Each-way arb calculator

How to enter an each-way bet

An each-way single consists of two equal stakes: one to win and one to place. Enter the stake for one part, not the combined cost. A $10 each-way bet costs $20 before exchange liability.

1. Enter the bookmaker’s decimal win odds and the place fraction as a decimal: 0.2 for 1/5, 0.25 for 1/4.
2. Enter separate decimal lay prices for the win market and the matching place market. Verify the same number of places is paid in both place markets.
3. Enter each market’s commission as a percentage: 4 means 4%. Read win and place liability separately before using the combined result.
4. Press Calculate. The headline shows the lowest net result after the two lay stakes have been rounded to cents.

Currency changes the display symbol only. Inputs remain on your device; no bets are placed and no live prices are fetched.

Understand the three settlement outcomes

• Wins: both bookmaker parts win and both exchange lays lose.
• Places without winning: the bookmaker win stake loses and the place bet wins; the win lay wins and the place lay loses.
• Outside the places: both bookmaker parts lose and both exchange lays win, less the commissions entered.

The example uses $10 per part, back win odds 6.00, a 1/5 place fraction, win lay odds 6.20 and place lay odds 2.04, both with 4% commission. The calculator derives place back odds of 2.00 and shows every settlement result. A negative result is a cost under these assumptions; a positive result is not a guarantee of execution or profit.

Formula and rounding

Place decimal odds = 1 + (win decimal odds − 1) × place fraction. The fraction applies to winnings, not to the full decimal return: 6.00 at 1/5 becomes 2.00, not 1.20.

Each part uses the cash back/lay formula: lay stake = stake per part × back decimal odds ÷ (lay decimal odds − commission as a decimal). Each lay stake is rounded half away from zero to cents, and all three combined results are recalculated from those rounded stakes.

Win liability = win lay stake × (win lay odds − 1). Place liability = place lay stake × (place lay odds − 1). Combined liability is their sum. The total bookmaker cash stake is twice the stake per part; it is separate from exchange liability.

Matching place terms and practical limits

Use this tool only for a cash each-way single with identical win and place settlement rules. It assumes no other exchange bets in either market, so commission on a winning lay represents net market winnings. Place counts are a manual check, not something this calculator verifies.

Extra-place offers with mismatched place counts can introduce a fourth outcome and are not covered. Free bets, dead heats, non-runners, Rule 4 deductions, partial matches, taxes and other fees are not modelled. Recalculate after any price or settlement change; the arithmetic cannot protect an unmatched position.

See Betfair’s exchange horse-racing rules for how market information sets place terms and how adjustments can affect settlement. This independent calculator has no bookmaker or exchange affiliation.

For mutually exclusive markets use the two-way and multi-outcome arb calculator. For a single cash or stake-not-returned back bet use the back/lay calculator. Read responsible play and report calculation errors.