Each-Way Bet Settlement Explained

An each-way bet is two bets in one: half the stake on the selection to win, half on it to place (finish in the places per book terms). Settlement math trips up many spreadsheets.

Structure

Total stake S splits:

• Win part: S/2 at win odds
• Place part: S/2 at place odds

Place odds = 1 + (win odds − 1) × place fraction

Common place fraction: 1/4 or 1/5 of win odds.

Example — winner

£20 each-way (£10 win + £10 place) at 10.00 win odds, 1/4 place terms.

• Win part pays: 10 × £10 = £100 return (£90 profit)
• Place odds: 1 + (10 − 1) × 0.25 = 3.25 → 3.25 × £10 = £32.50 return (£22.50 profit)
• Total profit = £90 + £22.50 = £112.50

Example — placed only

Same bet, horse finishes second (places paid, no win):

• Win part loses: −£10
• Place part wins: £22.50 profit as above
• Net profit = £12.50

Example — unplaced

Both parts lose: −£20 (full stake).

Exchange and special cases

Exchanges often separate win and place markets — not a single each-way ticket. Dead heats reduce place returns. Rule 4 deductions apply on racing win parts.

Always record each_way=true and place_fraction in your ledger so software applies the same formula every time.

Track each-way in mybetrecord

Toggle each-way on bet entry, set place fraction, and let settlement recompute profit when you mark win/loss/placed outcomes.