

Scratchings can change the count after you bet. If a field drops from 8 to 7 starters, there is no third place dividend. A late scratching can also cut a fixed odds payout: the scratching deductions guide explains the schedule, and the deductions calculator shows your real price. If two runners tie for a place, the payout is split under dead heat rules; the dead heat calculator works out what you get back.

When each way makes sense

Each way works best on runners at longer odds in bigger fields, where the place price is high enough to pay for both halves. On a short-priced favourite, the place price is often so low that the place half barely returns its own stake, so you are paying extra for little cover.

Pundit tip: the break-even point is a place price of $2.00. Above it, a placing alone is a profit; below it, a placing is a smaller loss.

For the Melbourne Cup, with up to 24 runners, each way and exotic bets are hugely popular. Our Melbourne Cup betting guide covers the bet types, and tote vs fixed odds explains why your place dividend can differ from the price you saw. Each way doubles your outlay, so count it inside your betting bank.

Frequently asked questions

What does each way mean?

Each way means two equal bets on one runner: one to win and one to place. If the runner wins you collect both, if it places you collect only the place bet, and if it misses you lose both.

How many places are paid in Australian racing?

On the TAB, races with 8 or more starters pay three place dividends, races with 5 to 7 starters pay two, and place bets are refunded if there are four or fewer starters. Races with 16 or more starters pay a fourth place dividend.

Is each way betting worth it?

It depends on the place price. On a long-priced runner with place odds above $2.00, the place part returns a profit on its own if the horse places. On a short-priced runner, the place odds are often so low that each way mostly reduces your return.

How do I work out an each way bet?

Multiply your stake by the win odds and by the place odds and add them if the runner wins. If it only places, multiply the stake by the place odds. A $5 each way bet at $9 and $2.60 returns $58 if it wins and $13 if it places.